Overseas property buyers drawn to Brazil
Brazil is becoming more and more popular with overseas property buyers in the UK, a currency specialist has revealed.
According to HiFX, the amount of interest in the South American country went up by one per cent during June 2008.
Figures also showed that this increase has coincided with a drop-off in the number of enquiries regarding traditional European locations.
Interest in Spain and Italy in particular was said to be waning as a result of the growing appeal of less-established overseas property markets.
Commenting on this development, Mark Bodega of HiFX remarked: "Investors are always looking for the 'next big thing' to try and tap into undeveloped markets."
He added that countries such as Brazil are mainly attracting people who are buying for investment purposes rather than those who want a holiday home abroad.
According to property analyst Amberlamb, Brazil's gross domestic product is expected to increase by 4.8% this year.
The website said this means that second home buyers who purchase a Brazilian residence could get healthy short-term returns.
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