Thursday 23 November 2017

Brazil’s house prices rise further than anywhere else in the world

The Bank for International Settlements said this month that over the last five years, housing prices in Brazil increased more than in any other country.

Brazil’s house prices rise further than anywhere else in the world

Rio de Janerio, the second largest city in Brazil, host of the 2014 World Cup and the 2016 Olympic Games

January 30, 2014

The Bank examined housing markets in 50 countries, measuring average prices per square foot and average new home prices.

In Brazil home prices rose a staggering 121.6% from 2008 to 2013, more than in any other market including Hong Kong where prices rose 101.4% in the same period.

In Singapore, the other housing market making the headlines, prices increased by 62.5%.

The Bank for International Settlements used Central Bank statistics comparing housing prices in 11 major cities, including Rio and São Paulo, far and away the most expensive cities in the country.

The biggest boom occurred right after the financial crash in the U.S. in 2008 and lasted well into 2011. In this period house prices rose an average of 20% per annum in the two major cities.

In the last 12 months, prices rose around 7%, according to the study. In the last six months, they’re up 4.6% as Brazil’s economy remains sluggish.

Although Brazil’s housing market began to cool in 2012, it still managed a 9% increase in 2013.

Liam Bailey, a senior researcher at Knight Frank, told Estado de Sao Paulo newspaper that Brazil’s overheated real estate market actually made it less attractive and a market primarily for local investors.

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