Brazil is investing billions and billions ($100 billion?) into offshore oil. This creates and will sustain jobs for decades. I know people who couldn't find a job for years in Brazil and are now working in some capacity for the oil industry. Pay is not great, but at least they can feed their family.
The best real estate in Brazil now is in the cities where the oil workers need to live or will live in the future (some cities are still being developed). There is absolutely no bubble in most of these developments, because it's more of a local market and much of it is pre-construction. Foreign speculators are nearly completely absent and there is no flipping (like there was in the US). These are completely new cities that are springing up and they will have population growth for the rest of our lives. I don't see how you can lose investing in real estate in these new "petrol" cities, if you invest prudently and look for deals.