Property in Rio de Janeiro 'rises in value'
Date added: 12th July, 2010 at 10:23
(view all articles from July, 2010)
Categories: Property News
Property in Rio de Janeiro has seen an increase in value on the area's growing prosperity, according to one commentator.
Writing for Bloomberg Business Week, Alexander Ragir described the city as "becoming an engine of Latin America's largest economy", as it is preparing to host the 2014 World Cup and the 2016 Summer Olympics, hedge funds are being attracted to the region and it is the nation's largest producer of oil.
The price of property has surged 47 per cent in the past 12 months, he noted, citing figures from the real estate union Secovi Rio, while governor Sergio Cabral has estimated that as much as $90 billion (£59.97 billion) in investment in the state will be needed by 2013 to support the expansion of local industry.
Christopher Palmer, head of global developing markets at Gartmore Investment Management, told the reporter: "[Rio is] in the midst of a major transformation ... [it] has come back into the fold because of the Olympics and the development of the oil and gas industry."
Elsewhere, the Brazilian Ground Transportation Authority recently announced that it was to submit a tender to the National Privatisation Council to build a high-speed bullet train in the city, according to the Wall Street Journal.
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