Launched by President Luiz Inacio Lula da Silva last year,the “Minha Casa, Minha Vida” (My Home, My Life) program has begun to revolutionize home ownership in Brazil.
The reality of apartment buildings partly funded by subsidies for low-income families have now come to fruition with construction taking place all over Brazil.
An impressive 410,000 contracts to buy apartments under the program had been completed and the goal is 1 million by the end of the year.
This amount of construction and new property ownership seems set to confirm Brazil status as one of the world’s most economically progressive countries in the world.
A planned second phase will see 2 million more homes were announced in March at a cost of 80 billion reais ($45.2 billion).
Meanwhile international real estate investment guru Sam Zell intends to open a real estate financing company in Brazil as record-low interest rates in Latin America’s biggest economy boost demand for alternative investments.
Zell, who declared a couple of months ago that Brazil is the ‘number one country in the world for investments, is looking for a partner for his real estate investment company with a view to grow Brazil’s ‘still nascent’ real estate financing market.
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