Re: Re: buyiing property in or near Rio de Janeiro Posted: Tue October 26, 2004 05:28 PM UTC
Hi there
I live here in Rio and am investing in a tourist property development. Real estate (RE) tricky business here, and location location is right, also, watch out for inflated prices for gringos (as forgieners are called here). You should also know that the RE market in Rio is not similar to Euro, areas become fashionable and unfashionable relatively quickly, and the middle class here is dinwdelling. It really depends what kind of investment do you want to make, is it a holiday flat/home, or are you looking to speculate on the market. If you are looking to buy a flat then Flamengo and Laranjeras are neighbourhoods (prcies a bit lower than Copacabana, but not for long!) on the rebound (they used to be the upper middle class until the 1960s and now seeing growth). Copacabana/Leme is stable but dont expect high captial gains (prices 40,000$ for a good one bed flat to 100,000$ for a good 3 bed flat), Ipanema/Leblon/Lagoa are still good investments (around 100,000$ for a good one bed flat) but some parts of them are reaching, in my view cieling level. Urca is a very good but relatively expensive bet (150,000$+ for a one bed flat), its a beautiful (but quiet) neighbourhood that is becoming more and more the preferable address for urban high-income class. Further afield there is a upper class neighbourhood of Sao Conrado (around the same price as Urca), and the aspiring lower middle-class to upper middle class neighbourhood of Barra de Tijuca (a good investment, but I wouldnt like to live there). I would not personally invest in the Zona Norte part of Rio (anything north of Centro).
Outside Rio the Costa Verde is the best investment option for a house on the beach. Still undervalued is Itacoruca, and the more expensive areas around Angra, and further south all the way to Paraty (prices are rocketing there!!). Feel free to contact me for more information.
Kind regards
Dan
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