World Cup 2014
Have you been paying attention to the World Cup? As I am writing this post, four teams have already advanced into the quarterfinals. The US team successfully managed to go forward from its group and is waiting for their next match against Belgium. It seems that America has been stung with the soccer fever as millions of people are tuning in this year to watch the US team.
World Cup and Real Estate Goes Hand in Hand
But whether you are a soccer fan or not, whether you follow the World Cup or not, some things are extremely interesting to point out about the World Cup and real estate. How does the two come up in the same sentence even, you might ask. Believe it or not, the two almost go hand in hand.
Rio de Janeiro – Homeowners Haven
I need to mention that not only was the FIFA World Cup awarded to Brazil for 2014, but also the next summer Olympic Games will be held in Rio De Janeiro as well in 2016. Two major world sport events within two years apart have definitely made Brazil a real estate paradise for some. Constructions of the soccer stadiums and Olympic facilities have already increased property prices. For example, a Copacabana apartment that sold for R$140,000 in September 2009 was recently put back on the market with an asking price of R$ 285,000.
Brazil’s Ministry of Tourism estimated that 3.1 million Brazilian and foreign tourists will flock to the games and this has certainly made homeowners and landlords looking to score. Some luxury residences in Rio de Janeiro have been booked for hundreds of thousands of dollars for the month of the tournament. Even some youth hotels started charging $100/night for a simple bunk bed.
There have been many reports about the protests in Brazil, explaining how all the money spent on new infrastructures and facilities could have been used for social services instead, helping millions of Brazilians out of poverty. All of us can decide on our own how we feel about this issue. No matter what our hearts say however will it change the fact that some real estate investors have greatly benefited from the 2014 World Cup.
P.S: Go Team USA!