For our fellow Brazilian readers… if this below is not speculation, then we don’t know what it is.
We explain: Itaquera, a middle-low class neighborhood in Sao Paulo, was chosen as the location for a new football stadium (“Itaquerao”), which will be used for the World Cup 2014. The locals have entered into a buying spree of old apartments and homebuilders have increased their investments by more than 200% with the hope that they will sell at heft profits by 2014. What most don’t know is that a recent study showed that, if anything, the building of a stadium around an area depreciates its value in the medium term, considering the noise, dirt and traffic during and after games. Just ask the Chinese who speculated in real estate around the Olympic arenas at Beijing 2008, or the South Africans in 2010…
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