You have visited Rio de Janeiro, took pleasure in your holiday, likely to go back often therefore you are at this point considering purchasing real-estate for both a smart investment and a residence. Your approach can\’t be any greater simply because Rio\’s properties has been amazing and most probably will proceed through 2016.

For someone not really acquainted to the region, the language or the culture, it is extremely advisable that you make use of a real estate property specialist. It won\’t cost you anything since the home owner will pay the commission on the sale. In Brazil, real-estate agents are part of a professional organization and need to be able to produce an identity card that includes their CRECI license number. Furthermore, it is suggested that you likewise make use of a real estate lawyer to confirm the legal proprietor of the residence and that there are absolutely no outstanding liens.

To no surprise, buying a penthouse apartment in Rio de Janeiro\’s most wealthy areas such as Leblon, Ipanema and Copacabana will be very expensive. Over the last five years, their values have drastically appreciated. Usually, flats in these zones go for R$6,000 to R$10,000 (R$=Reais) per square meter (M2). The larger of the rates belonging to apartments in close proximity to the beaches. A 110 M2 unit which is around 1,200 sq ft can average R$880,000.

When you\’ve got 100% of the cash, there are deals to be uncovered. From auctions on foreclosed residences to apartments that are locked up because they\’re in the process of being willed (inventario), you could negotiate lower prices of as much as 25 to 30%. Yet these circumstances are few and they usually tend to have more bureaucracy. However, if you can find them, you can easily find a great penthouse bargain in Copacabana or Ipanema.

Should you prefer a loan, Brazil is a somewhat simple place to be eligible. First you will require a CPF number. This is the equivalent to a social security number in the United States. You may get this at your nearby Brazilian consulate or in the post office in Brazil. Second, you will need a standard down payment of 20%. The more you put down, the better given that the interest rate in Brazil is 12%. The last element is a Brazilian bank account with evidence of income. The lender will generally need to view 6 months of deposits equaling your reported income. With all these components in place, you are ready to buy your dream vacation residence in Rio de Janeiro.