Pacification of favelas increases value of property in Rio de Janeiro
Date added: 28th June, 2011 at 10:48
(view all articles from June, 2011)
Property in Rio de Janiero is increasing in value following raids on the city's slums.
The BBC stated that the invasion of favelas by police - a process known as pacification - is an attempt by the government to force out the drug barons such areas have become known for.
Local estate agent Ronaldo Coelho Netto told the news provider that house prices have rocketed by almost 80 per cent in the past 12 months.
Indeed, a Financial Times report recently noted that real estate in the city has become the most expensive in the Americas.
"Areas near the pacified favelas used to be places that people avoided living in. Now people are looking to buy there and the prices are rising," Mr Netto said.
The information source also noted that the hosting of the World Cup in 2014, the Olympics in 2016 and the discovery of large crude oil fields off the coast of the city are contributing to a boom in the region.
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