Brazil a property hotspot?
The global credit crunch may be a good thing for the Brazilian property market, it has been claimed.
Speaking to the Times, Felipe Cavalcante, chairman of the Association for Real Estate and Tourism Development in north-eastern Brazil, said that the global economic downturn is likely to have served Brazil by getting rid of investors who may not have been serious, leaving only those who intend to stay in the property market for the long term.
He also pointed out that the market is likely to pick up in the coming months as demand for housing grows.
"We have to build over 1.4 million homes a year simply to keep up with the current housing levels. By 2030 there will be 35 million new families needing housing," Mr Cavalcante remarked.
Investors in Brazilian property may consequently be able to get a bargain, as developers could be more open to offers, plus the Brazilian real is currently down against the dollar.
According to the World Travel Guide, Brazil has an estimated population of 192 million.
