Brazil's Central Bank believes that it has underestimated the strength of its economy and has moved its previous forecast of 4.5% GDP growth this year up to 4.8%. Having studied figures just released which show Brazil's current GDP to be worth £749 billion in 2007, up 5.4% on 2006, experts have decided that they'd been too cautious.
'Brazil does seem to be resilient to the turbulence in the northern half of the Americas, a turbulence which has sent shockwaves across Europe. And, whilst Spain is currently down on its luck thanks to property, Brazil has the very same to thank for making a major contribution to its current fortune,' said Samantha Gore, head of sales and marketing at Brazil specialists uv10.com.
Vast amounts of foreign investment are pouring into residential real estate in Brazil and estimates suggest that around 80,000 houses and apartments will have to be built in the northeastern region alone to cater for the existing demand from foreigners for second residences.
As well as the government investing in the future of the country it's overall appeal to foreign buyers is regarded as a plus. Brazil is a very cosmopolitan country and language barriers are rarely a problem as English is widely spoken in most situations while French and Spanish are spoken widely in addition to native Portuguese.
The cost of living in Brazil is much lower than in most European destinations and currently stands at 20% of that in the UK. As a result, the cost of maintaining and managing property is very low and it is small wonder that Brazil is increasingly popular as an expatriate retirement haven.
Spanish and Portuguese developers, as well as major hotel and resort groups, have now arrived in Brazil and are currently investing millions of euros on tourist developments aimed at the European market.
According to experts, Brazil is expected to be self-sufficient in oil reserves within the next year and it is believed by some economists to be amongst the worldwide leaders of the future, along with Russia, India and China.
