Brazil Races Ahead of Rivals
10/22/2008
Rising wages, low inflation, and a stable currency have spurred construction activity – and bullish sentiment. Sam Lieber, the president of Alpine Funds and portfolio manager of the Alpine International Real Estate Equity Fund since 1989, says Brazil is a good place to be at present.
“Previous booms have been derailed by external and internal problems.”
Strong economic growth and favourable financing conditions make the country an alluring place, in his view. Another advantage is that, unlike the US with a mortgage-penetration rate of 80 per cent, Brazil’s is well under 10 per cent, according to Fitch Ratings. That suggests the market has considerable promise.
From The Financial Times 20th July 2008
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