The real estate price in Rio de Janeiro is the highest in Brazil, partially due to the growing importance of the megacity, according to a research published on Wednesday.
According to the FipeZap real estate price indicator, the average price of real estate per square meter in Rio reached 8,358 reais (about 4,135 U.S. dollars) in September, higher than the 8,143 reais (4,031 dollars) in the capital city Brasilia, which previously held the "most expensive city" title.
Rio's figure is much higher than the national average, which is 6,832 reais (3,382 dollars) per square meter.
The price of an apartment in Rio can even be much higher, FipeZap said, adding the average price in high-end neighborhoods can easily double the figure of 8,358 reais, such as the resort area Ipanema's 16,984 reais (8,400 dollars).
In the past few years, the real estate price in Rio has undergone a significant increase, partially attributed to the growing importance of the metropolis.
Rio hosted a major UN development conference earlier this year, and will hold some games of the 2014 FIFA World Cup including the final match and the 2016 Summer Olympics.