Brazil property wins Olympic gold

Country:  Brazil

5 October 2009

Brazil property prices are expected to escalate over the next few years after Rio de Janeiro was selected as the host city of the 2016 Olympic Games - the first time ever that the Games have been given to a South American nation – last Friday.

The announcement was made at the International Olympic Committee meeting in Copenhagen, Denmark, that Rio had successfully beaten off competition from three other cities - Chicago, Tokyo, and Madrid.

The Brazil real estate sector and rapidly expanding economy are expected to be the real winner of the decision to award Rio the rights to host the tournament.

Brazil has already been selected to host the 2014 FIFA Football World Cup, the largest sporting event in the world. But with the 2016 Olympic Games to add, the world’s media spotlight will be firmly focuses on the South American country in the coming years.

Shrewd property investors will also have one eye firmly on cashing in on the sport’s popularity by purchasing property in Brazil. Demand for homes to both rent and buy is expected to soar in the run-up and during the tournaments themselves, and in turn drive Brazil property prices upwards.

President Lula commented: “Brazil is a country confident in its future, which is in a magical moment of growth, economic improvements and we have a population completely passionate about sports.”

Rio plans to spend around £9bn on hosting the Games, with around £7.3m earmarked for construction and infrastructural improvements.
The city will use 34 venues, including 18 existing facilities, many of which are already being renovated for the 2014 FIFA Football World Cup.

See Also:   Brazil, Marc Da-Silva, Olympic Games