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Fund considers buying property in Brazil

Date added: 17th March, 2010 at 09:47
(view all articles from March, 2010)

Categories: Property News

Blumberg Capital Partners is considering developing or buying property in Brazil.

The founder and chairman of the company, Philip Blumberg, said that his firm could branch out into other regions as well as investing in American property, reports the National.

He was speaking as he visited Abu Dhabi to promote his company's new property fund, which is worth around $1 billion (£660 million).

Mr Blumberg said that his firm was considering buying property in Brazil, as well as in other areas such as Oman and Abu Dhabi.

He stated that although Abu Dhabi is "overbuilt", there may still be opportunities in the region for niche markets.

This comes after people and companies who are considering buying property in countries such as Brazil were warned to time their purchases carefully to get the best deal.

Property journalist Marc Da-Silva stated that fluctuations in currency "cannot be overlooked", explaining that buying property abroad at the wrong time could mean any price reductions are cancelled out.ADNFCR-1477-ID-19673165-ADNFCR

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