Maca development to be officially opened
A new shopping centre is being officially opened in Brazil.
Developers Tenco Realty and CBL & Associates are preparing to unveil their new 243,000 square-foot Plaza Maca shopping centre in the city of Maca.
In news which may be important for people looking for real estate in Brazil, the developers are planning to open a second-phase of the project later this year, which will expand the centre to include a 68.000 Wal-Mart retail store.
Maca is located two hours north of Rio de Janeiro and its population has grown by over 300 per cent since 1980.
The growth is further predicted to "outpace norms" over the next five years, which will affect property prices in the area.
Stephen Lebovitz, president of CBL & Associates, said: "The property will address a growing need for quality retail in the area and will continue to benefit from the tremendous population growth the area continues to experience".
Jose Paim de Andrade, founder of Brazilian real-estate investment firm Maxcap, told The Economist that Brazil’s housing boom will continue "for five to seven years".
