Is this the right time to be selling property in Brazil? It probably is. Brazil’s economy has been down in the dumps for a while, and a lot of expats have been selling overseas property in Brazil. Brazil, officially the Federative Republic of Brazil, is the largest country in South America and in Latin America. At 8.5 million square kilometers and with over 217 million people, Brazil is the world’s fifth-largest country by area and the seventh most populous.
This is not to say there isn’t demand for properties in Brazil. We get a number of enquiries from rich, high net worth investors from Russia, Scandinavia, China, USA, Australia and Europe who want to buy properties in Brazil.
Indeed, there are many UK and Irish expats living in Brazil, and many want to buy property there. So if you’re considering selling property in Brazil, then rest assured there is enough interest.
There is a lot going for Brazil’s property market even today, amid all the gloom in the political scene in the country. Brazilian politics is often compared to a really bad soap opera. Brazil lacks a strong leader and a powerful government, which is why there is a policy paralysis in the country. No decision ever gets taken.
The economy has been in the doldrums too. It’s recovered a lot in 2022, but a full recovery is still a few years away. But if we were to go by the new property listings and property sales in Brazil, then it is clear that things are much better in the property market.
According to the Brazilian Chamber of Construction (CBIC), there was a 120% increase in the number of property listings in 2022 alone. The number of property sales has gone up by 14%.
José Carlos Martins of the CBIC says in an interview with the Rio Times, “The available inventory is below even the sector’s ‘golden era’. The drop in inventory has occurred because sales have been higher than launches for several quarters now. The launches have grown a lot, but they are still not enough to replenish sales.”
Frank Cockenpot, a British expat who works for a real estate development agency in Brazil says, “In Rio, there is a greater interest from buyers for 2 and 3 bedrooms and also smaller apartments, with a single bedroom, but with a good location.”
There is a big demand for high quality properties in Brazil from Russian, Chinese, Scandinavian, British, American, Australian, Irish and other European buyers. These are some of the most sophisticated buyers in the property market and they are excited by the low cost at which such prime properties are available in Brazil.
The fact that the GDP has finally shown signs of growth has helped a lot. Inflation is under control. Banks now feel confident enough to lend money to homebuyers. The property market is once again on the move.
The Brazilian government has worked hard to encourage foreign buyers to invest into the property market here. The government has simplified the property buying process and taken away so many of the unnecessary rules and regulations.
Foreign investors can now avail of attractive tax options such as the 0% purchase tax and a 100% land ownership. For those selling overseas property or considering selling property in Brazil, this is a good time.