Olympic Games may affect Brazil's mortgage money transfers

The number of property buyers who make international payments to mortgages in Brazil is set to rise, according to industry experts.

Construction company Confide Brasil recently stated real estate sales in Rio De Janiero are likely to increase thanks partly to the city's successful Olympics bid.

Javier Fernandez-Pena, executive chairman of the firm, pointed out the recession has taken its toll on the city's property market but local buyers are keeping the sector afloat.

However, he is optimistic that the 2016 Olympic Games will have a positive impact on house sales.

"Rio de Janeiro represents a tremendous opportunity for the country in terms of exposure and this is an opportunity that Brazil cannot miss," commented Mr Fernandez-Pena.

Meanwhile, recent figures from the Brazilian Tourist Board published by Travel Weekly reveal that visitor numbers to the country have increased by 0.5 per cent this year.

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By Linsey Summers