20,000 new homes for Brazil
A Brazilian real-estate developer is in line to receive a grant to build 20,000 new homes.
The Sao Paulo-based company may receive $1 billion (£0.5 billion) from state-controlled bank Caixa Economica to build the properties, reports Bloomberg.
Brazilians earning up to as much as ten times the minimum monthly salary are expected to be the target market for the homes built by Inpar.
The development signals a growing need for property in the Latin American country – a trend that many foreign property investors are capitalising on at the moment.
Over the past five years property prices in Brazil have increased by 20 per cent and in some areas in the north-east of the country this figure has been exceeded.
Expert researchers for the UK-based Property Investor and Homebuyer Show tipped Brazil as an emerging country poised on the verge of a property boom at last year’s show.
According to official statistics, the cost of living in Natal in the north-east of Brazil is 20 per cent lower than in the UK and the cost of residential property is around a third of that in Spain.
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