North-eastern Brazil property market ‘booming’
The Brazilian property market is booming in the north-east of the country on the back of regionally-produced commodities, according to a report.
Nick Foster, writing for the New York Times, says that the ethanol in particular has contributed to the growth in the residential real estate sector in Recife.
He says that the success of the Brazilian property market in this city centres around the Boa Viagem seafront, south of Recife’s downturn area.
"Almost all of the family homes that once fronted the Atlantic have been, or are about to be, replaced with residential towers," Mr Foster explains.
New apartments with ocean views are commanding on average 5,000 (£1,558) to 7,000 reais per sq m, prices which are generally unchanged since early 2008, he adds.
In related news, real estate portal Propertyabroad.com has named the north-eastern city of Natal as one of the top five in the world for property investment due to the incredible potential for growth in the market.
