Brazil’s ’sultry north-east’ is the place to invest
Brazil’s "sultry north-east" has been highlighted as a lucrative location for property investment by a leading national British newspaper.
The Times says that the area’s "attractions are obvious", citing long, white-sand beaches, high temperatures in January and property prices that are a third cheaper than their equivalents in southern Spain, as its main assets.
Felipe Cavalcante de Melo Lima, president of the Association for the Development of Tourism and Real Estate in the Brazilian North-East, described the "stratospheric growth" the region’s property prices have seen recently.
He told the paper: "Some locations have seen capital appreciation of more than 1,000 per cent in five years."
Mr Lima went on to predict a more modest growth of 12 per cent for this year.
The paper highlighted the old town of Bahia in the north-eastern region of Brazil as a particularly profitable area to invest in.
It highlights that a "couple of years ago" investors could purchase a run-down property for less than £50,000 whereas now derelict town houses are retailing at £500,000 or more.
Earlier this month independent property website NuWireInvestor tipped Brazil as a top investment location after placing the Latin American nation second in its annual list of the "Top Five Latin American Real Estate Markets" last November.
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