In 2023, Brazil’s real estate market faced an 11.4% fall in new property launches, dropping to 293,013 from 331,010 the year before.
Yet, the overall value of these properties stayed at R$ 174 billion, showing market strength, as reported by the Brazilian Chamber of Construction Industry (Cbic).
The slight fall in property launches contrasts with the stable value, hinting at a rise in property worth. Sales also decreased by 1.4%, with 322,851 properties sold.
Despite this, revenue from sales went up by 13.8% to R$182 billion. This rise in value, even with fewer sales, points to growing property appeal.
A key part of the report was the “My House, My Life” (MCMV) program.
This government housing plan saw a 14.7% boost in launches and a 4% increase in sales in the last quarter of 2023.
Compared to the third quarter, launches and sales under MCMV rose by 26.5% and 4.2%, respectively.
About 48% of the last quarter’s launches were MCMV homes, making up 39% of the quarter’s total sales.
For 2024, Cbic looks forward to the real estate market‘s expansion.
It predicts that the continuous drop in interest rates and the strengthening of the MCMV program will positively impact the market.
CBIC predicts 5-10% MCMV market growth and up to 5% overall increase, given stable economy.
This optimism highlights the real estate sector’s potential for growth and its significance to Brazil’s economy.
More: Brazil news in English, every day from The Rio Times.
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