While it has regained some ground against the U.S. dollar in recent months, the Brazilian currency, the real, continues to struggle. As of Wednesday, the real had lost 13.3% of its value versus the dollar in the past six months alone. As previously reported by Mansion Global, Brazil is grappling with economic problems and a growing corruption scandal at state-run oil giant Petréoleo Brasileiro S.A. The scandal has led to unrest and hurt the image of Latin America’s largest economy. The weaker currency and an annual inflation rate that borders 9% are challenges for people living and doing business in Brazil, including foreigners. According to a recent study by consulting firm Mercer, São Paulo and Rio de Janeiro, two of Brazil’s most popular places for expats, are the second and third most expensive cities for international professional workers in Latin America, respectively; only Buenos Aires was more expensive. Separately, Rio de Janeiro ranked 16th in the world on the Savills Live/Work Index, with costs per year of $26,503 in 2014. This represents a 52.9% increase from 2008 when the real estate consultancy began tracking these numbers. Still, the weaker real could help foreigners seeking luxury real estate in Brazil. Rio, with its famed Copacabana and Ipanema beaches, is home to the country’s annual Carnival and will host the Olympic Games next year. Here's a look at listings on the market in Rio:
This penthouse in Ipanema is selling for about $4.2 million. View full listing. JUDICE & ARAUJO IMÓVEIS, CHRISTIE’S INTERNATIONAL REAL ESTATE
This property, also in Ipanema, is on sale for about $4.4 million. View full listing. JUDICE & ARAUJO IMÓVEIS, CHRISTIE’S INTERNATIONAL REAL ESTATE