Foreign spending on the up

Brazilian property investors could be interested to learn that foreign spending in the country was up in October despite the financial crisis, it has been reported...

Figures released by the Central Bank of Brazil (BC) revealed an inflow of £321 million during the month which represents growth of some 9.78 per cent compared to the same period last year, according to Brazzil Magazine.

The BC also shows that tourist spending in the Latin American nation for the first ten months of 2008 is 19.1 per cent higher than it was at the same time in 2007.

Jeanine Pires, the President of the Brazilian Tourist Institute, told the publication, "Brazil had an increase of 10 per cent in revenues from international tourism, and that leads us to bet on a good final result for 2008."

She added the figures are proof of the sector's potential within the nation's economy.

Meanwhile, Homesgofast.com reported last month that ADIT Nordeste and the tourism ministry took part in an overseas real estate exhibition to show the potential of Brazilian property.

Source: www.uv10.com