Here’s a piece of a recent NY article about the real estate market in Rio:

Let me give you an idea of what is happening here,” says Gisela Schenker Wajnberg, a lawyer and real estate agent based for decades in Ipanema. “We had an apartment sell two years ago for R$2.7 million. It just went to a new buyer for R$7 million,” or US$3.76 million. The property is not especially remarkable, either in quality or in price increase. Most prices in Ipanema and in Leblon … have doubled or even tripled since 2009. They now average more than R$15,000 per square meter, or US$780 per square foot. Those are eye-popping increases for many markets…

Eye-popping, indeed… 
Source: NYT
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