Explain why the depreciation of the Brazilian real has led to foreign investment in Rio’s real estate.

For foreign investors, a 21% fall in the Brazilian real since the start of 2020 has encouraged the purchase of real estate. Before the 2016 Summer Olympics, Rio’s real estate market was compared to that of New York or Paris. After the games, property prices fell and the real depreciated nearly 37%. Now real estate in Rio is heating up after a slash in interest rates.