Credit crunch 'less likely to affect Brazil'

Brazil's property market will not feel the effects of the credit crunch as much as those in other countries, it has been claimed.

A spokesperson for the country's embassy noted that although the economic downturn will have "some effect", it is not expected to be as high.

The news may be welcomed by English overseas property investors, who were singled out by the official as one group who may be attracted to the country.

"The English especially like to invest in property abroad," he explained, noting that the effort put into promoting the country as a viable destination for investment over the last few years has "laid into the property market".

According to the Embassy of Brazil in London, the country's economy is currently performing well, with a gross domestic product growth of over six per cent occurring so far in 2008, while the property market saw a 80 per cent jump in homes sold last year.

Like this? Then share with your friends and colleagues!