The FipeZap Index for May 2026 left little room for interpretation: Santa Catarina holds four of the five most expensive residential real estate markets in Brazil. Itapema leads at R$ 15,226/m², followed by Balneário Camboriú (R$ 15,215/m²), Vitória-ES (R$ 14,965/m²), Florianópolis (R$ 13,288/m²), and Itajaí (R$ 13,208/m²) [Source: FipeZap, May 2026].
For a single state with 295 municipalities to hold four positions in the national top five is not a matter of circumstance. It is the product of a structural shift that has been building for at least a decade.
FipeZap, May 2026
What Explains Santa Catarina's Leadership
Three factors combine to explain the state's dominance in the national ranking.
The first is high-income migration. Over the past decade, Santa Catarina became a destination for residents from São Paulo, Paraná, and the interior of Rio Grande do Sul seeking quality of life, safety, natural landscapes, and a well-developed leisure offering. This demographic has above-average purchasing power and buys properties at elevated standards.
The second is the cycle of infrastructure works. Balneário Camboriú widened its beach in 2023, generating immediate appreciation in waterfront properties and attracting new premium developments. Itapema is about to replicate that, with the Meia Praia widening scheduled for August 2026. Florianópolis invests in mobility and neighborhood revitalization. Itajaí grows anchored in its port and logistics sector.
The third factor is the arrival of signature developments. Branded residences, projects signed by international architects, and partnerships with brands like Tonino Lamborghini placed Santa Catarina on the global luxury real estate map. Chapecó joined that circuit in February 2026, and the movement is expected to expand to other cities in the state's interior.
The Financial Performance of Santa Catarina's Sector
The macroeconomic data for Santa Catarina's real estate market confirms this trajectory. The state's Gross Development Value (GDV) reached R$ 41.9 billion in 2024, representing 108% growth compared to 2021 levels [Source: NegociosSC, 2025].
The state also recorded strong growth in the luxury and ultra-luxury segment: eight of the ten Brazilian cities with the most new launches in this segment are in Santa Catarina [Source: NegociosSC, 2025]. This figure is particularly relevant because the premium segment pulls up the average price per square meter across the entire city.
Property appreciation in Santa Catarina over the last 12 months exceeds the national average, which stood at 5.59% according to the FipeZap Index [Source: FipeZap, May 2026]. Itapema appreciated 8.10% and Balneário Camboriú 3.92% over the same period.
Florianópolis: The Capital Holding the Fourth Position
Florianópolis at R$ 13,288/m² may seem distant from Itapema and BC's numbers, but it represents solid performance for a state capital that combines administrative functions, a technology hub, and a high-end tourism and residential destination.
The city attracts a distinct buyer profile: technology company executives, independent professionals, and families seeking the combination of urban infrastructure with coastal quality of life. The neighborhoods of Jurerê Internacional, Lagoa da Conceição, and Campeche concentrate the most valued properties.
Florianópolis's growth as a startup hub and regional office for international technology companies also pressures the local real estate market, with demand for both high-end residential and commercial properties.
Itajaí: The Port That Became a Real Estate Asset
Itajaí's presence in the national top five is noteworthy because the city is not, at first glance, a premium tourism destination like the others on the list. What places it there is the combination of Latin America's largest port with an expanding logistics sector, attracting executives and high-income professionals who demand quality housing.
At R$ 13,208/m², Itajaí demonstrates that premium real estate does not depend exclusively on beaches or tourism. It depends on qualified demand, and Itajaí generates that demand through its port.
What to Expect in the Second Half of 2026
The start of Itapema's Meia Praia widening in August 2026 should keep the city at the top of the ranking and potentially widen the gap over Balneário Camboriú. For BC, the R$ 300 million waterfront revitalization project should sustain prices and may generate a new round of appreciation as works advance.
The projected decline in interest rates, from the current 15% per year to 12.25% by the end of 2026 [Source: NegociosSC, 2025], should ease mortgage credit and stimulate a new round of demand in the mid- and high-end segments.
For those tracking Santa Catarina's real estate market, the second half of 2026 is shaping up to be the most active period in recent years, with construction underway, new launches planned, and a more favorable credit environment for buyers.
[Source: FipeZap, May 2026] [Source: NegociosSC, 2025] [Source: NDMais, 2026]
