Rio rush

  @FortuneMagazine November 21, 2013: 7:16 AM ET
FIO09 favelas rio

The Vidigal shantytown in Rio is gentrifying, and prices of housing are soaring.


Early last year a Brazilian music producer named James Cesari hopped onto the back of a motorbike taxi and roared up to the top of one of Rio de Janeiro's favelas. There on a hillcrest in Vidigal, an area that had suffered years of gang violence, he found his dream home. Set amid a tangle of electrical wires, potholed roads, and small eateries, Cesari's one-bedroom cost 15,000 reais (about $7,500), plus about 50,000 reais (about $25,000) to renovate. Now the living room has a view of Ipanema's beaches and the tropical islands beyond. Cesari, who is 36, gazes out at the view from his couch and says, "This place is priceless."

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