Wages Outpaced by Property Prices in Rio

By Ben Tavener, Senior Contributing Reporter

RIO DE JANEIRO, BRAZIL – The rate at which average Rio property prices have risen over the past five years is four times greater than that at which average wages have gone up, according to a report by O Globo newspaper. Industry experts say wealthy Brazilians have encouraged skyrocketing prices, which have outpaced financing options for many and exposed a widening gulf between the richest and the rest.

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