Brazilian lending reaches all-time high

Lending in Brazil reached an all-time high last year, announced the Brazilian Association of Mortgage and Building Lenders.

Real estate lending, including both mortgages to buyers and funds for developers, hit a record of 109.2 billion Brazilian reais in 2013, topping the record of 82.8 billion set in 2012 by a considerable margin.

A rise in income drove the lending up, said the association. The President Octavio de Lazan Jr. said that lending was increasing at "a healthy pace" with buyers predominantly buying for residential purposes, not as a speculative investment.

"There's no risk of a bubble in Brazil," he told the Wall Street Journal.