New fund to support Brazil affordable housing development
Date added: 31st May, 2011 at 10:16
(view all articles from May, 2011)
Categories: Social and Affordable Housing in Brazil
Alternative Asset Analysis is backing a new scheme to raise funds for an affordable housing development project in Brazil.
The Origen Private Equity fund wants to generate $80 million (£48 million) by the end of 2011 to create low-cost homes in the region of Natal.
These will qualify for support from Brazil's Minha Casa Minha Vida (My House My Life) initiative, which aims to provide the poorest individuals with affordable homes.
Director of the fund David Palumbo said he is confident that the country's property market provides plenty of opportunity for investment and generating a profit.
Furthermore, the new scheme will benefit Brazilians and support the nation's social housing system.
"We believe that if we treat the poorest groups in society as customers instead of vulnerable individuals needing charity, we can help them move from slums into well-planned communities," Mr Palumbo stated.
Last week, deputy emerging markets editor at the Financial Times Jonathan Wheatley said firms consider the lower-middle and bottom end of the Brazilian property market to be the best sector for investment at present.
Property Bond International Ltd was established in 2003 to help overseas buyers purchase Brazilian Property Investments. A free personal search service is also offered whereby clients specify exact requirements and properties are searched for. Property Bond also offer a consultancy service for clients or businesses wishing to enter into Brazil to make contact with product suppliers or purchase other investments, rent offices. - see www.brazilianassets.com
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