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Brazil 'a top destination' for foreign property buyers

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Foreign property buyers looking to make a overseas money transfer should perhaps consider Brazil as a potential market.

Paul Collins, an editor of BuyAssociation, said the South American country is a top destination for the foreign property at the moment.

The nation's strong economy is perhaps the main attraction, he remarked.

"It has shown that the measures put in place by the government to mitigate the effects of the global downturn have worked," the expert stated.

"The economy is still growing. By the time they have had the Olympics and the World Cup, it is predicted to be the fifth largest economy in the world.

"That is quite a compelling argument for the stability of the country."

Brazil is due to host the 2016 Olympic Games in Rio de Janeiro, but first, it will welcome the football World Cup in 2014.

Mr Collins said there are a lot of opportunities for buying overseas property in Brazil, particularly for UK investors.

"The opportunities for inbound tourism and to rent out anything that you might buy is very, very strong," he pointed out.

Official figures show that Brazil's economy grew by 4.2 per cent in the first quarter of the year, compared to the same period a year earlier.

Record low levels of unemployment, coupled with higher wages which gave a boost to spending, were credited with the increase.

Last year, the nation's gross domestic product increased by 7.5 per cent, representing the fastest rate of growth since 1986.

Property buyers making an investment in Brazil will need to carry out an overseas money transfer to change their sterling into the local currency, the real.

Against sterling, the real has fallen in the last month, from around 2.64 to 2.54 reals to the pound.

Securing a favourable exchange rate may therefore be essential for property buyers seeking deals on Brazilian property.

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