Brazilian real estate market ‘rebounding’
Sales in Brazilian property have rebounded and the market is picking up following the global economic downturn, an expert stated.
Thomas Shapiro, president of GoldenTree InSite Partners, told the Reuters Global Real Estate Summit that a recent 104-unit development in Sao Paulo sold out in four hours, showing demand for Brazilian property is picking up.
He added that the economy looks better than expected for the coming year and a recent government scheme to boost the Brazilian real estate market is paying off.
The Brazilian property sector has gone up "substantially", Mr Shapiro stated, telling Reuters that problems such as those affecting the US and Spain will not impact the country as much, as Brazil only has mortgage debt worth two per cent of gross domestic product.
His views back up comments from financial firm Threadneedle, earlier this week, when head of global emerging market equities at the company Julian Thompson said that investors are showing new interest in Brazil.
