The common areas of projects financed by the CVA (Casa Verde and Amarela) have offered experiences previously only found in projects of medium and high standards.
Games room, coworking space, gym, bike rack, pet place and swimming pool are in all the launches of large builders in the low-income segment.
“We have to qualify the product to justify the higher price”, says Leonardo Mesquita da Cruz, commercial vice president of Cury.
The construction companies compete for the attention of families that fall into the higher groups of the housing program, with income limits of up to R$ 8,000.
The challenge of making the value of the property accessible to this public in the midst of the strong escalation of civil construction costs has been solved with the reduction of individual square footage.
Two bedroom apartments are designed between 35 m² and 45 m². The masonry and finishing materials differ little from those used in larger and more expensive properties. As there are more units per project, the cost is diluted. A single condominium has up to 800 homes financed by Casa Verde e Amarela.
“In the area of leisure, nothing changes. It ends up being difficult to see the difference between a housing project and one of upper middle class”, says Felipe Videira, director of CTV Construtora.
The living spaces
Area reserved for dogs with heated shower is one of Árbore Engenharia’s bets to differentiate itself from the large construction companies in the segment. “Current construction costs have left our margin tight, and it is necessary to understand the buyer’s need. We are even putting beach tennis and parking spaces in the projects”, says Hugo Reichenbach, managing partner of the company.
In general, the construction companies also guarantee a toy library, barbecue, gourmet space, playground and party room, more traditional in condominiums.
In addition to lowering construction costs, having hundreds of apartments on the same land makes it possible for program beneficiaries to pay the condominium fee to enjoy these living areas.
“After we went through a pandemic, leisure became indispensable, since the value of housing became even more important”, says Christiane Dias, director of CAC Engenharia.
“Even with the challenges, we are managing to develop products with differentials, and this strategy is directly reflected in the sales results”, says Dias.
Investment in leisure areas keeps companies competitive in a segment with a significant share in the sector’s results.
According to Luiz França, president of Abrainc (Brazilian Association of Real Estate Developers), 77% of real estate acquisitions in 2021 were completed due to the benefits of Casa Verde Amarela. The data was verified by Brain Intelligence Strategic
“The CVA and the high standard are what sustain the market today, inflation has held back the middle class”, says Felipe Videira, director of CTV Construtora. The company expanded its focus on the program’s audience to make it possible to build real estate in the north of Rio.
With new program updates, a greater number of beneficiaries will have access to lower real estate interest rates and longer financing terms.
The change extended the income limit of the intermediate group. Before, this range ranged from R$2,600 to R$4,000, now it is from R$3,000 to R$4,400. In group 3, it went from R$4,000 to R$7,000 to R$4,400 to R$8,000.
The contracting of housing financing at Caixa through the program was R$ 7.2 billion in August. About 40% more than recorded in the same month of 2021, a historic year for the real estate market.
This sales growth potential in groups 2 and 3 of Casa Verde and Amarela places construction companies in the focus of investors. Investment analysts project strong gains in the shares of the main players: Plano & Plano, MRV, Cury, Direcional and Tenda.
Plano & Plano, which is concentrated in the metropolitan region of São Paulo, closed the first half of this year with a land bank of 1.1 million square meters, with sales potential of R$ 10.2 billion. There are 16,598 apartments under construction.
Cury, with operations in the metropolitan regions of São Paulo and Rio, adds 17 launches this year, with the potential to generate R$ 2.6 billion in revenue.
“Tenda was impacted by the increase in the costs of cement, steel and other raw materials. Due to this reality, we had to reduce launches and readjust prices to prioritize the recovery of margins”, says Luiz Maurício Garcia, CFO of company.
In the 1st half of 2022, the construction company and developer that operates in group 2 of the CVA launched 17 projects with a total sales value of BRL 1,236.3 billion.
“We believe that access to affordable housing will continue to be a priority for 2023, regardless of the government,” says Garcia.
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