Brazil Top Overseas Property Destination Says Agent
"We get close to 300 enquiries for property in Brazil each week, but we have to turn 70% away because the lack of finance in Brazil at this stage," said Loxley McKenzie, Managing Director of the firm.
"However, we urge investors to buy now if they have the capital, because we expect prices to rise by at least 20% upon mortgages re-entering the market," he added.
Brazilian property is currently very hot news indeed, mostly because of the fact that several Brazilian developers have begun making affordable housing developments in Brazilian cities available on western markets.
For those wondering why that is such a big deal, the policies of President Luiz Inacio Lula da Silva have led to a supply shortfall of over 7 million in the Brazilian housing market, that is 7 million more families in a position to buy a house than the number of houses for sale. The deficit would be smaller, but the shortage is most severe when counting quality affordable housing, as much of the affordable stock is in a bad state of repair.
"If an estate agent had served as the Brazilian President for the last 8 years he couldn't have laid better foundations for the Brazilian housing market than da Silva did in his two terms," said McKenzie.
The Brazil constitution sets out that the maximum a President can serve is two terms, but the Brazilian people recently elected da Silva's chosen successor, Dilma Rousseff, who is not only of the same party (Workers' Party), but was da Silva's chief of staff. She is expected to keep going on the same path as da Silva.
"One of his most successful housing projects is the Minha Casa Minha Vida project, which provides financial incentives and assistance to low income families in order that they can afford to buy a house," he added.
"But the biggest help was his decisive and excellent economic management. The way Brazil's powerful growth has been reinvested and managed to provide the maximum number of jobs has led to some 20 million people coming out of poverty in the last 8 years da Silva was President. As well as that the number of Brazilians classified as middle class increased by 29 million during the period. This massive growth in affluence is why there is so much demand for housing," McKenzie concluded.
But without publicity no one would know about the housing shortfall, thankfully this is not a problem for Brazil property. In fact the level of exposure it is receiving is a contributory factor in the volume of enquiries being received by Colordarcy. Exposure including 2 Brazilian developers winning best in class at the 2010 Overseas Property Professional Awards.**
- ENDS -
Notes to the editor:
**Grup Immobiliari Natal Brasil won Best Developer Latin America for developments like Dr Geraldo Furtado, and Invest in Brazil won Best Developer International for developments like Tambaba Country Club.
Colordarcy is a leading property investment company that specialises in finding positive cash flow investment properties worldwide.
Colordarcy Investment Ltd
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