Brazilian Prison Closure to Boost Property Sales at Itamaracá

Three prisons located in the remote west side of the Brazilian island  Itamaracá’s are said to have  damaged the paradise islands reputation over recent years.  However, International Living reports that inmates are scheduled to move off Itamaracá during the first half of 2011.

If you are looking for a remote but beautiful and affordable place to buy a holiday home, the small Brazilian island of Itamaracá could be exactly what you are looking for. Located in the northern coast of Pernambuco, the island of Itamaracá has the economy strongly based on tourism.

As well as great beaches and amazing seafood, this tiny island is set for a property boom as the Government finally close several troublesome prisons located in the island.

Itamaracá – a lush, green paradise

International Living magazine describes Itamaracá thus: “The island rises in front of you like a lush, green paradise…its verdant hills fringed with thick, tangled mangroves and studded with tall palms. As you approach from the mainland causeway, Brazil’s Itamaracá looks like an oasis rising out of the Atlantic.”

Just four miles by nine miles in size, the island is home to 17,000 permanent residents, including around 75 ex-pats. 

Prison closures set to help property prices

This news has resulted in a surge of interest in the island.  Local real estate agents have reported an increase in the number of enquiries for Brits wanting to buy property in Brazil and prices are expected to rise as this demand intensifies.

And, as well as increased interest from overseas investors, there is likely to also be a rise in local demand from wealthy Brazilians.   This is because Itamaracá has historically been a weekend retreat for rich locals from the nearby state capital of Recife.

To give an extra boost to the local economy, the Pernambuco State Government is making investments to include the area in the Nautical Touristic Circuit of Brazil. The planning is the construction of seven mooring piers in the beaches of Maria Farinha, Coroa do Avião, Itamaracá, Catuama and in the estuaries of Nova Cruz, Igarassu and Itapissuma. These areas are being equiped with convenience stores, bars, information booths, exhibition places and sanitaries.

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