Brazil real estate incentive scheme has locals queuing up to buy
Locals are queuing up to invest in property for sale in Brazil on the back of the government’s housing plan, according to a source.
Through the incentive scheme Minha Casa, Minha Vida (My Home, My Life), people from poorer backgrounds in the country are provided with financial help to purchase their own Brazil real estate.
The Financial Times reports that locals formed a 300-metre-long queue for an annual housing fair run by Caixa Economica Federal, the government-owned savings and mortgage provider.
"Without Minha Casa, Minha Vida, we wouldn’t be here. Interest rates were too high and the installments were too big. But now we think we can do it," Genilsa Silva da Cruz, one of the people lining up outside the event, told the newspaper.
The initiative has proved a boost for the Brazilian property and construction sector.
Nick Foster, writing for the New York Times, recently asserted that the real estate market in the north-east of the country is booming.
