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Minha Casa Minha Vida enters second phase

7th July 2011 Print

The government has just announced the second phase of Minha Casa Minha Vida, currently the largest single investment in Brazilian real estate. This phase of the social housing programme will allow millions more Brazilians to realise their dream of owning a property in Brazil.

In a recent radio interview, Brazilian President Dilma Rousseff announced the start of Minha Casa Minha Vida 2. The second stage aims to build 2 million properties in Brazil for low-income families. Dilma claims that it will now be even easier for Brazilians to buy a property and realise their dream of owning their own home.

Part Two of the government Minha Casa Minha Vida investment brings changes to the characteristics of the properties. All social housing units will be larger, tiled throughout and incorporate solar heating. A significant proportion of properties in the new phase will be for families earning below R$1,600 a month in Brazil.

Real Estate Investment Drives Economy

Dilma’s predecessor Lula was the instigator of this much-needed social housing project. Unsurprisingly, given Minha Casa Minha Vida’s excellent uptake, Dilma is a keen advocate of this huge investment in property in Brazil. “The construction of millions of homes moves factories, business and employment,” she said in the interview. For Dilma, Minha Casa Minha Vida is “an engine driving the whole economy and benefitting everyone”.

The programme’s benefits have been felt nationwide and this in tandem with the massive construction for the forthcoming sporting events will continue to create employment and wealth. In turn, this will mean more Brazilians families become part of the middle classes, one of the main drivers behind Brazilian investments.

Caixa Bank Finance

Caixa bank, the provider of finance for Minha Casa Minha Vida, has announced the second stage of funds for the social housing investment. New loans for properties in Brazil from Caixa up to mid-June came to R$30.8 billion, 4% higher than the same period last year. Caixa mortgages generally are up 17% this year.

As well as the Minha Casa Minha Vida source of funds for developers and mortgages for buyers, Caixa is the largest provider of mortgages in Brazil. The market share for the government bank amounts to over 70% and Caixa expects to approve mortgages on Brazilian real estate worth R$81 billion this year.

Obelisk International welcomes the official launch of the second phase of Minha Casa Minha Vida programme and sees this huge investment in social housing as an excellent opportunity for millions of Brazilians to improve the quality of their lives. It also opens further windows for Obelisk International investment in Brazil.

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