Brazil emerges as attractive overseas property destination

Brazil has emerged as an increasingly attractive destination for overseas property investors, according to the Embassy of Brazil in London.

A spokesperson from the embassy said that more foreign nationals were choosing to invest in the Brazilian property market rather than just taking a holiday in the South American country.

"At the moment the property sector results from 2007 showed the total number of properties sold increased by 80 per cent in 2007," he said.

The spokesperson added that the north-east of Brazil was proving especially popular, with property prices in the region increasing by 20 per cent year-on-year.

Brazil has never been taken seriously as a property investment destination, with most UK investors choosing to buy in European countries.

According to statistics from the Embassy of Brazil, land costs in the country are usually very reasonable, with costs of around £5 per square metre having been reported.

The Brazilian economy has enjoyed a six per cent growth in its GDP so far this year, while the total number of properties sold is set to increase further next year.

Property Investment News posted on 18/11/2008 16:40:05