Dream condo on Rio's Ipanema beach at 50% discount as real falls

For investors with dollars, the dream of a condominium by Rio de Janeiro's most famous beaches is suddenly within reach, just in time for the Olympic Games.

A 467-square-meter, four-bedroom apartment with views of ocean swells rolling up on Ipanema Beach sells for 17 million reais, or $5.2 million. That's about half the price in dollars from a year ago thanks to sliding property prices and a rout in the local currency, according to Judice & Araujo, a Rio-based luxury home broker.

A 39 percent decline in the real the past two years, the most among 16 major currencies tracked by Bloomberg, is starting to entice foreign investors, said Frederico Judice Araujo, a partner in the company. Fueled by a surge of expatriate oil and mining workers, Rio was the world's 12th most-expensive city in 2011 - ahead of New York and London. It has since fallen to 65th, according to cost of living studies by consulting company Mercer.