The success of the popular Brazilian social housing project, Minha Casa Minha Vida, has meant that an incredible 67% of the population is in a position to buy their own home, compared with a figure of just 10% in 2005.
Waseem Saddique, founder and current acting CEO of Housetech Developments, a major real estate development company in Brazil, says "A constant decrease in disparity means that it is becoming easier to own a property in Brazil so this percentage is only set to rise further."
The Brazilian real estate market has grown tremendously over the past few years, and the government has actively encouraged developers to invest in the country. The federal government launched the social housing project, Minha Casa Minha Vida in 2009 as a way of combating the lack of affordable housing in Brazil. It enables developers to concentrate on affordable housing for the lower and middle class population, and it's estimated that the housing demand in Brazil will reach around 1.8 million by the end of 2014. The Minha Casa Minha Vida program intends to add around 2 million new homes to the market, with the emphasis being on affordability.
When phase 2 of the program began President Rousseff announced that those on low incomes would find it much easier to buy their own home as the government would partly pay for the property purchases. In 2005 the average monthly income required to buy a home was R$4500. This figure is now just R$1400, putting the purchase of Brazilian property within the reach of the average family.
Waseem Saddique went on to say "As well is boosting the property market, Minha Casa Minha Vida has pushed housing construction to record highs throughout the country, a positive outlook for Housetech Developments."
Housetech is a specialist construction company, whose primary focus is to build affordable homes to a high specification, offering excellent value.