Foreign buyers set to benefit from the drop in Rio property prices

Currency Calculator  App

The price of property in Rio de Janeiro is cooling significantly with a number of sellers accepting offers below the asking price, which is set to appeal to foreign buyers.

Experts believe the property in Rio will attract foreign buyers who view the market as a real estate investment prospect.

The price of property in Rio has soared in recent years as domestic buyers were keen to invest and own their own property.

The strength of the Real currency and a strong economy led to an increase in confidence throughout the country which instigated Brazilian banks to willingly lend money to consumers. Rio, in particular, turned into a hotspot following the Olympics and FIFA World Cup.

The apparent confidence influenced the rise in property prices by roughly 140% since 2008.

However, towards the end of 2011 the government intervened to ensure Brazilian exports remained strong as Brazilian productivity dropped, as did Chinese desire for Brazilian commodities which caused higher inflation and loan defaults.

The Real has dropped in value recently, which has caused property prices to cool off in Rio as owners want an immediate sell, causing them to accept offers less than the asking price.

Samantha Mortner Flores, director of bi-lingual property consultancy InTown Group, said: “The market is entering a new phase, and for foreign investors, it is looking more attractive than it has done in years.”

Transferring money to Brazil

If you are looking to invest in Brazil, think carefully about how you will be transferring money to Brazil. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Brazil – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

Company Details

Foreign buyers set to benefit from the drop in Rio property prices

Get a quick quote

Open Account with Halo Financial

Halo Financial are located at:
11 Ivory House, Plantation Wharf, , Greater London, SW11 3TN, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882