Brazil's real fall could entice property market investors
With Brazil's currency falling to a two-and-a-half year low, now might be a good time to invest in property in the country.
The real has fallen 2.67 per cent to 2.387 per US dollar, Reuters reports, so investors could find that their money goes further than it has done in the past.
The slide has seen a third wiped off the value of the real when compared with the nine-year high it reached in August.
It has now dipped to levels not seen since May 2006, and Mario Paiva, currency analyst at the brokerage Liquidez, believes the real's weakness can be traced to concerns about the global economy.
"The market is going through a moment of great risk-aversion," he told the news provider.
"There is widespread uncertainty with relation to the recession ghost."
The real has been Brazil's currency since July 1st 1994, when it was introduced as a replacement for the cruzeiro real.
It was also the official currency of Brazil between 1690 and 1942.
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