Brazil 'set to boom'

Brazil is set for a major property boom when international butyers return in large numbers, it has been predicted.

Executive chairman at construction firm Confide Brasil Javier Fernandez-Pena said recent years saw property developments taking place with the international buyer in mind, but these have diminished in number due to the world economic downturn.

However, he said, the growing domestic sector has stepped into the breach and is helping the market to keep growing.

Looking to the future, Mr Fernandez-Pena added: "International buyers will come back to Brazil as it is starting to be seen as fashionable or the location of the next real estate boom."

He suggested that 2016 Olympic host Rio de Janeiro will offer a "tremendous opportunity" to attract such buyers.

Mr Fernandez-Pena was one of a number of speakers at the Why Brazil? Why Now? event in London.

Among the others were co-ordinator for inward investment at the ministry of tourism Laercio Souza, who noted that thanks to the domestic market, towns such as Santa Cantarina and Florianopolis are already emerging as popular second-home destinations.

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