Brazilian property scheme ‘boosting economic recovery’
The Brazilian property scheme Minha Casa, Minha Vida is at the heart of government policy is helping the country to emerge from the recession, according to an expert.
Samantha Gore, head of sales and marketing at Brazil real estate specialists uv10.com, said figures suggest the country will be the one of the first to rebound from the downturn.
"President Lula da Silva can be credited for helping to reduce poverty in Brazil and initiating a massive expansion of the middle class, which has in turn stimulated huge growth in the property market," she explained.
She added that although the Brazil real estate market is not likely to grow at the rate it has done in previous years, it is unlikely to come to a standstill.
Ms Gore explained that the 34 billion reais (£11.3 billion) low-income housing scheme has kept many Brazilian property developers busy and generated significant profits for them.
One of the country’s biggest property developers, Cyrela Brazil Realty, last week posted a 67 per cent in rise in profits for the second quarter of the year.
