Brazil property sales on the up

Country:  Brazil

25 June 2009 

Sales in the Brazil property market appear to be bouncing back, following a subdued year, caused by the economic slump, according to one market expert.

Thomas Shapiro, president of GoldenTree InSite Partners, told the Reuters Global Real Estate Summit that Brazil’s economy is exceeding all expectations and the government’s measures to boost the Brazil property market is proving successful.

He referred to a recent 104-unit development in Sao Paulo which sold out in just four hours, as an example of the greater demand, not just for property in Sao Paolo, but for the whole of Brazil.

Reflecting on the “substantial” growth being recorded in the Brazilian property sector, Shapiro said that the country was unlikely to experience the same problems as US and Spanish economy and property markets, due to the fact that mortgage debt in Brazil represents just 2% of gross domestic product.
 

See Also:   Brazil, Marc Da-Silva