Property in Brazil to rise on luxury demand?
Date added: 6th July, 2010 at 09:44
(view all articles from July, 2010)
Categories: Property News
Those looking to buy property in Brazil may be interested to know that one multinational company is expecting to see a 68 per cent rise in its sales in the country, on the back of an increasing demand for luxury goods.
General Motors (GM) announced it expects its sales to rise to one million vehicles per annum by 2014, following the expansion of the nation's economy, according to Bloomberg.
Head of GM South America Jaime Ardila told the news provider: "Brazilians are getting richer and the currency is stronger ... South America is perhaps one of the most important assets and best returns on investment that GM has."
As such, the company is to plough more than R$5 billion into the country up until 2012, as it expects a boost in demand from a growing middle class demographic, the strength of the real and an increase in employment.
Rising consumerism in the nation could benefit the property market, as Brazil's largest real estate firm Cyrela recently hit a record high in sales of inventory, forecasting a continuation of the boom on the back of a rise in disposable income.
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