Brazil 'not experiencing a housing crisis'

The current economic downturn is having less of an affect on Brazil's economy than that of other countries, it has been claimed.

According to Paulo Wrobel of the country's London embassy, Brazil is coping better during the credit crunch when compared to the USA, the UK and Europe, as the banking system in the country is "quite sound".

Mr Wrobel noted that while the decrease in the supply of international credit and the fall in commodity prices have had a negative impact on the country's economy, there is currently no housing or financial crisis in Brazil.

Investors looking for an overseas location in which to purchase property may welcome the news, as it could mean homes in the country are less likely to drop in value than elsewhere in the world.

Brazil property expert Clive Hawkes recently stated that the country's economy will continue to grow despite the current downturn, adding that Brazil's young population is resulting in demand for 1.5 million homes each year.

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