Real Estate Purchase and Sale Opportunities Soon To Be Abundant in Brazil
New legislation proposed in the city of Rio de Janeiro shows just how much Brazil is progressing in the real estate market.
A new law with regard to rental properties proposed in the city of Rio de Janeiro shows just how much Brazil is progressing in the real estate market. The new law, already sanctioned by mayor Eduardo Paes, imposes fines on owners of rental property that aren’t regularly inspected for safety or that do not pass the inspection. The change also requires that the documentation to justify claims of safety be sent to the city hall with reports about the conditions of conservation, stability and security, and the repairs that were completed.
Holding rental property owners responsible for the upkeep of their real estate is a trend that will undoubtedly spread quickly from Rio de Janeiro to other major cities that remain lax in law enforcement regarding real estate.
Since the new fines and procedures to be able to rent property make the maintenance of many rentals unfeasible, the market will abound with ’fixer-upper’ opportunities in the sales market. Long-term real estate investors and holding companies will have more opportunities than they can evaluate at once.
Due to the tendency of major city legislation to trickle down to smaller municipalities, it’s a safe prediction that shortly we’ll be seeing an increase in ads to the tune of ’Apartamentos à Venda em Sorocaba’ and ’Casa à Venda Em Sorocaba’ which translated means apartments and houses for sale in Sorocaba, a large city near São Paulo.
In addition, there are not only a bunch of ’Casas Para Vender em Sorocaba’ (homes for sale in Sorocaba) but there are ’Imóveis à Venda em Sorocaba’ (real estate for sale in Sorocaba) in general including commercial real estate and land plots.
If rental property owners who are unwilling to follow the new procedures and pay the hefty fines hesitate, they may soon be stuck with a piece of real estate that is super undervalued due to the influx of other rental properties that become properties for sale.
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