Brazil real estate ‘bites back’
The Brazilian property market is biting back at the credit crunch, one consumer advice website claims.
BuyAssociation maintains that even newly-elected president Barack Obama has acknowledged there is no miracle cure for the US property market, but the Brazilian property is quietly "plugging away".
The website adds that growth in the Latin American nation’s economy seems to be largely unaffected by the economic downturn and continues to go from strength to strength, while the Financial Times recently said the country maintains business as usual.
"In 2007, the Sao Paolo stock exchange expanded by 93 per cent, while its counterpart in London shrank," the site concludes.
People considering property for sale in Brazil could be interested to hear that Brazzil Magazine reported last week that finance minister Guido Mantega told an economic meeting the nation is enjoying a middle class boom.
He added that next year the nation will enjoy growth of four per cent.
