brazil real estate market set to heat up
News Posted On: 07 December 2009
Right now Brazil has a lot going for it apart from the climate. The buzz emerging economic power grouping has been labelled BRIC – standing for Brazil, Russia, India and China. All are massive countries with similar sized growth potential - emerging economies on the grand scale. Smart money has been rotating into these nations, with apartments in Moscow now selling for prices more associated with first world capitals like London.
Brazil has one of the world's fastest-growing economies, and a wealth of natural resources. Investment bank Goldman Sachs believes that Brazil’s economic growth could outstrip that of the other BRIC nations over the next few years. However it is two forthcoming unique sporting events that are destined to project Brazil globally as never before. Already it's football team is legend. In 2014 Brazil is set to host the football World Cup tournament.
However not all nations play football, and few as well as Brazil. The daddy of sporting events worldwide has to be the Olympics. Four years after London has its 2012 games it is Brazil's turn, and the world's eyes will be on that nation as never before.
Both of these signature events will demand drive massive infrastructure development. Brazil's CIAXA bank is forecasting that in 2010 alone loan growth is expected to hit 30 per cent – a huge number – as the economic growth accelerates. Brazil looks likely to have the fifth largest economy in the world by the time the Olympic Games come round in 2016.
In the meantime the country has not escaped the global crisis unscathed. In an interview on Friday for CanWest, Brookfield Property Corporation's Nic Clark had this to say about Brazil -
“Brazil is a little different. We are invested there in retail shopping centres and housing. It's an emerging economy and market, and we enjoy being invested in there. …. But when the global economic collapse occurred, a lot of the foreign money that had rushed to Brazil went home to chase opportunities or shore up balance sheets....”
In other words he sees opportunities right now to buy at good prices before the tidal wave of retail interest comes back in in the New Year. Right now property and land prices are selling for a fraction of the equivalent in more developed nations. This will change and quickly.
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