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Searching For Property In Brazil Is Not All Smiles
January 27, 2009Article by Ray Withers
If you’re thinking about investing in Brazilian property, then don’t forget to observe some important cultural differences between people from the UK and Latin Americans.
Rule number one, is whatever you do, under no circumstances, make the generally accepted US and UK gesture of showing your thumb and forefinger as a circle in Brazil as the meaning there is obscene and you won’t get the response you anticipated – especially if you smile at the same time. You also have to adopt the Latin American attitude of manana – putting off until tomorrow what you can do today. Eventually, life sorts itself out, but it’s better to let things take their course rather than stress. It’s important you have a property mentor or guide who knows the market and culture on your side when looking to invest overseas.
The cost of living in Brazil varies considerably. Sao Paulo is regarded as the country’s richest city and has a huge population of more than 18 million and is the world’s fourth largest city.
Sao Paulo property is available to rent or buy. Both have a healthy market with plenty of well-off upwardly mobile locals, ex-pats and tourists. Investors need to choose their Sao Paulo real estate market carefully to cater for the right market segment. For instance, in a city of 18 million people, the suburbs can be a considerable distance from the popular tourist spots, so scout you location carefully. If you’re looking to let to wealthy professionals, then a development like Vision Condo Apartments, in the suburb of Campo Belo, in the central south of the city seems ideal.
Vision Condo has a range of apartments from studio to two bedrooms costing from £74,590 to £86,791. The development should command yields of about 9-14%. The apartments are fully serviced with high standards of finishing. Developers are finding 50 square metre plus apartments have a high demand. Facilities include health and leisure activities, social areas and a round-the-clock concierge, housekeeping and valet services. Discounts of more than 20% are available for 100% upfront payments from the developers, who are a New York stock exchange listed company.