BRAZILIAN MARKET IS STARTING TO PICK UP

 

The housing market is still recovering from Brazil’s recent economic and political chaos. The economy fell into a deep recession starting in 2014, and last year, the president, Dilma Rousseff, was impeached in the course of charges of corruption and misbehaviour and this affected international interest.

Home prices fell brusquely throughout the country, reversing some of the gains from the previous bull market, which began in 2008. But the outlook for housing is improving, above all in the São Paulo region, as the economy shows signs of stabilizing and interest rates head lower. The residential real estate market in Brazil now is starting to pick up after two years where business was very slow.

And international buyers and investors have been returning, in search of bargains. The average price for a home in the popular neighbourhoods outside the city centre is now around $1 million.

Residents of the Cidade Jardim neighbourhood are mostly Brazilian but the larger São Paulo market draws many foreigners.

They’re usually coming because they have business in the city and usually for a specific period, noting that expatriates often choose to rent. “The foreigners that do buy are usually Americans and Europeans, mostly from Germany, Portugal or Spain.

 

 

[from NY Times]

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