Foreign investors eyeing up Rio | 24 May 2012
Foreign investors are taking advantage of the fact that sellers in Rio are showing a tendency to accept offers below asking price.
That’s according to comparemoneytransfer.com, which suggested that lower prices in Brazilian real estate will make Rio an attractive place for buyers to reinvest their cash and act as a stimulant for the economy.
Previously, Rio was one of the most desirable and expensive cities to live in as increased security, growing international interest and the FIFA World Cup brought in investors by the shipload.
However, a sheer drop in 2011 due to low GDP, significant loan defaults and more meant that the bubble burst for some. Now, the Brazilian Real has risen to above two Reais to the dollar and experts believe this is where it will stay, meaning foreign investors get a ’22 per cent increase in spending power since this time last year’.
Samantha Mortner Flores, director of bi-lingual property consultancy InTown Group, commented on Rio’s prices. Cited by propertywire.com, she said: “The market is entering a new phase, and for foreign investors, it is looking more attractive than it has done in years.
“Even as prices cool off, everything that made Rio so attractive from a buyer’s point of view remains the same,” she added.
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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