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Affordable housing projects 'very profitable for Brazilian property developer'

Date added: 4th August, 2011 at 09:01
(view all articles from August, 2011)

Categories: Property News, Social and Affordable Housing in Brazil

Brazilian property developer Rubens Menin Teixeira de Souza has become a billionaire by investing in affordable housing projects, particularly with government funded initatives like Minha Casa, Minha Vida (My House, My Life).

Speaking to Bloomberg, the owner of Belo Horizonte-based homebuilder MRV Engenharia & Participacoes explained that creating houses for the poor is not only good business but "important for our country".

"When you take a kid from the favela - an unhealthy place - and he moves to an apartment complex, he ends up having better health, better hygiene, better education," he said.

MRV has profited from the rising wealth of Brazil's population, with president Dilma Rousseff recently saying that at least 36 million people have now been lifted out of poverty, many of which could be buying real estate on the back of a 2009 government initiative to back affordable housing projects.

The programme allows low-income individuals to buy real estate at interest rates of around five per cent, while loans are also granted on a large number of property developments.

Recent government forecasts suggested that Minha Casa, Minha Vida will see three million units constructed in the coming years.

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