Brazil 'bouncing back'

Brazil's property market is showing signs of recovery, a private equity investor has said.

Speaking at the Reuters Global Real Estate Summit, president of GoldenTree InSite Partners Thomas Shapiro said the market has bounced back "substantially" in recent months after a dip.

He gave as an example of this the company's 104-home development in the Vila Carrao area of Sao Paolo, in which "we sold every unit in four hours".

Mr Shapiro said that the prospects for the economy in the country are looking better than expected, with real estate bolstered by a government stimulus package, while commenting that the country is not currently vulnerable to a property bubble developing.

Such sentiments may encourage those thinking of buying property in Brazil.

The economy has been strengthened by the policies of president Lula, who has instigated "all sorts of market reforms that have made Brazil prosperous", US president Barack Obama said this week.

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