Housing credit with savings funds (SBPE) in Brazil totaled BRL 17.5 billion in November, representing an increase of 26.8% compared to the same month in 2020, the representative said on Tuesday (21) of the sector’s financiers, Abecip.
The data shows that homeownership loans continued to expand, but at a much slower pace than in the first months of the year, as the Central Bank’s aggressive campaign to try to cool inflation has already led to the benchmark interest rate in 2021 from 2% to 9.25% per year.
In the first 11 months of this year, real estate loan concessions by the SBPE reached R$ 189.4 billion, informed the Abecip, an increase of 77.8% compared to the same period last year.
The combination of rising interest rates and a sharp rise in input prices has gradually cooled real estate activity, one of the fastest growing in Brazil during the pandemic, as the BC last year had cut the Selic as part of efforts to make the economy react to the impacts of the social isolation measures that led the country to recession.
In March, real estate credit by the SBPE had reached R$ 18.35 billion, a 172.7% increase compared to the same month last year.
Faced with the new scenario, builders and developers are already starting to redo their projections. On the eve, Tecnisa cut its launch forecast for the 2020-21 biennium to R$1.1 billion, compared to a previous projection of R$1.2 billion to R$1.5 billion.
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