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With the Most Expensive Square Meter in Brazil, This Coastal City in Santa Catarina Attracts Millionaires, Builds Record Skyscrapers, and Already Surpasses Rio and São Paulo in Property Prices.
Brazil has a new champion in housing prices — and it is not in São Paulo or Rio de Janeiro. According to the FipeZAP+ Index 2024, the city with the most expensive square meter in the country is Balneário Camboriú, on the northern coast of Santa Catarina, where the average price exceeds R$ 16,400 per square meter, surpassing iconic neighborhoods such as Ipanema (RJ) and Jardins (SP).
In some areas of the waterfront, especially on Avenida Atlântica, values reach R$ 35,000/m² — a level comparable to luxury properties in Miami, Lisbon, and Dubai. The result reflects a silent transformation: the once seasonal resort has become one of the most expensive square meters on the American continent.
The City That Became a Synonym for Vertical Luxury
Balneário Camboriú has only 140,000 inhabitants, but boasts a skyline worthy of a metropolis.
In recent years, the city has gained worldwide attention for concentrating the tallest residential buildings in South America, including the One Tower, which stands at 290 meters high, a continental record.
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The extreme verticalization has led the resort to be nicknamed “Brazilian Dubai”. The landscape, dominated by mirrored towers by the sea, is today one of the most photographed postcards in the country.
The combination of luxury, security, and location has driven unprecedented real estate appreciation. According to data from Embratur and IBGE, Balneário Camboriú receives about 2 million tourists per year, and many end up buying properties for a second residence, especially investors from São Paulo, Paraná, and Rio Grande do Sul.
Impressive Numbers
The data explain why Balneário Camboriú has become a real estate phenomenon:
- Average Price per m² (FipeZAP 2024): R$ 16,415
- Maximum Price in Premium Areas: R$ 35,000/m²
- Growth in the Last 5 Years: +68%
- Population: 140,000 inhabitants
- Estimated Number of Residential Buildings: over 1,200
- Luxury Units Under Construction: around 10,000
The city also has the highest density of high-end buildings per inhabitant in Brazil, with one luxury apartment for every 14 residents, according to a survey by Secovi-SC.
Why Are Properties So Expensive
Three factors explain the price surge in Balneário Camboriú:
privileged location, geographical limitations, and aspirational status.
The city is squeezed between the sea and the Serra do Mar, which limits new areas for urban expansion and causes land prices to soar.
Additionally, it has become a status symbol among entrepreneurs, celebrities, and investors, who seek quality of life and security in a medium-sized city.
“Balneário Camboriú has become the country’s most valued square meter by uniting exclusivity, natural beauty, and developments that deliver a level of comfort comparable to the world’s largest capitals,” explains Fábio Rossi, an economist at FipeZAP, in an interview with CNN Brasil.
An Urban Luxury Model Outside the Rio-SP Axis
The phenomenon in Santa Catarina has reversed the historical logic of the national real estate market. Traditionally, the Southeast concentrated the most expensive square meters in the country, but now the top of the ranking is in a medium-sized city in the South.
While Jardim Paulista in São Paulo averages R$ 15,000/m², Balneário Camboriú has already surpassed this figure even outside the summer season. Compared to Leblon, the most expensive neighborhood in Rio, the difference is minimal — and in some beachfront buildings, Balneário Camboriú is already more expensive.
The Power of Local Developers
Companies like FG Empreendimentos, Embraed, and Pasqualotto have transformed the city into a luxury construction site. These developers have invested in towers with panoramic balconies, helipads, private social elevators, and clubhouses with infinity pools, which has raised the architectural standard and consolidated the new luxury market in southern Brazil.
The most exclusive developments include:
- One Tower (290 m) – the tallest building in Latin America
- Yachthouse Residence Club (281 m) – featuring a private marina and 81 floors
- Infinity Coast (234 m) – a reference in construction technology
- Epic Tower and Boreal Tower – new icons under construction
These towers have transformed the landscape and redefined the concept of living by the sea in Brazil.
Infrastructure of a Big City with a Beach Atmosphere
Despite its modest size, Balneário Camboriú offers urban infrastructure comparable to that of major capitals: reference hospitals, international-standard hotel networks, bilingual schools, shopping centers, a nearby airport (in Navegantes), and a tourist port that receives luxury cruises.
The revitalization of the Central Beach sand strip, completed in 2023 with a 25-meter widening, expanded the pedestrian space and further increased the value of beachfront properties.
The Challenges of a Millionaire City
With such appreciation, challenges arise: high cost of living, urban traffic congestion, and rising prices of basic services. The average monthly rent in upscale areas has already surpassed R$ 10,000, and the demand for workers in hospitality and construction has been increasing, putting pressure on the market.
Nonetheless, the purchasing power of new residents — entrepreneurs, investors, and celebrities — keeps the sector thriving and makes the city one of the economic engines of Santa Catarina.
Balneário Camboriú: The Symbol of the New High-Standard Brazil
The case of Balneário Camboriú symbolizes a paradigm shift: a city that, even outside the traditional Rio–São Paulo axis, has become the largest luxury real estate market in the country.
With the most expensive square meter in Brazil, record-high buildings in height and technology, and an economy based on high-standard tourism and construction, the coastal city of Santa Catarina has transformed into an icon of new urban and aspirational Brazil.
Today, living in Balneário Camboriú means more than just living by the sea —
it is being part of one of the most expensive, sought-after, and iconic addresses in all of South America.
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