Foreign investors considering buying property in Brazil could be interested to hear the nation's level of social equality are in its highest level, it has been reported.
The Brazil Arab News Agency has cited the figures released by the Institute of Applied Economic Research (Ipea) which reveal that social inequality dropped by some seven per cent last year. The average annual rate from 2001 to 2006 was a 1.2 per cent fall in social inequality. Analysis by Ipea shows that in the past six years more than 13.8 million have improvement in their social class for the better. The drop coincides with the recent progress of the economy, which increased by 6.1 per cent in the second quarter of 2008.
According to the report from the Ministry of Labour and Employment, till August 2008 nearly 1,803,729 jobs were created, which is also a new record and one-third greater than that of the same time last year. Industry experts predict that the speedy increase in peoples' income and rise in social equality will lead to an extensive residential upgrading. This could be appealing news for the overseas investors considering property for sale in Brazil as it hints at economic buoyancy in Brazil.
Jose Paim de Andrade, of Brazilian real-estate investment firm Maxcap in his interview to The Economist has predicted that the current housing boom in Brazil will carry on "for next seven years".
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