The Changing Face of Brazilian Real Estate
The effects of the Minha Casa Minha Vida programme have been two-fold. Firstly, this massive investment in real estate in Brazil has boosted the civil construction industry to unprecedented levels. And secondly, the bid to build 3 million homes by the end of 2014 has changed the dynamics in the Brazilian property market.
With Minha Casa Minha Vida, the property market has changed completely. Now, to buy an R$83,000 home a Brazilian household needs just three times the minimum wage. For the first time ever, getting on the first rung of the property ladder is now possible for thousands of families.
Minha Casa Minha Vida is running slightly behind schedule and has not quite reached its target of the construction of 1 million homes in 2010. However, Brazil is not far off the mark and all over the country households are benefitting from the chance to buy their own home at a price they can afford.
Brazil’s new President Dilma Rousseff is totally committed to the Minha Casa Minha Vida project. Like ex-President Lula, Dilma has made the social housing programme a top priority for her government. The necessity to build quality housing for millions of Brazilians has been made even more apparent after the recent floods in the Rio de Janeiro district.
Last month, the Brazilian government approved this year’s budget for Minha Casa Minha Vida. The amount for 2011 is R$30.6 billion and will go towards the building of many more Minha Casa Minha Vida units. The government has indicated that it may ease the price restrictions for properties in the programme to allow more middle class Brazilians to enter the market.
In cities with a population over 1 million the maximum price for a Minha Casa Minha Vida property is currently R$130,000. The government plans to increase this to between R$150,000 and R$170,000. For smaller cities, the current price limit of R$100,000 will be raised to R$130,000. This measure, to be confirmed by the end of this month, should allow the influx of thousands more potential homeowners into the Brazilian real estate market.
As one of the main Minha Casa Minha Vida developers in Rio Grande do Norte, Obelisk International has experienced first hand the changes in the Brazilian property market. Not only is the market more dynamic and fast moving, the potential for returns from investment are considerably higher. It is also very satisfying to be contributing to the reduction in the shortage of property in Brazil.
About Obelisk International: Obelisk International offers select investment opportunities in Brazil and gives investors security, profitability and diversity thanks to a combination of close attention to our clients' investment requirements and high quality in-house research and analysis.
For more information on investment in Brazil and to find out about Obelisk International’s latest projects there, contact us on 0034 952 820 319. Via email: firstname.lastname@example.org or visit our website: www.obeliskinternational.com.
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