Buying in Brazil: Pelé was given a gift of land in north-east Brazil after the country's 1970 World Cup win - and now he's building apartments as tourism takes off in the area. Below: São Paulo is booming says Tom Hennigan
Brazilian football legend Pelé will personally give buyers of apartments in his development in Natal, north-east Brazil, the keys to their homes at the official opening sometime in early 2008.
King's Flat, a development of 32 apartments in a six-storey block, is being built on 1,400sq m (15,069sq ft) of land in Ponta Negra, Natal, which was given to him by the state of Brazil for his contribution to sport after Brazil's 1970 World Cup win. It is being sold to Irish buyers through the Dublin office of World Class Homes. There are 11 homes left for sale in King's Flat, ranging in price from €72,000 to €148,000.
Pelé is planning more developments in the area: "I am investing in Natal now because it is a great business opportunity and I have never built anything here before. I have wanted for years to show my gratitude to the state by investing in a sound and reputable business plan here in Natal."
Natal, only 5 degrees from the Equator, has become one of Brazil's main tourist areas because of its average annual temperature of 27 degrees. It is also Brazil's closest point to Europe, with a flight time of between six and nine hours from most European cities. There are now weekly flights from Gatwick to Natal.
The Brazilian government is building a new airport in Natal due for completion in 2009; it is planned to be the biggest airport in South America.
World Class Homes is also selling another development, Conde de Barcelona, in the area. Sixty-six apartments and 14 bungalows in this scheme cost from €86,298 for a ground floor apartment to €148,668 for a second floor apartment with terrace.
The 79sq m (850sq ft) apartments come with terraces, air conditioning, fitted kitchens and access to a communal pool.
In the past year, many Europeans have "discovered" Natal, a city with a population of around 800,000, and the beaches nearby, fuelling a boom in construction as investment properties are built. There has been growth in foreign tourism of 134 per cent in Natal between 2002 and 2005.
There are no restrictions on foreigners buying property and ownership is 100 per cent freehold, according to Dara O'Neill of World Class Homes.
