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Are you wondering if you should be selling overseas property quickly in Brazil, when you still can and get out of the country? This is a sentiment held on by many who have properties in Brazil. Unfortunately, the country has been wrecked by a massive political crisis as a result of the Petrobras scandal.
Last year, Dilma Rouseff the first female President of Brazil was ousted from her position after an impeachment by the Brazilian parliament. Michel Temer was nominated as the next President of Brazil. Temer is not a popular leader and has no support of any kind in the country.
So with a weak leader at the helm, the Brazilian economy has suffered tremendously as no important decisions are being taken by anyone. What we have in Brazil is a state of complete political mismanagement of the economy. Nothing is happening in the country, and this is affecting the real estate market here in a big way.
The Brazilian Real has depreciated against the dollar in recent years. As of today, Brazilian Real is worth $0.32 USD, a major fall compared to the 2010-2011 period when the Brazilian economy was on a high and Brazil was considered to be one of the rising stars of the global economy.
Indeed, there was a lot of hype around BRICS – Brazil, Russia, India and China, who were supposed to dominate the world economy. Among the BRIC nations only India and China continue to have fast economic growth rates. Brazil has lost out because of self-created problems and now has a lot of catching up to do.
But all is not lost. Brazil is still a large and dynamic country. It has a massive middle class, most of whom are well educated. The real estate sector in Brazil has shown itself to be above and beyond the political conflagrations in the country.
It has been helped by the uptick in Brazil’s tourism industry. Tourism in Brazil has not suffered in spite of the Zika crisis. The 2016 Summer Olympics held in Rio de Janeiro was a massive success despite the nature of the problems faced by the organizers here. It brought the sort of positive publicity for Brazil that no amount of money invested in marketing and advertising can buy.
This is certainly good news for the property market here. Indeed, there has been an increase of 27 percent in the number of foreign tourists visiting Brazil in 2016. A total of 6.4 million tourists have visited the country in 2016, with over 500,000 visiting the country especially for the Olympics.
The property market in Brazil has certainly benefited from all of the positive attention coming from the success of the tourism industry here. This has led many foreign investors, especially from China, Russia, and the Middle East to consider investing in Brazil.
Most of these investors are highly sophisticated cash-rich business executives, who are capable of spending hundreds of thousands of dollars on buying an overseas property at short notice.
So if you’re planning to sell your overseas property fast in Brazil, there is still a good chance that you will be able to get a good price for your property – as long as you hire the right overseas property specialist.