Bid may boost Brazil property

Rio de Janiero is stepping up its campaign to host the Olympic Games in 2016, something that may bolster the property market in the country.

President Lula Da Silva has thrown his weight behind the bid as the International Olympic Committee meets to decide where the event will be held.

The city is up against Chicago, Madrid and Tokyo, with the decision due to be announced in Copenhagen tomorrow.

Victory for the Brazilian city - which would make it the first time South America has hosted the event - could help bring in new investment in Brazilian property in the city and the country, a benefit London has been seeking from hosting the 2012 games.

Brazil is already hosting the 2014 World Cup and has already been tipped to see major growth in its property sector as the country's economy grows in the years ahead.

The Pioneer Land Group has tipped the average property in Brazil to rise in value by between 100 per cent and 200 per cent over the next five years.

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