Brazilian assets "will appear cheaper in UK terms"

People's assets - such as property - in Brazil will appear cheaper in UK terms as a result of the exchange rate between the pound and the Brazilian real, it has been suggested.

Clive Hawkes, director from estate agent Property Bond International, explains the rate of exchange with the foreign currency has strengthened.

"It went to about 2.9 Brazilian reals to the pound. It has now gone to about 3.5 to the pound. So if you have got an asset there, it will appear cheaper in UK terms."

Therefore, it is not the case that the prices of property in the country have fallen, rather that the rate of exchange has altered, he states.

Mr Hawkes states the global economic slowdown and a reduction in the price of oil have resulted in the weakening of the Brazilian real.

He concludes by describing this as an "opportunity", as the company does not expect oil to remain at its currently level of $45 (£30.50), predicting it will rise again due to the fact it is a finite commodity.