Social Housing Program Paves the Way for Development in Brazil
- Mar 11, 2011
The Minha Casa Minha Vida (My House My Life) program is one of the world’s most ambitious social-housing programs, aiming at building 3 million homes by the end of 2014 and reducing the housing shortfall for low-income Brazilians by up to 40 percent. Financed by the government-owned Caixa Bank, the project was launched in 2009 with a budget of R$105,7 billion ($63 billion) under the slogan “homes for families, wages for workers and development for Brazil.” The largest Brazilian property developers—namely Estrutural, Cyrela, Gafisa and PDG & Agre—are all involved in MCMV projects, and in the third quarter of 2010 alone, 125,000 homes were financed. Caixa Bank provides both funds for the developers and affordable mortgages for homeowners.
Due to its great success and an increase in the demand for property from middle and lower classes, Obelisk International, which has over 3,000 homes with an approximate value of €100 million ($160 million) under construction and management within the Minha Casa Minha Vida, is confident that 2011 is to be another excellent year for investment in Brazilian property. Therefore, Obelisk launched the second phase of the Minha Casa Minha Vida 4, the latest opportunity to invest in a Minha Casa Minha Vida project.
Obelisk International is a private investment business that offers opportunities for private investors in Brazil. With offices in Natal, London, Manchester and Marbella, Obelisk is not only a solid presence, but one of the few European developers present in northeast Brazil, offering investment opportunities in a range of sectors such as residential real estate, construction and social housing.