Flipping In Brazil
From the Financial Times this weekend:
Alexandre, a 37-year-old textile engineer from Morumbi, a smart neighbourhood of São Paulo a few miles north of the city’s Jardim Angela favela, has bought a penthouse apartment that is still being built but he is already thinking of selling it.
“I bought my first place in Morumbi in 2006 for R$100,000, sold it for double in 2010, signed up R$500,000 for this place in September and it’s going to get even higher when it’s finished,” he explains. “If I keep doing this I won’t even have to go to work any more.”
Oh no. If only he could visit one of the flippers from California, Florida, or Las Vegas to hear how this story ends.
Brazil is a country that is importing America's inflation. Similar to China, a great deal of the money is being pumped into real estate.
Alexandre, a 37-year-old textile engineer from Morumbi, a smart neighbourhood of São Paulo a few miles north of the city’s Jardim Angela favela, has bought a penthouse apartment that is still being built but he is already thinking of selling it.
“I bought my first place in Morumbi in 2006 for R$100,000, sold it for double in 2010, signed up R$500,000 for this place in September and it’s going to get even higher when it’s finished,” he explains. “If I keep doing this I won’t even have to go to work any more.”
Oh no. If only he could visit one of the flippers from California, Florida, or Las Vegas to hear how this story ends.
Brazil is a country that is importing America's inflation. Similar to China, a great deal of the money is being pumped into real estate.
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