While the East Coast of Brazil has steadily seen some fantastic growth over the last few years, places like Recife have lured buyers to a lifestyle of sand, sun and beaches according to NY Times.While the Port city of Recife is certainly classed as a city, it has an attraction of a different kind for the countless new home buyers who have flocked to the area over the last few years. Here, the lifestyle is relaxed. People are friendly and only too happy to help each other out.
Besides being able to enjoy some spectacular beaches and year-round sunshine you will also see a relaxed pace of life in the streets of the city. As the second largest urban metropolis on Brazil’s North-eastern coast, Recife boasts a little more than 1.5 million residents. Add to this another 2 million people who live in the surrounding suburbs and you’ve got a modern, yet relaxed society of happy-go-lucky people.
A 2-bedroom city apartment in neighboring Olinda will set you back a mere $790/month in rent.
The real estate boom in the area is very much alive, despite the global meltdown elsewhere. Regionally produced commodities such as ethanol have certainly helped to put Brazil on the spot as a hard-to-refuse property heaven.
One of Recife’s best kept secret is the 6.5-kilometer stretch of seafront in Boa Viagem, south of the city. Many residential towers are being built along the stretch right now and where once were old style homes you can now find modern, glistening towers of wealth and statue.
Offshore reefs are responsible for the many natural pools next to the beach which invite people to leisure and swim in safety and comfort.
However, there is also a serious side to the paradisaical appearance of Recife. Serious crime, resulting from poverty is still a problem that affects everybody living in the area. In the first 5 months of this year alone more than 400 murders have taken place in Recife.
Unfortunately the reputation for violence is what keeps many would-be buyers away from the city. Instead they opt for safer environments on other areas of the East Coast of Brazil.
However, if you want to and can look part these issues you can snatch a new apartments with uninterrupted ocean views for around $244 to $342 a square foot. The top end market has largely been sold already with many million dollar properties sold near instantly.
Many overseas investors have seen the value in these properties and buyers from Italy and Portugal especially are flocking to Recife as if there is no tomorrow. If you were lucky enough to snatch a bargain back in 2004 chances are that today your real estate portfolio would have appreciated 100%.
Despite the long standing Brazilian property boom it is still not too late to buy your own paradise bargain if you act soon enough.
This article has been republished from Overseas Property Mall, an international real estate website.
3 comments:
i believe you are not in sintony with current market conditions in Brazil my friend and i would advise you to wake up and smell the grass :
Brazil's commercial and residential property market remains negative, according to a report by Fitch released Tuesday.
The "volumes of project launches have shrunk dramatically since September 2008, due to weak demand,maibe a good search on Reuters and the like will wake you up ?
This article repeats an arithmetic error that occurred in the NY Times original article. The $790 monthly rent cited should be R$790, which is about $400 per month. For that you could get a two bedroom apartment about two or three blocks from the beach at Boa Viagem or in the City of Olinda. The article is misleading about the price. (I'm writing from Recife!)
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