Love distressed assets? Head to Brazil in 2017
Prices across the nation continue to fall
Brazilian property values continue to plummet, meaning this year is the year to buy.
Both commercial and residential real estate prices in Brazil ended 2016 5.5 percent lower than they did in 2015.
The Brazilian housing market is coming out of a decades-long bubble that still continues to deflate, according to data from the Brazilian Institute for Geography and Statistics cited by Fobers.
Analysts say the correction is due to a weak economy and high interest rates. But Brazilian developers are also having a hard go of it, waiting to see if the government (which is in the process of cutting back) will provide subsidized loans for low-income housing.
Average prices for residential real estate in Brazil grew 0.13 percent in December compared to November.
Prices for residential real estate fell by at least half a percent in cities like Rio de Janeiro on a month-to-month basis. Twenty other cities saw price declines.
Prices in Rio de Janeiro fell over 2 percent over the last 12 months. [Forbes] —Christopher Cameron