The walkability premium on real estate price has been evaluated, and positive and significant results have been found using different European and North American cities as case studies. The aim of this research was to test this effect in a Global South context, in two Brazilian cities where pedestrian-oriented urban environments are scarce and where modal choice is conditioned on economic constraints. We used multigroup structural equation models to represent the perception of walkability and to assess its interrelations with perceptions of personal safety and quality of life. The impact of walkability on sales price was tested using buying opportunities and walking frequency as moderator variables to see whether this effect can be scaled up. The results show that the prices of multifamily residential properties in the two study areas increase as perceived walkability increases but the magnitude of the effect is city-independent demonstrating that exist demand to live in walkable areas even in restricted conditions. Also, although the effects are positive and significant, the impact of safety on walkability and the impact of walkability on quality of life, as the moderator effects, are not the same in the two study areas.