Rio is reportedly experiencing the biggest real estate glut in decades, leading to fears that a crash is imminent. The situation is being made apparent by developers' inability to sell dozens of new high-rises that have been built in anticipation of demand in the run up to the 2016 Olympics. The poor state of the wider economy in Brazil is also contributing to the struggling housing market for developers, with real estate prices having fallen an effective 20% over the last year, when the infaltion rate of 10% is factored in. yet the falling prices are still not enough to attract buyers, with one developer, Carvalho Hosken and Odebrecht, having sold only about 230 of 3,604 apartments built in Americas.
Rio is reportedly experiencing the biggest real estate glut in decades, leading to fears that a crash is imminent. The situation is being made apparent by developers' inability to sell dozens of new high-rises that have been built in anticipation of demand in the run up to the 2016 Olympics. The poor state of the wider economy in Brazil is also contributing to the struggling housing market for developers, with real estate prices having fallen an effective 20% over the last year, when the infaltion rate of 10% is factored in. yet the falling prices are still not enough to attract buyers, with one developer, Carvalho Hosken and Odebrecht, having sold only about 230 of 3,604 apartments built in the Olympic Village.