Brazil Property News: Brazil has real estate boom




3rd January 2008 12:36


Brazil's real estate market is booming after a strong year for the country's economy, according to new reports.

Savings and home loans provider Abecip has reported a 98 per cent spike in new housing loans between January and November 2007, reports All Headline News.

Home loans for the 11 month period reached 16.6 billion reais (£4.7 billion), with the number of new homes in the country climbing to over 177,000 – a 73 per cent increase from the same period a year ago.

Experts cite relaxed investment rules that allow foreigners to purchase vacation homes or buy property as an investment as part of the reason for the boom.

Independent property advisors BuyAssociation claim that Brazil's thriving tourism industry, which has increased by 30 per cent in the last year, its diverse landscape and idyllic climate are "just some of the reasons" investors are buying property in Brazil.

Furthermore, it advises that land costs in the Latin American nation are "very reasonable" with the prices of larger plots "often under valued".

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