Brazil is coming out of a lengthy recession following years of political turmoil. Home prices fell 3.23 percent in 2017 and 5.38 percent in 2016, when inflation is factored in, according to the FipeZap Index, which tracks sales in 20 Brazilian cities.
The price fall was the first recorded since FipeZap began calculating its much-followed indicator 10 years ago
Government policymakers and industry executives will meet on Tuesday in Brasilia to decide on a final version before sending it for congressional approval
Priced out of Rio's favelas, Brazil's poorest communities are squatting in abandoned government buildings.
Brazil's economy has grown 1% in the first three months of 2017, putting an end to the country's longest recession in history, officials have announced.
The FipeZap indicator, a monthly gauge of home sale prices that covers 20 major Brazilian cities, fell 0.04 % last month from February
The housing market is still recovering from Brazil’s recent economic and political turmoil. The economy fell into a deep recession starting in 2014, and last year, the president, Dilma Rousseff, was impeached amid charges of corruption and misconduct. “This affected international interest,” Ms. Cazarin said.
Real estate activity in the greater São Paulo area, Brazil's largest market, should rebound this year as interest rates fall and the government pushes through key economic reforms, a construction industry group said on Tuesday.
An indicator of home building activity in Brazil eroded further in December as a prolonged recession worsened unemployment, wages and home pricing in Latin America's largest economy.
Brazil's housing starts fell sharply in December following several months of improvement, an industry group said on Monday, indicating a still fickle pickup in real estate activity as the economy edges closer to a recovery.
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