Brazilian property prices grow on 'rebalancing of wealth'
Date added: 21st July, 2011 at 10:56
(view all articles from July, 2011)
Brazilian property prices are high as the poor become wealthier and life gets harder for the middle class.
This is according to an article in the Financial Times, in which Professor Marcelo Neri of the Getulio Vargas Foundation explained that the incomes of the least well-off are rapidly increasing.
Indeed, illiterate workers saw their salaries rise by 37 per cent between 2003 and 2009, while the expert pointed out that the poorest 50 per cent of the population has seen their wages grow by 68 per cent in real per capita terms over the last decade.
Meanwhile, the income of the richest ten per cent expanded at the much slower rate of ten per cent, while the salary of someone who has studied at university fell 37 per cent in the six years to 2009, he told the newspaper.
The professor, who is coordinating a study on the rise of the middle class in the country, wrote in a report that "traditionally excluded groups of Brazilian society, such as non-whites, women, those living in the poor North East, in favelas or in the outskirts of Brazilian cities" are seeing some of the best wage increases.
Indeed, property in Fortaleza and other North East cities like Salvador may be performing well at the moment, as an article in Ad Age Global recently noted that investment in the area is on the rise, owing to the growing wealth of the local population.
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