World Cup Brazil 2014 : property prices rocketing in Rio

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Within a few years, Rio has turned into one of the most expensive cities cities in South Africa in terms of real estate. With the upcoming FIFA World Cup event to be held in June, Rio is at present experiencing an unprecedented real estate boom. In fact, real estate prices in Rio are flirting with those practiced in New York and Tokyo. It is more and more difficult to find an accommodation in Rio where monthly minimum wage is around 215 euros...Monthly rent has risen by almost 7 times : from 250 euros to 1600 euros.

The fact that land for construction is becoming more and more scarce, certain suburbs of Rio like Leblon, Copacabana or Ipanema acquire high added-value. Since the past 3 years, real estate prices have known a significant growth of 60% and at present, the price per square in Leblon has reached 16 000 euros. Rio has now become the 4th most expensive city worldwide. This is mainly due to the fact that the city has greater international visibility thanks to the World Cup and the Olympic Games to be held in Brazil in 2016.

Written By
Dany Gowsee