Feb
21
Rio Mayor Says Olympic Condos a Hard Sell in Weak Housing Market
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Cos. plan to turn Olympic Village into thousands of apartments
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Rio’s real-estate prices are poised to fall `a bit further’
Some of the luxury apartments built in anticipation of the 2016 summer Olympic Games are at risk of being left unsold as the housing market deteriorates in Rio de Janeiro, Mayor Eduardo Paes said in an interview.
Developers will have a hard time selling units at the 31-building Olympic Village, known as Ilha Pura, where 3,604 apartments will be ready for the games in August, he said. Less than 300 of them have been sold so far. A four-tower development alongside the Olympic golf course is also exposed to the housing slump, according to Paes. Ilha Pura is a joint venture of Odebrecht and Carvalho Hosken, while Riserva Golf is an undertaking by Cyrela Brazil Realty…
Rio Mayor Says Olympic Condos a Hard Sell in Weak Housing Market
