Abstract
This is the first edition in BMI' s new series of reports on real estate
sectors around the world. We have sought to incorporate data and insights
from our reports on infrastructure and commercial banking, as well as our
own forecasts for the economies of the various countries that we survey.
Key issues - Brazil
We suggest that the following are the key issues to monitor for the real estate sector in the coming year or so:
- The absolute level of bank lending in Brazil, given that the availability of finance appears to have been the main challenge in the recent past.
- The continuing strong growth in the construction sector, given that this has been the major positive for the country.
- Any clear sign in improvement in bureaucracy and the legal system.
- Continued steady growth in property prices.
These conclusions are based on our proprietary Real Estate/Construction Business Environment Rating (RECBER), the component factors of which we discuss in detail.
The conclusions are also set against recent conditions in the commercial office market, for which we have used office rents in major cities as a proxy, and in the residential real estate market, for which we have used housing prices as a proxy.
A major trend throughout all our real estate reports is that, mainly due to the global financial crisis, access to funding will be more important than usual. Accordingly, we have incorporated overviews of conditions in the commercial banking sector, both globally and in the region of each country. We have also looked at the issues that will drive the fortunes of Real Estate Investment Trusts (REITs) over the coming months.
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