The Brazilian property market could be set to see its value increase by between 100 per cent and 200 per cent over the next five to ten years, it has been suggested.
Such a prediction came from the Pioneer Land Group, which has just started a blog on the country as it looks to expands its operations in the country.
The firm said such a situation arises because Brazil has very promising economic prospects, having been tipped by investment brokers Goldman Sachs to be the strongest of the four major emerging economies in the Bric (Brazil, Russia India and China) group.
It forecasted that this would occur because strong economic growth would mean property values in the country "will almost certainly grow to similar levels as those found in the world's largest economies".
Earlier this month, founder of real estate firm Homes in Rio Gunter Flemig said the country will still see price rises of five per cent this year despite the recession, the New York Times reported.