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Land reform fears over property in Brazil 'groundless'

Date added: 9th July, 2010 at 10:44
(view all articles from July, 2010)

Categories: Property News

Worries that new legislation will harm foreign investment in property in Brazil are unfounded, one official has said.

The Brazilian Agrarian Development Ministry recently announced that it would curb the purchase of land by overseas speculators to meet a rising demand for food, natural resources and water across the world, with a spokeswoman from the department Denise Mantovani insisting that the nation's space was "finite".

Speaking to the Overseas Property Professional, president of the Association for Inward Investment in Real Estate Felipe Cavalcante said that the regulations would not affect people who had already ploughed money into a project in the country.

"These proposals only apply to agricultural land - any changes in the future would have no impact at all on people who have already invested in real estate," he said.

Ms Mantovani stated that ten million acres of property was in the hands of foreigners by the end of 2008.ADNFCR-1477-ID-19881873-ADNFCR

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