'More than £350bn' of government investment in Brazil
Date added: 4th June, 2010 at 10:34
(view all articles from June, 2010)
Categories: Property News
With the World Cup coming in 2014, the Olympics in 2016 and the government growth strategy - the PAC - there will be billions of pounds worth of investment in Brazil in the next three years.
Housing, infrastructure and energy are among the key beneficiaries of the plan, which pledged to spend R$959 billion (£360 billion) over the next few years, although the nation's leaders have recently said they will increase spending on the project to over 21.5 per cent of gross domestic profit, Building magazine reported.
The economy is set for an expansion of six per cent in 2010 having survived the global financial crisis well and the approach of two major sporting events in the next six years has put pressure on the country to improve its infrastructure.
Expectations are that R$500 billion will be invested in construction in the next three years with Dilma Rousseff - creator of the PAC - aiming to make Brazil a leading economy within a decade, the publication said.
Property companies may be profiting from the plans as Cyrela, the nation's largest real estate developer, recently reported that it achieved a record high in sales of inventory in the first quarter of this year.
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