The Stagnancy of Rio’s Property Market
As favelas are being torn down throughout the city, the need for affordable housing is becoming more and more prevalent. However, Rio, with its developers destined to sell high end apartments, is not providing opportunities for these people. With the recent economic downturn, Rio is having trouble selling apartments across the city as it is going through its worst real estate drag in decades. Numerous luxurious apartments are sitting with no buyers as more affordable options for citizens are not available for those that need them.