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Property: Real estate becomes target for investors

Samantha Pearson
Property: Real estate becomes target for investors - investment - investors - costs - Rio de Janeiro - finance

Rooms with a view: the slums of Santa Marta, where rents have risen despite the poor standards of housing

In Rio de Janeiro’s biggest slums – or favelas – many of which were recently invaded by paramilitary police to drive out gangs of drug traffickers, there is one thing everyone complains about: the high rents.

In Santa Marta, for instance, it now costs about R$400-R$500 ($207-$259) a month to rent a small makeshift bedsit half way up the mountainside, residents say.

The price is even higher further down near the entrance to the favela, where electricity cables are more plentiful and there is less chance of your home slipping in a mudslide.

“It’s getting crazy,” says Ricardo de Souza, a 31-year-old salesman who was born in Santa Marta. “Even just finding somewhere that is vacant is difficult.”


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