Fly to let purchasers and property investors from Britain and the rest of Europe have spent US$646 million on property in Brazil since 2007.

This figure was included in a study by the University for economics, Fundação Getúlio Vargas (FGV), and unveiled during the Nordeste Invest Real Estate and Tourism.

Conference in Recife, Pernambuco in May, that showed non-residents have invested a total of US$646 million in property altogether.

According to the survey, which was commissioned by EMBRATUR, a division of the Ministry of Tourism, 79 percent of investors already knew the country. The majority (76 percent) identifies the beach and the sun as the main attractions to invest in Brazil.

ADIT Nordeste - The Association for Real Estate and Tourism Development in the Northeast of Brazil is the organiser of the annual Nordeste Invest event. Felipe Cavalcante, president of ADIT says: “It is immensely helpful to know the profile of these investors. This will allow our country to set public policy for the segment. The Northeast is a region of great attraction for foreigners. Business done at Nordeste Invest this year alone is expected to bring in over R$2.4 billion of investment.” (£724 million).

EMBRATUR is a division of the Ministry of Tourism responsible for the promotion of Brazil abroad. President Lula created the Ministry of Tourism in 2003. Since 2003, the promotion budget has been increased, reaching in 2008, US$ 120 million in funds from the Federal Government.

Jeanine Pires, President of EMBRATUR said: “President Lula's strategy calls for consumer awareness about Brazil and aims to attract more tourists to the country, particularly from the US where the government has set a goal to attract nine million holidaymakers per year.”

The main role of EMBRATUR is the promotion of Brazilian destinations, tourism products and services, under the guidance of the ‘Aquarela Plan’ - an International tourist marketing strategy put in place by President Lula, which focuses on five main key attributes – sun and beach, ecotourism, sports, business and events.

Pires added: “The Presidential policy includes the Plan for Acceleration and Growth (PAC) which undertakes infrastructure improvements which are beneficial to tourist activity, such as the building or improvement of roads, ports, airports and energy.

“In addition to this we have other important programmes, such as PRODETUR, which plans to invest US$400 million in the nine states of the Northeast region in tourism infrastructure and vocational training programmes for tourism. One of the most important programmes is instigating the detailed tourism plans of the 65 Brazilian destinations who will be involved in hosting the World Cup in 2014.”

The third annual Nordeste Invest attracted over 1,200 top business executives from Brazil and across the world.

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