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Brazil looking to become the new Spain in overseas property - 10 September 2009
Spain has the highest unemployment rate in Western Europe, reports cite it having over a million unoccupied residential units, and the market is often cited as past its heyday. Many people have claimed that Spain has lost a bit of its lustre, despite its close proximity to the UK. Still, people will always be keen to find that sunny sky, warm climate, beach side property somewhere, and they’re willing to look a bit further these days if in turn it stretches their budget more effectively.
Even with mortgage rates in Spain continuing to drop, buyers are starting to look to other countries, even other continents. Many recent investors are looking to Brazil as one of the more attractive newer markets when looking for overseas property investments.
The property market in Brazil features a few of the classic catchphrases. “High returns” still reigns true there, as the potential for growth still remains, despite a global period of market stagnation. “5 star deals” are still abound, with luxury property available at prices that many buyers can easily afford, which many an investor will know is always the incentive for a “buyers” market.
Combine this with a reform of the general “tourism” market in Brazil, and the destination starts to override new visitor’s doubts that may have occurred due to the longer flight time due to distance. A low cost of living in comparison to other western European countries has also been an incentive, as many UK buyers had a similar idea when looking at tapping property markets in Eastern Europe such as Bulgaria and Croatia not too long ago.
Sources such as the OECD predict strong growth for Brazil in the next year, and the country looks to be the most poised of the BRIC nations for a strong rebound. Some investors claim that it may have benefited from missing the last wave of property investment, as it caused some countries to over estimate their market – leading to supply exceeding demand. It also has the most refined tourism market of the four nations, and tourism often leads to interest from those visitors. Combine this with a great climate and sunny beaches, and the next wave seems to be on its way.
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