Minha Casa Minha Vida Investment Adds Up By Obelisk International News
Rio Grande do Norte, situated in the corner of north east Brazil, serves as a good indicator of the government social housing programme, Minha Casa Minha Vida (MCMV). The state figures for the first phase of the programme – job creation and benefits for the local economy – highlight the scale behind this massive investment in low-cost property.
Brazil is now into the second phase of MCMV and the government financier of the project, Caixa Economica Federal bank is releasing state results for the first phase. In Brazilian terms, Rio Grande do Norte with a population of 3.17 million is hardly large, but the first stage of MCMV in the state shows some impressive statistics.
Almost 15,000 Properties
According to Caixa, Rio Grande do Norte will benefit from 14,765 Minha Casa Minha Vida homes for Brazilian families earning between zero and three times the minimum salary. Obelisk International’s MCMV investments in north east Brazil – some 3,300 properties to date – are part of this figure.
Caixa’s regional director, Roberto Linhares said “the sky is the limit” for homes for families in the 3-10 times minimum wages bracket. This is because normal market conditions apply for these MCMV properties since developers sell them through normal marketing channels, although families still benefit from highly-favourable Caixa finance.
Big Local Benefits
As well as supplying housing for thousands of families who would otherwise be living in sub-standard accommodation, the Brazilian social housing programme has brought huge benefits to local communities. In its short history, MCMV has created thousands of jobs in Brazilian cities and provided a much-needed boost to countless local economies.
Rio Grande do Norte is a case in point. Brazilian real estate investment in MCMV has created 17,500 jobs in the state (the national total is 665,000), easily fulfilling one of MCMV’s secondary objectives, job creation. The programme has also injected R$1.4 billion into the state economy, benefitting thousands of locals directly as well as indirectly through secondary services.
Speaking to local real estate developers in Natal, the capital of Rio Grande do Norte, Mr Linhares stated that “Minha Casa Minha Vida is the biggest programme in Brazil in decades”. He said that in spite of the challenges that come with building 3 million homes, no one should underestimate what owning a home means to a poor family.
Obelisk International is well aware of the multiple benefits of MCMV for Brazilian society. “It’s interesting to see how this Brazilian investment opportunity provides excellent returns at investor level and is also hugely profitable for the local community,” says Gary Hardacre, CEO at Obelisk International.
About Obelisk International: Obelisk International offers select investment opportunities in Brazil in a range of sectors such as residential real estate, construction and social housing. Obelisk 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 Brazilian investments and to find out about Obelisk International’s latest opportunities for investment in Brazil, contact us on 0034 952 820 319. Via email: firstname.lastname@example.org or visit our website: www.obeliskinternational.com. Follow us on Twitter – @obeliskinvest and Facebook.
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