Return of Aluguel: Imóveis no Paraguai vs Brazil — Comparative 2025
The mathematics of real estate investment
For the rational investor, what matters is the liquid return — how much is left over without expenses, imposts and expenses. Comparatively speaking, we analyze an apartment of USD 80,000 in two countries.
Cenário 1: Apartment in Recoleta, Assunção
Initial investment: USD 80,000 (approximately R$ 480,000) Monthly package: USD 600 Gross annual receipts: USD 7,200 Gross cap rate: 9%
Annual dismissals:
- Condominium (payment by tenant): USD 0
- IPTU (IBI): USD 120/year
- Maintenance: USD 200/year
- Income Tax (10% on profit): USD 688
Annual liquid receipt: USD 6,192 Liquid cap rate: 7.7%
Cenário 2: Equivalent apartment in São Paulo
Initial investment: R$ 480,000 Monthly aluguel: R$ 2,400 Gross annual receipts: R$ 28,800 Gross cap rate: 6%
Annual dismissals:
- IPTU: R$ 2,400/year
- Maintenance: R$ 1,200/year
- IR on aluguel (27.5%): R$ 7,920
- Administration tax (8%): R$ 2,304
Annual liquid receipt: R$ 14,976 Liquid cap rate: 3.1%
Direct comparison
| Indicator | Paraguay | Brazil |
|---|---|---|
| Gross cap rate | 9% | 6% |
| Liquid cap rate | 7.7% | 3.1% |
| Taxation on aluguel | 10% | 27.5% |
| ITBI na purchase | 2% | 3–4% |
| Average annual valuation | 8–12% | 4–6% |
Why is the difference so big?
Three factors explain the gap:
1. Taxation: Paraguay taxes real estate profits at just 10%. Brazil applies 27.5% IR on hotels for physical people.
2. Entry price: Property in Assunção is still 40–60% below the equivalent value in large Brazilian cities, with higher appreciation potential.
3. Strong currency: Businesses in dollars protect assets from inflation and devaluation of the real.
Risks to consider
- Cambial risk: guarani valorization can reduce return in real estate
- Minor liquidity: market smaller than the Brazilian market
- Distance: Remote management requires a trustworthy administrator
- Legal risk: Documentation must be verified by local attorney
Where to find the best opportunities
Our portfolio includes apartments in Recoleta starting at USD 62,000 and houses in Luque starting at USD 55,000 — all with verified documentation and full support for the Brazilian buyer.
Sources:
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