TL;DR

  • Medellín and several Brazilian cities recorded strong gains in the newsletter’s dollar-based series.
  • Currency appreciation can amplify a housing increase without equivalent local-currency growth.
  • The survey alone cannot separate exchange rates, inflation and changes in listing composition.

Strong housing figures from Latin America and South Africa are drawing attention in Global Property Guide’s Q3 2026 newsletter. Medellín, several Brazilian cities and two South African markets feature among its prominent gainers. The comparison gives Asian readers reasons to investigate less familiar destinations, but it also raises a fundamental question: how much of a reported increase belongs to property, and how much to currency?

The newsletter reports annual gains of 31% in Medellín, 24% in Salvador, 23% in Fortaleza, 19% in Bogotá and 16% in Florianópolis. Cape Town and Pretoria each recorded roughly 50% growth over three years. Santiago moved in the opposite direction, with a reported annual decline of 16%. These are selected asking-price-series changes, not verified returns on individual homes.

What the comparison measures

The publisher explicitly notes that these comparisons use US-dollar figures. A property can rise in dollar terms because its local-currency asking level increases, because the local currency strengthens, or because both happen together. Conversely, a local gain can be reduced or reversed when translated into another currency. Separating those components is essential before interpreting international rankings.

Consider a purely illustrative calculation. If a home’s local-currency value rises 10% and that currency strengthens 10% against the dollar, its dollar value rises 21%, before costs. The effects multiply rather than simply add. This example is not a reconstruction of any city’s performance; it demonstrates why a strong headline can have more than one source.

The newsletter argues that repeated gains in parts of Brazil and Medellín go beyond a currency story. The supplied comparison does not establish that conclusion on its own. Testing it would require local-currency data, exchange rates measured over matching dates, inflation and a consistent sample of comparable properties. Several strong annual readings do not automatically eliminate currency as an important contributor.

What buyers should investigate

Investors should also distinguish nominal growth from improvements in purchasing power. If local prices, wages and construction costs are rising, part of a housing increase may reflect broader inflation. A better assessment examines real local growth alongside rental affordability and transaction activity. These measures help distinguish deeper demand from a change in the monetary measuring stick.

Practical ownership questions remain decisive. Buyers need independent checks on title, permitted use, taxation, building condition and management arrangements. Rental demand should be assessed at neighbourhood level, with realistic provisions for vacancy and maintenance. Distance can increase the importance of reliable local representation and transparent reporting, particularly where the owner cannot inspect regularly.

An owner reporting results in Singapore dollars would need another currency conversion, making the newsletter’s dollar figures only one stage of analysis.

A holding period should accommodate both operating uncertainty and the time needed to sell. The exit generally involves a local buyer and converting the proceeds, exposing the owner to resale and currency risks at the same time. Property and exchange-rate movements can work against each other, while costs reduce net proceeds. The survey is therefore best used as an invitation to deeper research, not as evidence that high reported growth can be repeated.

Frequently asked questions

Are these local-currency returns?

No. The newsletter describes dollar-based comparisons, and the figures are asking-price changes rather than total investment returns.

Do several years of gains rule out currency effects?

No. Matching local-price and exchange-rate series are needed to separate their contributions.

Why can foreign owners earn different returns?

Their purchase dates, financing, home currencies, rents, taxes and eventual sale costs differ.

Sources and methodology

Source: Global Property Guide, Global Square Meter Prices (Q3 2026 Update), supplied newsletter, accessed 6 November 2026. Its comparison covers 242 cities and uses average asking prices, with currency conversion and selected new-build series. Property News Asia has not independently reproduced the underlying dataset. Analysis and illustrative calculations are distinguished from reported observations.

Image credit: Panorama of Medellín. Archive photograph (2005), illustrative rather than evidence of current market conditions. Photo: Luis Guillermo Restrepo Rivas / Wikimedia Commons, free use with attribution, as specified on the source page. No editorial alterations; display may be resized.