Editorial
RIO DE JANEIRO, BRAZIL – The big swings of the pendulum kept everyone holding on tight last week, waiting to see what the future will bring. The global financial market double dip maneuver has the world watching their life savings like the tide on the shore. The Brazilian real dipped to its lowest in about three months only to charge back up, and Rio real estate speculation seems on the fence.
We conducted an unscientific poll to see what our Readers and community thought would happen to real estate value in Rio, and were surprised by the answer. The poll came out last week on the heals of the Bovespa (Brazil’s stock market index) drop, but the optimism for the city’s build-up to the 2016 Olympics held strong.
With 38.7 percent of the poll respondents believing that Rio real estate values will continue to increase until 2016, it seems good news for some (the haves – owners of property), and a prolonged stretch of high cost of living for others (the have nots – the renters).
What was unexpected in the poll results was that an almost even split, at 36 percent, predict that the market will burst soon, believing values have climbed too high for what the market can bear. The least popular position was that the values will level off soon, at 25.1 percent.
It appears that it’s an all-or-nothing outlook, which will keep everyone’s attention over the next five years. Like a winning streak of an undefeated prize-fighter or football team, with everyone either rooting for them or against, usually based on where they live.
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In a very separate and somber note, The Rio Times and myself personally want to support a cherished member of the Rio Expatriate community with well-wishes during a difficult time. Jack Woodall has been the Editor of The Umbrella Magazine, this year’s Chair, and pillar of the BCS (The British and Commonwealth Society of Rio de Janeiro) for much longer then I can remember.
Jack suffered from a medical emergency while in England and is fighting back to health, with his partner Mary Crashaw (last year’s Chair of the BCS Rio) by his side.
I had the pleasure of meeting Jack and Mary at the Gavea Country Club last year, as we mapped out plans to work together. We have shared articles with The Umbrella and even published a few Opinion articles from Jack in the last year.
During my volunteer work with The American Society of Rio de Janeiro as well, it has been a pleasure to work with Jack on new developments with the Rio Societies shared web site platform, and always enjoy seeing him.
We wish them all the best on the speedy road to recovery. Please send any inquiries or messages of support to [email protected].