Hot property in Brazil
Savvy young investors from the UK are snapping up property in Brazil, according to a study carried out on the overseas property market by Datamonitor.
Brazil, along with Egypt and Croatia, is emerging as a property hotspot due to its high yields. Long popular as an adventurous holiday destination for young travellers, these buyers are increasingly driving the overseas property investment market in the UK.
Samantha Gore, Head of Sales & Marketing for Brazilian property experts uv10, comments, We have first-hand proof that Brazil is definitely attracting younger buyers and, in fact, amongst hip twenty and thirty-somethings, emerging property markets such as Brazil which offer very high yields are fast becoming the pensions of the 21st century'."
Investors are attracted by the price, nightlife, sunshine, staggering scenery, activities such as kite-surfing and dune buggy rides and low cost of living that Brazil offers. The beaches of Natal in the North East are particularly popular, with property prices starting from around £40,000 in a luxury development.
Potential UK investors would be wise to spend time in the country and seek independent professional advice before going ahead. Local laws and regulations, taxes, surveys, financial currency exchange and ownership restrictions all have implications for the overseas buyer. Brazil also has social and economic problems that may not sit well with many UK purchasers.
A buoyant domestic property market and successful TV programmes such as Channel 4's 'A Place in the Sun', 'Grand Designs Abroad' and 'Relocation Relocation' have all boosted interest in buying overseas in the last five years.
Written by: Maxine Clarke