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Brazilian Housing Explosion Continues

September 9th, 2009

public housing brazilThree months after the launch of the Minha Casa, Minha Vida programme, the government-backed project to bring affordable housing to the burgeoning Brazilian middle classes, the numbers of individuals signing up to the scheme are soaring.

Brazilian and International companies are extremely active in this market now, but the market leader is the State Company of Popular Dwellings (CEHAP) which has registered over a 125,000 families keen to purchase their first home.

In Paraiba, North East Brazil, 21,306 new homes are already planned for families earning between zero and 10 times the minimum wage, according to the Brazilian Institute of Geography and Statistics. Yet according to an inquiry carried out by the Ministry of Cities in 2008, Paraibas housing discrepancy stands at 122.166 units, a fact which has not escaped the notice of the private development sector.

The State Government is supporting the re-zoning of land in the area for the development of popular housing and has announced a number of proposals to assist constructors who are focusing on the sector.

Brazil’s construction industry was heading into decline after several years of strong growth and this scheme has reinvigorated the construction industry, which accounts for 5 per cent of Brazils gross domestic product.

The Minha Casa, Minha Vida scheme will receive another 10 Billion Reais in 2010. Brazil has a housing shortage estimated at 8 miilion units and this scheme was bought in by the Government to provide affordable housing and to stimulate the construction industry downturn caused by the worldwide economic crisis.

The key to this scheme is the Government providing subsidies of up to 90%, which keeps the buyers mortgage payments below 10% of their income. Mortgage payments are guaranteed by a Treasury fund.

“It is a brave programme and one with a great impact on the Brazilian economy, and it will certainly be one of this government’s main anti-crisis programmes,” said Brazilian Finance Minister, Guido Mantega.

Goldman Sachs chief economist Jim O’Neill now predicts that the major emerging markets”Brazil, Russia, India and China, a.k.a. the BRICs”could overtake the combined GDP of the G7 nations by 2027, nearly a decade sooner than the forecast in a landmark study a few years back.

Leslie Richards is a consultant to Brazil land Invest and wrote this piece on the Affordable Housing sector in Brazil and invites you visit Brazil Land Invest for more information information about property development in this exciting sector in Paraiba, North East Brazil.

Author: Leslie Richards Posted in Mortgage

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