London-based Bay View Projetos has emerged as the top partner for international investment on Brazil's beautiful Itaparica Island, offering luxury apartments and executive studios from less than $88,000. The apartments will cater to residential and holiday home investors and are being offered at pre-construction prices.
Itaparica has been a magnet for the wealthy since the 1970s and is currently seeing an upsurge in demand in its real estate sector. Not only does the island boast exceptional scenic beauty coupled with stunning beaches and a relaxed party atmosphere - Itaparica is to see more investment in its infrastructure, which has awakened the interest of international real estate investors in this part of Brazil. Among them is a potential new bridge, linking Itaparica with the capital Salvador City.
The new road bridge is to have six lanes, dramatically reducing the drive-time from the capital to the island to just 12 minutes. At the moment, passenger ferries take between 40 minutes to one hour to reach the island.
Among the delegations bidding for the project was a contingent from China. They offered $3 billion for the construction of the new road bridge, promising a 2018 start of construction. Itaparica is part of Bahia State and the country's Planning Minister, Joao Leao, said that the government expected the bridge project to be completed by 2023. The building of the bridge should allow some 140,000 vehicles a day to pass across by 2043. Richard Bowles, the MD of Bay View Projetos, said the company expected a 500% increase in island residentship over the next seven years.
This was, he said, very good news for the real estate sector, as there was a "growing middle class in Bahia and a growing interest from foreign countries".
Bay View Projetos is offering a range of luxury residential and holiday apartments that are built to a high spec but offered at affordable prices to investors. The offer includes a fixed rental return. Amenities on site are fitness centre and spa zones, as well as swimming pools surrounded by verdant tropical gardens and the stunning scenery of Itaparica Island itself.
Anyone looking for investments in Brazil or a holiday home in Bahia State should take a look at what's on offer on Itaparica, the company's managing director stressed back in June, when the project was first revealed.