Sales Drop for Helbor and Trisul Signals New Reality for São Paulo Property Market

Official reports from Helbor and Trisul, two major players in São Paulo’s residential property market, confirm that the Brazilian construction sector now faces declining sales, shrinking launches, and tough trade-offs.

Both companies published their Q2 2025 operating previews, referencing their regulatory filings and investor releases. Helbor reported a net sales value (VGV) of R$277 ($50) million in Q2 2025, a 2.3% drop from the previous year.

The value of new projects launched plunged to R$467 million, 20% less than last year and down 56% versus Q1. Its total gross sales for the quarter fell by 12.2%.

However, more positive figures for the first half of 2025 show gross sales jumping to R$1.08 billion, representing an 11.3% rise from the prior year.

The sales speed stands at 18%. Helbor’s land portfolio, one of the largest in Brazil, offers about R$11 billion in future projects and remains a strategic asset for weathering slowdowns.

Trisul posted a Q2 2025 gross sales result of R$318 million, 5.2% lower than last year. Net contracted sales dropped by 9.3% to R$284 million, and the number of units sold shrank by 11.5%.

The company’s sales speed metric fell to 14.3%. On the positive side, Trisul’s land bank holds a potential R$5.7 billion for future developments. The market struggles stem directly from Brazil’s broader economic context.

Interest rates remain high, with the central bank’s benchmark rate at 13.25% as of March 2025, which makes mortgage credit more expensive and lowers demand. Material and labor costs also weigh on developers.

The National Construction Cost Index has climbed 6.85% in annual terms, amplifying the squeeze on margins. Labor shortages make it harder for developers to deliver on time, an issue the Brazilian Association of Construction Material Industry confirmed.

Government programs and targeted subsidies, such as Minha Casa, Minha Vida, now back families earning up to USD 2,400 per month, although buyers still face hurdles if rates do not ease.

The state earmarked USD 4.7 billion to address the housing deficit, with a target of 2 million new units by the end of 2026. Despite these massive injections, delays in municipal approvals and rising costs persist.

Current real estate prices show moderate gains compared to inflation, with house prices rising 7.97% year-on-year by April 2025.The residential real estate market reached a value of USD 52.11 billion.

It remains on track to climb to USD 67.55 billion by 2030, according to sector analysis. Both Helbor and Trisul maintain considerable land reserves, avoiding overextension and preparing for future cycles.

For investors and families alike, today’s figures highlight how rising costs and expensive credit slow property market activity, despite Brazil’s urgent housing needs and persistent urban growth targets.

While developers consolidate and adapt, the real story remains one of hard numbers and pragmatic adjustments.

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