Investors buoyed by brazil ‘surprise’

Prospective Brazil investors have received more good news this week…

Brazil’s Central Bank believes that it has underestimated the strength of its economy and has moved its previous forecast of 4.5% GDP growth this year up to 4.8%. Having studied figures just released which show Brazil’s current GDP to be worth £749 billion in 2007, up 5.4% on 2006, the official number crunchers decided that they’d been too cautious.

Samantha Gore, Head of Sales at uv10.com comments: “Brazil does seem to be resilient to the turbulence in the northern half of the Americas, a turbulence which has sent shockwaves across Europe. And, whilst Spain is currently down on its luck thanks to property, Brazil has the very same to thank for making a major contribution to its current fortune.

“Vast amounts of foreign investment are pouring into residential real estate and estimates suggest that around 80,000 houses and apartments will have to be built in the northeastern region alone to cater to the existing demand from foreigners for second residences. This sentiment has been echoed at Nordeste Invest 2008, one of the most important events in Brazil's real estate calendar, where sales of property exceeded all expectations.”