Despite the broad range of amenities, the growth of multifamily is directly linked to the economic and population development of a region—at least according to Greystar’s country manager.

“The segment is globally driven by three major long-term forces: accelerating urbanization, which increases housing demand in cities; slower demographic growth, with more single individuals or childless couples who prefer smaller apartments; and shifts in consumer behavior, with a preference for experiences over ownership and a desire for flexibility, along with services that cater to modern lifestyles,” he explains.

São Paulo, with its 11.8 million inhabitants, has a population density of 7,528.26 people per square kilometer, according to IBGE data. Additionally, birth rate statistics indicate a decline in the city, supporting Costa’s analysis.

One example he cites is Santiago, Chile. According to Costa, the Chilean capital has half the population of São Paulo but more than twice as many multifamily developments, a housing model widely accepted by local residents.

The outlook for 2025 is positive, with the delivery of 17 new towers in São Paulo. Greystar alone plans to launch three new projects under the Ayra brand.  

“We have already delivered two developments: Ayra Pinheiros, which is more than 90% occupied, and Ayra Higienópolis, which began operations in early 2025. In March, we will deliver Ayra Pininfarina, designed by the Italian studio Pininfarina. Additionally, in the second half of the year, Ayra Moema and Ayra Perdizes will be inaugurated,” the company told REsource.  

Meanwhile, Vitacon plans to deliver 1,890 units, TPA will add 329 units, and Greystar, in partnership with Cyrela, will launch 481 units, along with another 184 units in collaboration with SKR.