The Brazilians and foreigners’ appetite for real estate keeps heating up the already heated housing market in Rio. Since 2008, the price of the square meter has risen about 150%. And it seems like the high-end properties are still being sold without much difficulty.

Brazilian real estate brokers love “gringos”

“It’s a matter of launching and selling,” said Luigi Gain Martins, director of real estate developer Lopes. For “gringos”, the sale is even easier. In a recent development launch in Rio, Lopes sold two apartments in one hour to an English tourist. For both apartments, the Brit payed R$2.5 million.For foreigners, it seems like a bargain. They do not even negotiate. 
Irrationality
But, according to Estadao, Brazilians are also buying luxury properties. Six months ago, Joao Elisio Ferraz de Campos, former governor of the state of Parana and former president of the state development bank, has disbursed a whopping R$40 million for a 600 upscale apartment in Leblon. (our ironic question: how can a politician afford such an extravagant property?)The luxurious Cap Ferrat building in Ipanema is so coveted that even its “salty” price of R$65,000 per

m² is not enough to scare away clients – there’s always someone wanting to live there. The current market speculation is what it is worth the triplex penthouse of 1,300 that belongs to a business man. After receiving couple offers to sell, the business man is clear about his stance and say “I wouldn’t sell even for R$100 million.


Ronaldo “Fenomeno” and his 300% return in 3 years

The market is following with interest the sale of the luxurious duplex penthouse that former football player Ronaldo owns. He paid R$ 12 million three years ago, and now he wants R$ 40 million. The deal is practically closed with former congressman and former banker Ronaldo Cezar Coelho.
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