Brazil’s second biggest real-estate firm reports profit boom
Brazil’s second-biggest real estate developer has announced that its first-quarter profits are up dramatically from last year, it has been revealed.
Gafisa revealed it made profits of $25.2 million (£12.75 million) in the first three months of the year compared to a loss of $7.57 million (£3.83 million) in the same period last year, Bloomberg reports.
People considering buying property in Brazil could be interested to hear that one of the country’s biggest real-estate developers has declared profits are up as it suggests there is a booming real estate sector in the Latin American nation.
Meanwhile, the head of Latin American research for Riedel Research Group, Ignacio Goni, revealed last month that Brazil is a very attractive place to be for investors in most sectors.
"I see that companies in Brazil are more attractively valued now than they were last year," he added.
Last week an Arab bank announced that it was looking for investment opportunities in Brazil.
ANBA reported that the institution wanted to invest in the building sector where it plans to establish a partnership with a construction company from the Emirates.
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