Property in Rio de Janeiro has 'almost doubled in price since 2008'
Date added: 25th March, 2011 at 10:44
(view all articles from March, 2011)
Categories: Property News, Rio
The value of property in Rio de Janeiro has almost doubled in the last three years, according to a new index from the country's Fipe Economic research institute.
This figure was reported by Reuters, which noted the optimism many have over the real estate boom in Latin America's largest economy.
"I don't see any investment that's as good as property," broker Jose Carlos de Vasconcellos told the news provider.
A recent survey by Cushman & Wakefield showed that real estate prices in the city have surpassed those in Manhattan's Midtown district.
Indeed, Reuters noted that three-bedroom apartments in Rio de Janeiro are selling at R$2 million reais (£747,670).
"I'm confident that the market isn't going to slow down any time soon," Mr Vasconcellos stated.
BlackRock Latin American Investment Trust manager Will Landers recently told CityWire that an exodus of foreign investors has seen Brazilian property valuations drop by up to 15 per cent, presenting a good buying opportunity.
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