Brazilian property market ‘to boom for up to 7 years’
The Brazilian property market is set to boom for the next seven years, according to an industry expert.
Jose Paim de Andrade, founder of Brazilian real-estate investment firm Maxcap, has told The Economist the current housing boom in the country will continue "for five to seven years".
He added that a rapid increase in peoples’ incomes will lead to a "widespread residential upgrading".
In news which may interest people looking for property in Brazil, Mr Andrade said the mortgage market in the country is also booming, with loan periods and salaries "soaring".
He also explained that interest rates in Brazil have fallen dramatically from around three or four years ago.
The Central Bank has forecast that the inflation rate at the end of 2008 will 6.27 per cent, which Bloomberg reports is lower than previous estimates.
