Consolidated as one of the largest New Year’s celebrations in the world, New Year’s Eve in Copacabana continues to attract crowds and transform Rio’s waterfront into one of the main hubs of international tourism. The event brings together, on average, two million people, including residents and visitors, according to official figures. For the hotel sector, this translates into occupancy rates above 95% in the run-up to and end of the year, boosting the accommodation sector throughout the summer season.
Famous around the world, the holiday is considered one of the largest fireworks displays on the planet and a symbol of Brazilian festive culture, comparable to New Year’s Eve in Sydney, the countdown in Times Square, New York, and celebrations in Dubai Harbour.
In the economic field, New Year’s Eve in Copacabana is one of the main drivers of consumption in the city outside of Carnival. Studies by the city hall and sector entities estimate a turnover of around 3 billion reais, taking into account expenses related to accommodation, food, transport, leisure and commerce. On seasonal rental platforms, daily rates for apartments facing the sea or with views of buildings easily exceed monthly averages and can reach up to R$40,000 during the period, depending on the size, view and proximity to the promenade.
The popularization of studio apartments in Rio has had a positive side effect in Copacabana: in around 99% of the neighborhood’s compact housing developments, the roof functions as a shared leisure space. For investors, the opportunity to attend New Year’s Eve in an exclusive space has become a relevant differentiator; and, for those who want to live, the strategic location is an attraction in itself.
—The roof is already very popular and adds a lot to the product overall. Imagine when you add the luxury of having an exclusive environment to watch New Year’s Eve at Copacabana? — observes the CEO of Piimo, Marcos Saceanu, who has just launched Cop4, with studios and double studios on a par with Posto 4.
Be.in.Rio Praia Copacabana, a partnership between Opportunity Imobiliário and Sig Engenharia, follows the same trend. The manager of the opportunity, Marcelo Naidich, emphasizes that offering a common leisure space, instead of concentrating a few penthouses on the top floor, already significantly increases the value of compact apartments. In Copacabana, New Year’s Eve has become a benchmark.
“This is the big difference of the project, which is located just over a block from the beach, because people will have a privileged view of the New Year’s fireworks, which adds desire and appreciation, with comfort, convenience and entertainment at their doorstep,” he says. Although the roof has established itself as a trend throughout the city, in Copacabana its success is reinforced by the specific characteristics of the neighborhood, as highlighted by Jomar Monnerat, partner at RJDI Developer, responsible for Soul Rio Cinco de Julho.
—In the neighborhood, the typology gains even more relevance as most old buildings do not offer leisure spaces. New developments differ precisely because they include rooftop recreation, with swimming pools, lounges and panoramic views.
The enhancement of neighborhoods near Copacabana also helps to boost projects such as Alma Residencial Style, by Balassiano Engenharia in partnership with Opportunity Imobiliário, located near Praça General Osório, in Ipanema. —We have created a roof that will allow condominium owners and their guests to observe the fireworks not only in Copacabana, but also in Niterói, thanks to the height of the building, which has 20 floors. This is a very strong argument, believes Gabriel Pecly, head of New Business at Balassiano.
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