Real Estate Boom Expected Following Planning Win in Joao Pessoa
After many years of negotiation the Federal Government, Ministrio Pblico Federal (MPF) has granted the state of Paraba permission for the construction of a conference centre in the state capital of Joao Pessoa. The centre will be constructed in Cabo Branco, a tranquil area with a splendid beach and great restaurants and bars. It is Joo Pessoa’s number one residential district and an ideal investment location.
The development will cost in excess of $50 million, with works due to commence at the end of September. The Infrastructure Secretary, Francisco Sarmento, has stated that the State of Paraba has agreed all of the terms required by the MPF and the Federal environmental agency.
The conference centre sits within a large masterplanned area with proposals for at least six large resort hotel schemes. Investors have watched with interest as legal arguments have raged over the land for over 20 years.
The State and Federal authorities had, until now, been unable to reach agreement regarding the protection and replanting of native vegetation, safeguarding of the beaches and investment into regularizing the water supplies for the area. However, now agreement has been reached it is widely expected that planning permissions will be granted and development commenced rapidly.
This approval is expected to bring a boom in tourism to the area with the construction of many new hotels and resorts to accommodate the burgeoning number of visitors attending new cultural events and conferences. The knock-on effect will of course be a surge in real estate values, which is good news for the canny investors who already have Joao Pessoa on their radar.
Joo Pessoa is one of Brazil’s hidden gems. The capital of Paraba state, it offers a compelling alternative to some of the Brazil’s heavily developed high-rise beach resorts. Joo Pessoa is home to the eastern-most point of the Americas, Ponta do Seixas ” the gateway to Europe.
It is widely recognized to be Brazils safest city and also its greenest. In fact it is the second-greenest city in the world. It offers an array of high quality restaurants, cheerful bars and a number of shopping malls.
The city has a very rich and varied cultural programme that is actively backed by the local council. The wide range of activities covers just about every area of the arts, from literary gatherings and art exhibitions to large-scale classical and popular music festivals.
North East Brazil in general is receiving a lot of interest from the international investor market but the place on everyones lips right now is Joao Pessoa. Economic expansion and migration from the southern cities are fuelling the domestic market, ensuring a steady stream of buyers for new and resale properties and developers are struggling to keep up with demand. Couple this with the boom in tourism, a near-perfect climate and a year-round rental market and international investors can do little better than to invest in this exciting market right now.
Leslie Richards wrote this article and is a investment consultant to Brazil Land Invest. There is a huge demand in North East Brazil for Affordable Housing and Brazil Land Invest have extensive experience of sourcing and developing these projects.
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