Recent reports have suggested that the north-eastern city of Fortaleza property market is strong and continuing to grow, with experts describing the region as "an affordable paradise" and predicting the housing sector will do "really well" this year.
Fortaleza is a major fishing port and fast growing tourist destination in the northeast of Brazil. The beaches of Praia de Iracema and the Praia do Futuro are the focal point of nightlife and entertainment and the former is preferred by bohemians and night partiers, whereas the later is preferred by swimmers and surfers.
Ronan McMahon, executive director of Pathfinder International has said that the area is becoming increasingly popular for expats from Europe and says the domestic mortgage market is "opening up", reports TodaysFinancialNews.com.He cites Fortaleza as his first choice for making money and there is the potential for 12 per cent rental yields as well as immediate gains on off-plan property purchases.
He commented: "Condo prices are up by more than 20 per cent since last April and continue to rise. The short-term rental market is running at close to 100 per cent occupancy for the next three months"
In related news, Tom Falcao, general manager of the Embassy of Brazil's Tourist Board has stated that holidaymakers are looking to buy second homes in the country, particularly in the north-east and the south. Mr. Falcao believes there is good potential for investment in Brazil, with some purchasers choosing to rent out their property to other people.
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