Hello Boris

I have just read through the other questions and answers in this forum, and I found the info that I requested earlier. Sorry to have troubled you (or anyone else) by raising an issue that has already been addressed.

If I understand what I read, foreignors can buy residential property in cities like Rio or SP but they must (in practical terms) come up with the total purchase price within 6 months of purchase. Mortgages are, effectively, unavailable. Even if a gringo can get a mortgage (which is very difficult) then the interest rate is extremely high and almost unfeasible. Is that an accurate understanding of the situation?

I am very impressed by the dialogue and praise the speed and helpfulness of your answers. Well done and "thank you".

Cheers
BJ

Hi BJ,

No problem. I am kind of used to answering the same questions over and over. I guess it comes with the territory

Don´t worry about troublng anyone on this forum. It is all about providing information and - on top of everything - it is kind of tough to locate the answers in the pile of posts.

Actually, foreigners can buy property anywhere in Brazil (save certain areas that present strategic interest). You can find more information about the specific restrictions on foreign property ownerhsip in the English version of the Brazilian Constitution available for download in the Library section of the Site.

Most of the deals are done in cash with occasional owner-financing. In the latter care, the term of the financing usually doesn´t exceed one year. Most of the morgages that foreigners get in order to purchase RE in Brazil are secured in other countries. Many RE develper companies offer private financing for the units about to be built or in the process of construction.


You have a more or less correct picture of the situation.

Regards,

B