With the pound recently plummeting to new depths against the dollar and the euro the exchange rate with the Brazilian Real has made the country’s properties more attractive to Fly to Let investors looking for new pastures.

Deane Roe, Account Manager for foreign exchange specialist Moneycorp, explains: “The Brazilian Real is currently being weakened as investors sell off high risk assets and more volatile currencies. The movements over the past few weeks have been huge and it all works in favour of the British buyer.

“A property priced at 200,000 BRL would have cost £67,546 on 1 September 2008, now it’s costing just £58,014. That’s a saving of almost ten thousand in as many weeks. Although with the Brazilian government pledging to stem the tumble with a vast cash injection, it’s possibly wise to keep an eye on the rate and act soon.”

Gem Estates has several Brazilian properties on offer including Palm Beach, a sand-at-your-feet frontline beach development on the Uruau coastline not far from the Ceará state capital of Fortaleza.

Rental management will be in place for the fully furnished units with air-conditioning can access on-site private parking, swimming pools, tennis and volleyball courts.

Two bedroom two bathroom apartments (80m² plus 12m² terracing) have been reduced from 207,000 to 197,000 BRL which at today’s rate is £57,980. Completion is scheduled for October 2009.

Fly to Let investors are also being tempted to look at a new Brazilian luxury off plan development located in Niteroi, only eight miles from downtown Rio de Janeiro.

First-release prices at the Privilege Residences are from R$245,500 (approx £70,240) and Fresh Property Co, which is marketing the development in the UK, claims the design and 5 star facilities are so good that comparable apartments in London would be 10 times higher in price. They will be completed in early 2010.
There are 2, 3 and 4 bed apartments available, all with ensuites to master bedrooms, balconies and parking spaces.

The development will have three tower blocks with 11 floors each, giving a total of 194 apartments. The facilities of the development include an adult’s swimming pool, children’s swimming pool, lounge deck, bar, playgrounds, kiosks with BBQs, games room with living space, party and events room, restaurant, and spa centre.
Similar 2 beds in Niteroi rent from R$2,500. This equates to approx 12 percent gross yield. Fresh Property Co believes that as an investment, Privilege Residences will pay itself off in only seven years.

Niteroi, with a population of nearly 500,000, is a modern city, 25 minutes drive away from the centre of Rio de Janeiro. It is the second richest city in Rio de Janeiro State and is home to many beaches, a historic fort and a museum.
Property prices, says Fresh Property Co, in the area have been consistently rising and will continue to rise with some estate agencies forecasting capital growth of up to 25 percent in the next 12 months.

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