House prices 'still rising in Brazil'

Brazil's housing market is sufficiently strong for prices to still be rising during the world recession, it has been stated.

In a feature on buying residential property in Brazil, founder of real estate firm Homes in Rio Gunter Flemig stated that 2009 should see annual prices increase by five per cent, the New York Times reports.

The paper also noted the comments of sales manager of overseas buyer advice firm UV10 Samantha Gore, who stated that government plans to build a million extra homes will boost values by strengthening the country's middle class.

Ms Gore also said that hosting the 2014 World Cup will also boost the property market in Brazil.

Such sentiments may encourage those thinking of investing in Brazilian property.

Last month, author of the On Target newsletter on investment Martin Spring tipped Brazil to be a success because of its greater economic resilience, Moneyweek reported.

He said this included a forecast by the Organisation for Economic Co-operation and Development that the country will only see a one per cent dip in its gross domestic product this year and four per cent growth in 2010.

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