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Brazil booms again on real estate stage

Adriana Garcia Reuters
Brazil booms again on real estate stage - Brazil - booms - real estate - markets - sales - rebounded - Thomas Shapiro


NEW YORK (Reuters) - Brazilian real estate is booming again after fizzling at the end of last year, as sales have rebounded in one of the best emerging markets, a New York-based real estate private equity investor said in an interview on Tuesday.



Launched two weeks ago, a 104-unit residential project directed at middle-income families in Sao Paulo's Vila Carrao area is the best example of that, Thomas Shapiro, president of GoldenTree InSite Partners, said at the Reuters Global Real Estate Summit.

"We sold every unit in four hours," Shapiro said, adding that the company has recently raised around $500 million to invest there.

Shapiro said the Brazilian real estate market took a dip in the fourth quarter but has now gone up "substantially."


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