Buildings of Rio de Janeiro, lead to higher housing prices

10.11.2010 09:27
Brazilian authorities have allocated $ 4.7 billion in the development of the areas second largest city in Brazil. This makes the local real estate attractive in terms of investment.

Government program designed to 2020 and includes the modernization of housing in popular areas such as Copacabana, Leblon and the Maracana. It is also envisaged large-scale reconstruction and infrastructure construction. Professional local real estate market believe will be an additional factor in increasing prices in Rio de Janeiro.

Stimulus increased cost of housing has become known to hold matches in the World Cup in 2014 and 2016 Olympics. Roberto Pimento broker said that the apartment in the Copacabana beach, which was sold last year for 140 thousand reais ($ 82.5 thousand), has recently been put up for sale at a price of 285 thousand reais ($ 168 thousand), and transmits Property Wire.

Recall that the company Equity International, which is owned by American billionaire Sam Zell (he dubbed the "guru of real estate" for a number of good investment), will invest $ 500 million in Brazilian real estate market.

Knight Frank analysts expect that the outcome of the Brazilian housing price will rise by 20%, but in 2011 growth will slow significantly - up to 5%.

Content tags: Overseas property
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