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About Brazil Brazil’s tourism is undeniably doing well, and as more people come into the country, demand for short-term rentals increases. There is also a noticeable increase in interest in foreign property ownership. Some of the tourists opt to buy vacation homes for their frequent visits, or even buy to move into the country. Rio de Janeiro still remains the more popular city for foreigners. This former capital of Brazil is world-famous for the samba-filled Carnival that ends on Mardi Gras Tuesday. Other known spots in Rio de Janeiro are Copacabana, Ipanema, and the Corcovado Mountain, on top of which stands the giant statue of Christ the Redeemer. With a GDP per capita increase of 8.32% for the last five years, Brazil is growing much slower than its neighbors. Nevertheless, it has a well-maintained GDP per capita, which is estimated at US$5,518 for 2008. Brazil has been successful in fighting inflation as well, decreasing it from 14.8% in 2002 to 4.1% in 2007. The Brazilian currency is surging, now almost 2-to-1 to the US dollar. The Real has shown impeccable performance in the last few years, with a 69% increase against the US dollar in four years. This is impressive growth from an exchange rate of R$4 to the dollar when President Lula da Silva won office in 2002. The government is still continuing to address the excessive housing deficit in the country. The recently re-elected Lula announced a “growth-acceleration package”, which includes housing and infrastructure investment of around US$236 billion for the next four years. Mortgages are increasing together with the expansion of the housing market. The reduction in interest rates also greatly helps with the growth of mortgages. The government lowered the rates after inflation was tamed. About 14% of the 42 million housing stock is rented; home ownership is at 75%, while other categories make up for the remaining 11%. To view current properties in this market click here | |||||||||||||||||||||
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