MercoPress, 9/17/2012
A team of experts working for the administration of President Dilma Rousseff has warned of the existence of a “real estate bubble” in Brazil with the value of houses soaring 165% in Rio do Janeiro and 132% in Sao Paulo in the last four years.
The report was done by economists Mario Mendonça and Adolfo Sachsida, who work for the Applied Economics Research Institute, IPEA, which depends directly from the Brazilian Executive and extracts of it were published Sunday in the prestigious Folha de Sao Paulo.
The newspaper points out that it is “not an official position” since the report talks about “a concrete possibility of the existence of a bubble in the real estate market in Brazil, which could possibly go bang if interest rates are increased in the future” which would make mortgage payments dearer.
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