Rio de Janeiro “the real success story of Brazil’s economic emergence”: Savills
All eyes are fixed on Rio de Janeiro, thanks to the World Cup.
But it’s the city’s real estate market which has caught the eye of Savills, which added the Brazilian capital to its World Cities index this year.
This year, the index expanded from 10 “global cities” to 12 with the addition of Rio de Janeiro and Dubai. The London stock exchange listed real estate agency counts Rio among the world’s “new world cities”, along with Dubai, Moscow, Mumbai, Singapore, Hong Kong and Shanghai. London, New York, Paris, Tokyo and Sydney make up the old guard.
In its Live/Work Index, Savills ranks the 12 cities according to their cost of renting residential and commercial space per employee, per year. Rio de Janeiro has the second cheapest Live/Work value on the list, more expensive than only Mumbai.
The Live/Work Index:
- Hong Kong
Live/Work cost per worker, per year: $123,000 - London
Live/Work cost per worker, per year: $115,000 - New York
Live/Work cost per worker, per year: $112,000 - Paris
Live/Work cost per worker, per year: $107,000 - Singapore
Live/Work cost per worker, per year: $76,000 - Tokyo
Live/Work cost per worker, per year: $74,000 - Dubai
Live/Work cost per worker, per year: $72,000 - Moscow
Live/Work cost per worker, per year: $70,000 - Sydney
Live/Work cost per worker, per year: $60,000 - Shanghai
Live/Work cost per worker, per year: $44,000 - Rio De Janeiro
Live/Work cost per worker, per year: $30,000 - Mumbai
Live/Work cost per worker, per year: $28,000
Source: Savills
According to Savills, Brazil was “one of the big global success stories” of the decade from 2000, with 40 million Brazilians joining the country’s middle class between 2005 and 2011.
The report claims that “tougher policing” in Rio de Janeiro has “helped to pacify the drug controlled favelas”.
With this year’s World Cup and the Olympics in 2016, there have been significant infrastructure investments in the country.