World Cup 2014 - Brazilian Property Market gets a lift from staging the Soccer
On 7 March 2003, the world football body FIFA announced that the tournament would be held in Brazil, South America for the first time since Argentina hosted the 1978 FIFA World Cup, in line with its policy of rotating the right to host the World Cup amongst different confederations.
Brazil’s turn to host the FIFA Football World Cup in 2014, an event which should prove to be beneficial not only for the sport but the country itself. The country’s football stars from Pele to Ronaldinho are known throughout the world for their depth of artistry and skill in the beautiful game and the Brazilian team is holds the accolade for being the world’s only five-time champion squad.
Mario Zagallo, former Brazilian coach, said, “In seven years Brazil will have new stadiums, we will fix those which need to be fixed, and Brazil is the only candidate. FIFA has been here, they have been to the North East and saw it is possible to be done. I have no doubt the 2014 World Cup will be in Brazil.
Brazil is to spend $1.2 billion renovating its stadiums for the 2014 World Cup finals including rebuilding four stadia whilst the remaining 6 would undergo substantial renovation including the infamous Maracanã stadium in Rio de Janeiro, which hosted the 1950 World Cup final and has already undergone recent reforms at a cost 200 million reais ($115 million). Economist Carlos Langoni estimates it will cost at least 6 billion dollars with the vast majority being spent on The remainder would be earmarked for infrastructure: roads, railways, airport modernization, telecommunications, power supply networks, hotels, etc.
Many Brazilians believe this prestigious event will put the country firmly on the international stage. Antonio Lopes, a former Brazilian international, told Reuters: “I think this is going to help not only football but will help the country as a whole.”
“Brazil will benefit financially and economically.” he added.
In an interview with Brazilian TV channel SporTV, bestselling Brazilian author Paulo Coelho believes “That is going to change the country, it is going to unveil another country to the world - a country that needs to be unveiled. It is going to change everything,”.
The Brazilian government plans to make the most of the World Cup to spread information on the country, with a view to attracting more visitors, said Jeanine Pires, president of the state tourism organization Embratur, with the hope of attracting some half-a-million foreigners each of whom is estimated to spend about 112 dollars per day. Their very presence is already set to have an impact with a surge in demand for rental accommodation due to the influx of football fans, good news for people who already hold property investments in the Brazilian market.
With games traditionally played in a variety of locations throughout the host country, this is likely to showcase many of the country’s major cities, potentially boosting interest from both holidaymakers and overseas property investors.
Property ownership in Brazil has recently been triggered by plans for the development of a new international airport in the north of country. San Gonzalvo International Airport operational in 2010, boosting accessibility to the Brazilian property hotspot of Natal as a result.
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