Brazil property market ‘will remain stronger than Spain’
Construction of property in Brazil will weaken as a result of the recession but will remain more resilient than building levels in other markets, such as the US, UK or Spain, according to an expert.
Joan Magee, writing for Dow Jones newswires, reports that the efforts by the government to counter falling Brazil real estate construction levels have helped the market to remain stronger than traditionally large property sectors.
She adds that the authorities are also "pouring money" into World Cup infrastructure in preparation for waves of tourists, which should spur more Brazilian property development.
"Construction will weaken as in a typical recession, but will not tank as in the US, the UK or Spain," Eduardo Levy-Yeyati, a director and head of emerging markets strategy at Barclays Capital, tells the news provider.
Ms Magee points to predictions of cement output in South America rising by 6.9 per cent from 2010 to 2011 as another indication that the Brazil property market will turn around.
Meanwhile, real estate portal Propertyabroad.com recently named Rio de Janeiro and Natal among the top five cities in the world for real estate investment.
