After 17 days of superb sporting drama, the focus of the Olympics has now switched to the city of Rio de Janeiro. The 31st Olympiad will be in Brazil in 2016, and work is well under way to turn the party city into an Olympic venue.
With the 2014 World Cup also heading to the country, BrazilÃ¢â¬â¢s property market is seeing plenty of overseas investment. Keep reading to learn more.
Infrastructure improvements set to make Brazil property more appealing
BrazilÃ¢â¬â¢s property market has been one of the most buoyant over recent years and major improvements in the city of Rio are only likely to help prices.
Infrastructure in the city is being improved as the city only boasts two metro lines. The Olympic Park is beyond the reach of both the metro and direct bus lines and so the underground system is being extended. In addition, as the BBC reports, Ã¢â¬Ëthe city has bought dozens of new buses, which travel in exclusive lanes.Ã¢â¬â¢
The first line on the Bus Rapid Transit (BRT), the TransOeste corridor, is already open. Alexandre Sansao, the municipal secretary of transport, says the metro lines being built will be integrated with the BRT system. Currently 15% of people use the system, but "[By 2016] we will be able to transport 60% of the people in this high capacity system of transport," he says.
Housing in the city is also a priority, with a major slum set to be demolished in order to build the Olympic Park. The residents of Vila Autodromo are set to be relocated to apartment blocks to make way for the Park, but there has been strong local opposition from residents.
With a strong focus on Brazil over the next four years, the property market in the country is certain to see good growth. And, it appears that overseas buyers are likely to be the main beneficiaries.