Brazil's economy 'benefiting from foreign investment'
Brazil's popularity among overseas property buyers has helped to boost its economy, a media outlet has revealed.
According to the AHN news agency, the South American country has seen healthy economic growth and a "booming" gross domestic product over the last year.
Citing figures from home loan provider Abecip, the portal added that inflation levels in Brazil had dropped while its real estate market had improved.
This was partially attributed to the influx of foreign property buyers in the wake of legislatory changes.
AHN commented: "Part of the growth was brought by relaxed investment rules that allowed foreigners to purchase vacation homes or buy property as an investment."
The news provider added that holidaymakers were "flocking" to the country's beaches in order to buy a property nearby.
Last month, Brazil was highlighted as a good option for investors by Chris Allen of HSBC Private Bank.
Speaking to the Financial Times, he said it could possibly be a more lucrative market than many of its more established rivals, as they were often overvalued or offered less potential for capital growth.
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