Brazil property market to prosper from strong economy

The Brazilian real estate market has been widely tipped to prosper from the country’s strengthening economy.

Brazil’s finance minister, Guido Mantega, has reported that the country’s economy appreciated at annualised rate of 8% in the third quarter of this year.

Speaking at a meeting of the Council for Economic and Social Development, Mantega added that last quarter’s growth has led the Government to believe that the country will record positive growth for the whole of this year. Furthermore, the state projects that Brazil’s economy will grow by a further 5% 2010 with similar levels expected up to at least 2014. Brazil's economy had an average annual growth of 4.2% during the period of 2003-08.

The Brazil property market has recovered well after the country’s economy bounced back swiftly from the global financial crisis late last year. Prices are expected to rise across the country over the next few years.

Mantega also announced that 5% growth in investment has also been secured in preparation for the 2014 football World Cup and the 2016 Olympic Games in Rio de Janeiro. Both sporting events are also expected to help boost Brazil property prices.