Brazil’s booming economy and improved infrastructure are attracting more and more attention from foreign buyers, particularly to the beaches in the northeast area near Fortaleza. Brazil boasts 300 days of sunshine a year and an average temperature around 80ºF, which attracted more than a million tourists in the first quarter of 2011. Now, as the country invests $6 billion in anticipation of the 2014 World Cup, things are getting even better for local residents and tourists and foreign buyers are taking notice. Even so, real estate speculators report property can still be found for 50% less along the new Fortaleza boardwalk than what people were paying before improvements, creating an attractive real estate anomaly that won’t last forever. For more on this continue reading the following article from International Living.
The best beaches in the world are in Brazil.
Ask a Brazilian and he will tell you Brazil’s best beaches are in the northeast, centered on Fortaleza. Miles of wide and deep white-sand beaches connect little fishing villages and kite surfing outposts.
A typical year has 300 days of sunshine. A typical day is in the low 80s with sunshine and refreshing breezes from the ocean.
This is a great place to vacation—more than one million people thought so in the first four months of this year alone.
The rental market in Fortaleza is strong. Demand is increasing. In a few weeks, a group of connected locals will gather for a party to celebrate the launch of a new condo project. We can get in now. This opportunity is in a very special corner of Fortaleza. An anomaly means that it’s undervalued…for now.
More about this anomaly in a minute.
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First, it’s important to understand the strength of these trends.
Brazil, now a middle class country, has a very strong economy. The world can’t get enough of its food, minerals, energy and manufactured goods. Fortaleza in Brazil’s northeast is doing particularly well.
In the lead up to soccer’s World Cup, $6 billion is being invested in tourism and infrastructure in time for the 2014 play-offs. Its strategic location close to Europe and the U.S. makes it a logistics hub. With the help of a tax-free zone nearby in Pecem, it’s the perfect place for export-focused manufacturers to locate.
There’s oil offshore. New small businesses are opening in Fortaleza by the day. Major corporations are setting up regional operations here. That means more executives are relocating.
The short- and long-term rental market is strong. It’s very difficult to find a quality rental.
Fortaleza’s boardwalk is where it’s at. This is where you’ll find the bigger hotels and luxury multi-million dollar condos. Her three mile curve of beach and glimmering skyline is fully built out. It’s packed from the time joggers take to the boardwalk at 5.00 a.m. right through to late at night when families take their evening stroll.
The boardwalk can’t be extended to the right as you look to the ocean. It hits up against the port. But west, there was a mile of beach in the historic but run-down area of Iracema that the boardwalk could absorb.
This April the boardwalk was extended.
Seedy bars were removed to make space for public areas and chic cafes. This was a dark and dangerous place at night. Today it’s teeming with roller bladers and walkers of all ages late into the night. There are vendors selling fresh fruit, popcorn and cotton candy. This boardwalk is full of joggers, skaters…young and old strolling at sunrise and sunset.
This area already hosts up to one million people for concerts and celebrations, New Year’s in particular, and world class volley ball tournaments on the city’s widest stretch of beach. New tourist attractions are under construction. Old historic buildings are getting a major face lift. Young professionals are lining up to live here.
Yet we can still buy here for less than 50% what you could pay on the “old” boardwalk. This is the anomaly that I’m talking about. That’s what makes this opportunity particularly strong.
This article was republished with permission from International Living.