26 October 2009
Overseas nationals potentially looking to buy a property in Brazil will be buoyed by the news that mortgages could be available to foreigners investing in the Brazil property market within 12 months, according to a senior member of Brazil’s Ministry of Tourism.
Property Wire report that the Brazilian government and the Brazil property industry at large are putting pressure on the banks in Brazil to offer home loans to foreigners buying property in Brazil.
Laercio de Souza, general co-ordination for investment promotion at the Ministry of Tourism, and a former banker, told Property Wire that widespread negotiations are currently taking place with senior officials and that mortgages should be available to overseas nationals buying property in Brazil within the next the year.
De Souza said: “Although in theory the Central Bank allows foreign investors to have access to finance in practice it does not really happen.
“In some rare circumstances, for example when a foreign buyer already has an account with an international bank such as HSBC, it happens, but the system for people to get finance is not really in place."
See Also: Brazil (26), Marc Da-Silva (269), property investment news (12), Property Wire (1)
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