After 17 days of superb sporting
drama, the focus of the Olympics has now switched to the city of Rio de
Janeiro. The 31st
Olympiad will be in Brazil in 2016, and work is well under way to turn the party
city into an Olympic venue.
With the 2014 World Cup also
heading to the country, Brazilââ¬â¢s property market is seeing plenty of overseas
investment. Keep reading to learn
more.
Infrastructure improvements set to make Brazil property more appealing
Brazilââ¬â¢s property market has been
one of the most buoyant over recent years and major improvements in the city of
Rio are only likely to help prices.
Infrastructure in the city is
being improved as the city only boasts two metro lines. The Olympic Park is beyond the reach of
both the metro and direct bus lines and so the underground system is being
extended. In addition, as the BBC
reports, ââ¬Ëthe city has bought dozens of new buses, which travel in exclusive
lanes.ââ¬â¢
The first line on the Bus Rapid
Transit (BRT), the TransOeste corridor, is already open. Alexandre Sansao, the municipal
secretary of transport, says the metro lines being built will be integrated
with the BRT system. Currently 15%
of people use the system, but “[By 2016] we will be able to transport 60%
of the people in this high capacity system of transport,” he says.
Housing in the city is also a
priority, with a major slum set to be demolished in order to build the Olympic
Park. The residents of Vila
Autodromo are set to be relocated to apartment blocks to make way for the Park,
but there has been strong local opposition from residents.
With a strong focus on Brazil
over the next four years, the property market in the country is certain to see
good growth. And, it appears that
overseas buyers are likely to be the main beneficiaries.
