Price of real estate is insane everywhere. Here in Brazil there are not many foreigners buying houses but prices are completely unrelated to income since 2010.

Price of real estate is insane everywhere. Here in Brazil there are not many foreigners buying houses but prices are completely unrelated to income since 2010. It has more to do with cheap money, lack of other investment opportunities (at least the perceived lack of) and the good old Ponzi scheme ("la vivienda nunca baja"). Government loves that because it is an easy way to swell up the economy (now we are paying the price for this kind of disingenuous measure) and also the payment of certain taxes like property and real estate transfer.