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Housing prices are going to fall hard after the World Cup, says professor

29/08/2012

 

Samy Dana, FGV, believes that current prices embed an expectation that Brazil will give an enormous economic leap<br><br>

SÃO PAULO – property prices must have a severe devaluation after the 2014 FIFA World Cup, in the opinion of professor of the School of Economics at FGV (Fundação Getulio Vargas), Samy Dana.

The professor estimated that prices of some properties in the 12 host cities can plummet to 50% after the sporting event, especially in the city of São Paulo. "Without doubt, housing prices, more new and located in the central regions of São Paulo will fall further," he says.

Some areas have been receiving heavy investments in infrastructure, which would therefore House prices. In addition, some people think of profit from renting residences for tourists during the event.

The demand for real estate and rentals, in fact, exist, but Dana argues that the current level of prices seem unfounded and far above the reasonable limit. "The Brazilians believe that all problems of infrastructure, health and security of the country will be resolved in the next two years, which would give all listings", says the teacher. "The prices follow a dream, a belief, not the reality."

Delinquencies

And it's not just the illusion linked to event that should pull down prices, according to Dana. As the real estate credit was given with more intensity between 2009 and 2010, the year of the cup can mark a period of big defaults in the sector.

"The buildings begin to be delivered, there are other costs, the person hangs himself and is defaulting," explains professor. This, according to him, would trigger a wave of selling property, helping to bring down prices.

Bad deal

For this scenario, for the teacher, the buildings are not a good investment at this time. "Who is buying to selling, will lose money after the World Cup," believes.

As the homeowner doesn't want to lose money on the deal, in the first moment, he will not reduce the price, but the problem, according to Dana, is that the buyer also will not want to pay. Conclusion: no deal.

"The first sign is the decrease in prices, but the number of businesses. The fall is a process that takes a little longer to start, but as more people want to sell, and less willing to buy, prices will fall, "he says.

 

Fonte: InfoMoney

 

 

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