Brazilian property market ’set for upsurge’
The Brazilian property market is set for an upsurge as the country’s economy is recovering and population demographics are favourable, one commentator writes.
Joan Magee, writing for Dow Jones Newswires, says that "scores" of young people in the country are looking to snap up their first home.
She says the fact that 50 per cent of population is under 25 and potentially in the market for homes is also boosting optimism with regards to the Brazil real estate market.
Ms Magee also points to levels of mortgage debt as an indication that the sector still has far to go, as they currently stand at just two per cent of gross domestic product.
"The nice thing about the Brazilian market is it’s in a much better position than the US market because they hadn’t used as much leverage historically," Matthew Posthuma, partner at Chicago law firm Mayer Brown, told the news agency.
Meanwhile, Itau Unibanco Holding has predicted that the Brazilian economy will expand by four per cent this year, Bloomberg reports.
