Local government plans investment in Rio regeneration scheme
Date added: 29th July, 2010 at 10:09
(view all articles from July, 2010)
Categories: Property News, Rio, Olympics 2016
People considering investment in Rio de Janeiro may be interested to know the local government is planning to regenerate the city in time for the 2016 Olympics.
Mayor Eduardo Paes announced on CBN radio this week that 378 favelas in the area will be rehabilitated and there are intentions to close 600 more, according to EFE.
"We're going to improve all the shantytowns, but the city administration will be increasingly harsh on any attempt to create new slums or expand those already in place," the news provider quoted him as saying.
As many as 13,000 families will be evacuated from 123 favelas considered at risk from mudslides, the information source reported.
The BBC noted the plan would affect 260,000 households and would cost $4.5 billion (£2.89 billion).
EFE stated that the mayor had promised to build new property in Rio de Janeiro to replace the shantytowns, which would have access to electricity and gas as well as benefitting from paved streets.
For anyone wishing to invest in the full potential of Brazil, Property Bond Brazil has an excellent array of opportunities for investment in Rio.
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