Dec 09, 2024 (MENAFN via COMTEX) --
(MENAFN - The Rio Times) The Brazilian real estate market witnessed a significant upturn in 2024. New home sales increased by 23% from January to August. This growth was largely driven by the government's housing program, Minha Casa, Minha Vida.
The Minha Casa, Minha Vida program saw a 28.8% rise in units sold. The total value of these sales grew by 25.3%. This program aims to provide affordable housing to low-income families across Brazil.
The Abrainc-Fipe indicator reported 121,930 units sold during this period. Abrainc, the Brazilian Association of Real Estate Developers, partnered with Fipe , the Economic Research Institute Foundation, to compile this data.
Launches within the Minha Casa, Minha Vida program also showed impressive growth. The volume of launches increased by 43.9%, while their value rose by 46.6%. These figures highlight the program's expanding reach and impact.
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The medium and high-end segments of the market also performed well. Despite high interest rates, sales volume in this sector grew by 4.7%. The total value of sales in this segment increased by 25.9%.
Launches in the medium and high-end market saw modest growth. The volume of launches increased by 4.2%, while their value rose by 9.1%. This growth occurred despite challenging economic conditions.
Brazil's Housing Boom: 23% Surge in New Home Sales
Luiz França, president of Abrainc, acknowledged the sector's challenges. He particularly noted the difficulties in mortgage financing for the middle class. However, França remained optimistic about the market's future.
França believes that new funding sources for buyers will strengthen the real estate market. He expects the sector to continue contributing significantly to Brazil's GDP. The industry's role in job creation and income generation was also emphasized.
This growth in the real estate sector reflects broader economic trends in Brazil. It suggests increasing consumer confidence and a recovering economy. The success of the Minha Casa, Minha Vida program also indicates effective government policy.
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COMTEX_460635364/2604/2024-12-09T02:52:20
