The most recent economic analyses have pointed Brazil as the main BRIC. In short, Brazil has more possibilities for responsible opportunities than Russia, India and China.

In addition to having controlled inflation and stabilizing its macro-economy, there is political freedom in Brazil, and the political risks are less. The interferences in the right to property have been identified and are being dealt with by society. Analysts argue that Russia and China still suffer from strong governmental controls over the right to private property; in India, though a democratic society, there is an important religious and intellectual class that supports the idea that the government should interfere in a number of private activities. They also say that the interest of foreigners in a second residence in China is small, and this is actually forbidden in India. On the other hand Brazil, like the US and Spain, is open to such investments.

In addition, the number of home owners has increased in Brazil. With an increase in real income and an improvement in the economy, the purchase of real estate and the consumption of other goods have also grown. After years of working at low capacity, the real estate industry has persuaded the government to define more appropriate legislation in the sector for the present internal economic situation. With solid regulations and legal security, accessible real estate credit is once more being offered to Brazilian citizens.

But although the economic and productive scenario in Brazil is totally different to that of the last twenty years, there is still a huge lack of housing in Brazil. There is a shortage of eight million dwellings for a population which lacks finance. It is necessary that the government change its traditional policy and guarantee these families access to the greatest good a human being can have: a dignified home.

In spite of this, there is no lack of optimism. We believe that in the same way that it has been possible to change a negative situation through responsible policies, with which it was possible to take advantage of a good moment internationally and place Brazil on the road to development, a way will be found to end this social blemish.

The productive sector, the government and society are now aware that Brazil cannot turn back from the path toward growth and that there is no more possibility of a return to inflation. The principle of democracy has now been consolidated, and no other government model can be imagined. Even when faced with the North-American financial crisis, which has brought changes to stock exchanges throughout the world, Brazil’s bases have stayed firm. It has to be remembered that the stocks of the corporations and construction companies listed on the São Paulo Bovespa Stock Exchange fell sharply from 2005 to 2007 accompanying world trends. But this little reflects what is actually taking place inside the companies.

One should not relate the financial health of the Brazilian real estate companies to the swings in the price of shares, but one should have faith in a solid economy and a balanced and serious real estate market which is growing. This certainty makes us believe that Brazil really does have a special place among the emerging economies of the world.

João Crestana, President of Secovi, São Paulo state, is Rector of Secovi University