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Affordable housing projects in Brazil "make a lot of money"

Investing in affordable housing projects in Brazil is very profitable, one expert has argued.

Matthew Miller of Bloomberg Markets spoke to Renee Montagne of National Public Radio about some of the world's richest people, who he recently interviewed for his article Hidden Billionaires, including one residential real estate developer.

Brazilian property is becoming accessible to poorer people who have recently seen an increase in wealth, the expert said.

He noted how Rubens Menin of Belo Horizonte developer MRV has amassed a $1.6 billion (£988 million) fortune through constructing homes for this emerging market.

"They're modest dwellings certainly by American standards, but if you build enough of them and you're able to extend lines of credit at reasonable interest rates, you can make a lot of money," Mr Miller explained.

Social housing projects in Brazil are being encouraged by the government, the Minha Casa, Minha Vida (My House, My Life) initiative of which is offering support to buyers and developers to build more affordable homes.

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