Investors who think this trend is bound to reverse, especially once the systemic risks posed by the U.S. and Europe start to subside, might consider Brazil real estate equities, or global REITs, worth a buy.
Until the global economy looks more balanced, and that depends on Brussels and Washington for the time being, the fundamentals of Brazil real estate will seem to be built on straw when they have probably never been so good.
Indeed, the greenback is up 26% on Brazil's real and 50% on Poland's zloty.
Argentina is hanging tough, but Brazil's real has lost 30% of its dollar value this year.
At the other extreme, Brazil's real interest rate of almost 6% is among the highest in the world.
Morgan, an investment bank, recollects in a recent report, the last time Mr Greenspan tightened monetary policy, in 1999-2000, Brazil's real took a dive.
Brazil 's Real Falls on Speculation Central Bank May Limit Rally.
As in Mexico four years ago, Brazil's real estate market has been a prime beneficiary of the drop in borrowing rates and other good economic news.
In January 1999, as the Asian financial crisis spread to Latin America, the Brazilian government abandoned the dollar peg and the value of Brazil's real tumbled.
That would have one beneficial effect, by discouraging the inflows of short-term foreign capital that have pushed up the value of Brazil's currency, the real, thereby making Brazil's exports less competitive.
Brazil is a real growth area for them.
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This time, as capital flows to the region slow or reverse, its flexible currencies will take some of the strain: Brazil's real has already edged downwards by 9% or so since the end of March.
In Brazil itself, the real's flotation sparked a 33% one-day surge on the depressed bourse.
If the dollar price goes up in Brazil, the rising real masks the cost and there is no meaningful demand destruction.
In the aftermath, the real, Brazil's currency, fell once again, as investors worried about the damage to the government's austerity programme.
The fall of the real, Brazil's currency, was easily avoidable.
But a weaker economy, and low interest rates, and government policy mis-steps that have turned investors off to Brazil soon turned the real into the weaker currency Mantega wanted all along.
More than a year ago Hanke explained that Brazil's Plano Real, which pegged its currency to the dollar, dangerously quashed free market forces by giving the central bank the power to set both the exchange rate and monetary policies.
Since October the real, Brazil's currency, has rallied from nearly 4 to the dollar to 3.5, while the risk premium on the country's bonds has dropped from a peak of 25 percentage points over those of the United States' Treasury to 14.
The strength of the real artificially boosts Brazil's position in international pay comparisons.
Despite an initial big fall in its currency, the real, after Brazil abandoned its exchange-rate peg, inflation in 1999 was within its target range at just under 9%.
Otherwise, Mr Cardoso risks going into history as the leader who, by failing to give firm fiscal underpinning to the real, squandered Brazil's best development opportunity in more than a generation.
According to the 20th annual survey of Association of Foreign Investors in Real Estate (AFIRE), released last week, Brazil has become the 2nd top pick for global commercial real estate investors.
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Despite the price increases, FIPE says there is no real estate bubble in Brazil.
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Though the devaluation of Brazil's currency, the real, was widely anticipated, it nonetheless jolted the global financial system.
His former Real Madrid teammate and Brazil World Cup star Ronaldo was also honored ahead of kick off.
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Brazil's currency, the real, has already soared to levels that make manufacturers wince.
Oil money is already helping to drive up Brazil's currency, the real, hurting manufacturers struggling with high taxes and poor infrastructure.
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