According to a top real estate expert at USP-Brazil, prices of commercial micro-offices (“salinhas comerciais”) have only reached the current levels in São Paulo due to investor’s misinformation. As you all may know, Brazil is at the top of its real estate bubble – and I predict its deflation between now and 2013 (transactions have already slowed down).
From Google Translate:
“There is a large number of uninformed investors in Brazil, especially in the segment of small office buildings. Several office buildings are sold out instantaneously at launch based on complete misinformation (or hype). The investor is usually sold on the property’s price based on phony comparisons and values ​​that are justified by unrealistic returns equivalent to 10% per year in rent.”
By the way, I found one site running informal bets on when the brazilian real estate bubble is going to pop (read here: http://www.bolhaimobiliaria.com/2011/07/25/bolao-da-bolha/). Most readers think it can last another 2-5 years, but I say 12-18 months… 
Full article (in portuguese) here: “Especialista alerta para bolha dos pequenos imóveis comerciais“.

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