Brazilian property prices "surging"
Date added: 15th November, 2010 at 09:31
(view all articles from November, 2010)
Categories: Economy, Property News, Social and Affordable Housing in Brazil
Brazilian property prices in certain districts are "surging upwards", one commentator has said.
Writing for the Financial Times, Richard Lapper noted employment in the country is growing, as is the wealth of its population.
Citing the work of Marcelo Neri, a professor at the Getulio Vargas Business School, he stated 61.1 per cent of Brazilians are now in the A, B or C income quintiles compared with 37.9 per cent seven years ago.
To be included in the C quintile, households must earn at least R$1,126 (£406) a month and at most R$4,854, the commentator explained.
Mr Neri believes as many as 20 million people have been lifted out of poverty since 2003, with Mr Lapper stating their increasing wealth has boosted demand for consumer products.
"In the bairros nobres - the desirable property developments loved by Brazilian buyers - prices are surging upwards," he noted.
Demand may not be the only factor helping the housing industry, as Flavio Cabero of Lopes Real Estate Consultants recently told Property Wire affordable housing projects like Minha Casa, Minha Vida (My House, My Life) are also having a positive effect.
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