Rio neighbourhood tipped as hot property investment
A neighbourhood in Rio de Janeiro has been tipped as a lucrative property investment.
Thanks to "rarity fuel booms" near to the city the Leblon district, which is located along Rio’s sandy beaches, is now emerging as a hot place for the famous and wealthy to frequent, reports the International Herald Tribune (IHT).
According to the paper most areas in southern Rio have seen "strong growth" in property values recently, with Leblon experiencing a 15 per cent increase over the last three years.
President of the commission for urban development at the Association of Real Estate Company Directors in Rio, Jose Conde Caldas, explained the nature of investing in this region.
"The well-to-do and wealthy want to live in Jardim Pernambuco as its security is so fierce, so it’s seen exceptionally high capital growth at roughly 45 percent over the last three years," he told the IHT.
"People will even buy a house and demolish it to get the exact property they want just to live there. Someone recently spent $4 million [£2 million] on a house he bulldozed immediately."
Expert researchers for the UK-based Property Investor and Homebuyer Show last year tipped Brazil as an emerging country poised on the verge of a property boom.
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