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Monday, 28 July 2008 00:00 |
Whilst analysts have predicted further falls in some property markets, Brazil is standing up against the pressure and the country's Gross Domestic Product (GDP) growth predictions are healthy.
According to ratings agency, Standard and Poor, one of the real estate markets to "buck the trend" and be unaffected by the lack of cheap credit in the second quarter of the year is Brazil.
Financial News online has said that Brazil's economy is doing well because of its exports to China - no doubt helped by the fact that China's GDP growth is forecast at 9.3 per cent.
James Gonzalez, market analyst at Obelisk, said: "Many experts predict that Brazil will rank among the world's top four global economies by 2050, all promising news for the property investor."
The strong economy is also creating more wealth within the country. The Brazilian Institute of Geography and Statistics report that Brazil's middle class represented 46 per cent of the population in 2007, up from 34 per cent in 2005.
Brazil's tourist industry is booming as well. Tourism minister Felix Jimenez recently announced the plan of investment designed to increase tourist numbers by around 170,000 visitors per year. |
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