Real estate financing is expected to increase by 7.8% this year, of which 40% will be made with the resources of the Service Time Guarantee Fund (FGTS), the Brazilian Association of Real Estate Credit and Savings Institutions (Abecip) reported on Wednesday.
According to the entity’s data, real estate financing with the resources of the Brazilian Savings and Loan System (SBPE) and FGTS should be concluded in 2024 with concessions in the order of 270 billion reais against 250 billion in 2023.
With savings resources alone, the estimated level of real estate financing is 164 billion reais, up 7.6% on an annual basis, which would make the result one of the three best in the historical series, together with the volumes of 2021 and 2022, according to the association.
In the case of FGTS, Abecip works with the amount defined by the Board of Trustees for Housing, equal to 106 billion reais, although it considers a possible budget integration, given the good performance of hiring in the first half of the year. The amount is 8.1% higher than that allocated last year for the sector.
In the first six months of 2024, real estate financing amounted to 149 billion reais, up 30% compared to the same period in 2023, also thanks to the 75% increase in contracts through FGTS, to 67.2 billion reais, reflecting the new measures of the federal government for the Minha Casa Minha Vida housing program.
Over the same period, SBPE’s savings financing grew by 7%, to 82.1 billion reais.
Amid the market warming, Cities Minister Jader Filho said last month that the government is considering increasing FGTS funds for housing to 25 billion reais this year. According to Abecip data, the current volume has already been consumed by more than 60% in the first half of the year.
Source: Terra
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