By Georgia Grimond, Senior Contributing Reporter
RIO DE JANEIRO, BRAZIL – For the last six years, following a property boom, Rio has been home to the most expensive and perhaps the most over-priced real estate in Brazil. Now with the economy retracting, the value of the real currency falling and tighter mortgage lending, prices are beginning to drop but remain some of the highest in the world.
“After the Brazilian currency lost around fifty percent compared to the U.S. dollar in the last twelve months, and based on Rio de Janeiro’s most expensive neighborhood, Leblon, where the average . . .