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House Hunting in … São Paulo

The main floor features a large open space with a home-theater area and an eat-in kitchen with stainless-steel appliances; this portion of the house looks out onto yet another garden and a modest pool. There is also a small office and staff quarters.

Upstairs are the en-suite bedrooms, which have garden views and bathrooms with anti-fog mirrors. The master suite has dual spalike baths with soaking tubs separated by a large glass-enclosed shower stall, as well as a dressing area and closets.

This house is on a quiet street not far from the lush 35-acre Parque Alfredo Volpi and the 33-acre Parque do Povo, or People’s Park, on the other side of the Pinheiros River. It is also close to the Jockey Club horse racing facility, the Cidade Jardim shopping center and the University of São Paulo. It is about an hour from the São Paulo international airport, and farther from the beaches; Guarujá beach is more than 60 miles away.

MARKET OVERVIEW

The housing market is still recovering from Brazil’s recent economic and political turmoil. The economy fell into a deep recession starting in 2014, and last year, the president, Dilma Rousseff, was impeached amid charges of corruption and misconduct. “This affected international interest,” Ms. Cazarin said.

Home prices fell sharply throughout the country, reversing some of the gains from the previous bull market, which began in 2008. But the outlook for housing is improving — particularly in the São Paulo region, agents said — as the economy shows signs of stabilizing and interest rates head lower. “The residential real estate market in Brazil now is starting to pick up after two years where business was very slow,” said Sylvia Agricola, a broker at Bossa Nova Sotheby’s International Realty.

And international buyers and investors have been returning, in search of bargains, agents said. The average price for a home in the popular neighborhoods outside the city center is now around $1 million, Ms. Cazarin said.

WHO BUYS IN SÃO PAULO

Residents of the Cidade Jardim neighborhood are mostly Brazilian, agents said, but the larger São Paulo market draws many foreigners.

“They’re usually coming because they have business in the city and usually for a specific period,” Ms. Cazarin said, noting that expatriates often choose to rent. “The foreigners that do buy are usually Americans and Europeans, mostly from Germany, Portugal or Spain.”

BUYING BASICS

To acquire property in Brazil, foreign buyers must have a tax identification number, or what’s known as a CPF; it’s easy to obtain and inexpensive. There are no restrictions on purchases, except for certain agricultural property, said Samantha Dangot, a real estate lawyer based in São Paulo.

Agents recommend hiring an experienced lawyer to help with transactions. “We don’t have escrow companies here, so lawyers have to analyze all documents before the sale goes through,” Ms. Dangot said. “That…

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