In recent years, the real estate market in São Paulo has evolved. In fact, professionals have revealed that a new trend was taking place: real estate buyers are investing more and more in small luxury apartments, situated in posh districts of the city and located in new and elegant high-rise apartment buildings. Besides, purchasers are more looking for constructions with a vast range of paid services. This type of investment is interesting because it allows companies to host their leaders in luxury districts with all conveniences of a house. Therefore, this kind of offers is mainly situated close to business centers.
In the last few years, the city of São Paulo has welcomed new types of buyers, who are mainly posh young couples and wealthy businessmen who wish to invest in a luxury property.
In Brazil, there are special rules regarding property: – the general rule is that the owner of the soil also owns the subsoil. Owner is able to make vertical constructions up to a reasonable depth, such as to build a basement or a subterranean garage. Owner cannot prevent the use of the subsoil for some activities, such as soil drilling for subway rails, passageway for conduit devices... Foreign investors have the same rights as local citizens to acquire real estate property, except for special cases (rural lands, mining land, property near the coast or frontier...) and Foreigne r with residence in Brazil cannot acquire more than an area equivalent to 50 units of rural property called “módulos rurais”. foreign entity can only acquire rural property for agricultural purpose, industrialization, and other specific projects, duly approved by the Brazilian Agricultural Ministry or the Department of Trade and Industry.
It is advisable to count with a legal assistance for the acquisition of a real estate in Brazil. The lawyer will verify the certificates and possible burdens or impediments for the acquisition, elaborate all legal documents, and make sure that the transaction is safe for the buyer.
