Rio de Janeiro
An international center of tourism, business, and research and development
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Also called Rio city, Rio de Janeiro has the largest municipal GDP in Brazil and ranks 30th globally. With several institutes and universities calling the Brazilian capital home, the city is the country’s second-largest research and development center. Moreover, Rio caters to Brazil’s oil, mining, and telecommunication industries. Popular for its natural settings, the capital is one of the world’s frequently visited destinations. All these are just a few of the reasons why Rio de Janeiro offers several real estate opportunities to visitors and residents alike.
Culture, History, and Business
Founded in 1565, this Brazilian city was originally the seat of the Captaincy of Rio de Janeiro, a Portuguese Empire’s domain. The existence of minerals in the city made many European countries fight over it. Rio acquired capital status in 1763 in the State of Brazil. Afterward, it became the Empire of Brazil’s capital, serving the independent monarchy until 1889. Then, it became the republic of Brazil’s capital until 1960.
Historically, Rio city has always been Brazil’s cultural capital. Apart from boasting a variety of institutions of art, literature, and science, the city also honors the country’s Samba rhythm by holding Carnival celebrations. Moreover, Rio’s active LGBT community lures people from across the globe to attend the Gay Pride. As Brazil’s main cinema production hub, the city hosts international film festivals at different times of the year. The city is also home to numerous movie theaters, auditoriums, and concert halls. Also, the statue of Christ the Redeemer dominates Rio’s landscape. Of course, no sport that is as popular as soccer in Rio de Janeiro. However, volleyball, basketball, and tennis are also relatively well celebrated.
With a rich history and culture, Rio also boasts a strong business appeal. Apart from having the largest municipal GDP in Brazil, the estimated R$343 billion in GDP makes the city rank 30th in the world. Rio is also responsible for the country’s oil, mining, and telecommunications industry. As Brazil’s capital and second-largest city, it is home to some of the biggest employers in the world. Also, Rio is one of the largest centers of research and development in the country, boasting many institutes and universities.
Real Estate Appeal
Rio de Janeiro has one of the strongest appeals for real estate. With a fast-growing housing market, the city offers exceptional opportunities for investors. Various factors have caused a strong demand for real estate in Rio. The city attracts numerous tourists from across the globe, thanks to its scenic beaches, popular landmarks, and several other attractions. Moreover, Rio’s economy supports key industries, including mining and telecommunications. Also, investors can take advantage of the currently low real estate prices.
Perhaps, one of the most alluring factors that draw people to invest in Rio de Janeiro is the favorable regulatory environment for foreigners. The government’s permission to non-citizens to buy property in the investor’s name on a 100% freehold basis makes Rio one of the best places to consider purchasing real estate property. This way, international retirees can acquire permanent residence in the city and its suburban regions.
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