Brazil real estate credit market sees 75% rise in demand
Brazil’s federal savings bank has reported a huge rise in demand for mortgage credit as more people look to take their first step onto the Brazilian property ladder.
Caxia Economico Federal (CEF) said there was a 75 per cent rise in the number of people looking to finance buying a property in Brazil during the first half of 2009, according to a report from local news agency Estado, cited by Dow Jones newswires.
Jorge Hereda, a director at CEF, told Estado that the bank’s credit portfolio rose to 17.5 billion reais (£5.37 billion).
CEF holds a huge share of the local mortgage market and while the Brazil real estate credit market is fairly undeveloped at the moment, Dow Jones reports that falling interest rates could lead to a boost in demand for home loans.
Joan Magee, writing for the news agency, recently reported that the Brazilian property market is set for an upsurge as the country’s economy is recovering and its population demographics are favourable.
