LatAm Real Estate "Another brick in the wall: Cury may see room to reneg..."

Research evidence excerpt

LatAm Real Estate "Another brick in the wall: Cury may see room to reneg..."

Global Research

14 May 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: Cury may see room

to renegotiate with suppliers; Santander Real Estate

financing up to 90% of property value TainanAnalystCosta

tainan.costa@ubs.com

+55-11-2767 6091

Cury may see room to renegotiate with suppliers Ana Julia Zerkowski

Associate AnalystAccording to the news, the increase in construction costs driven by the conflict in

ana-julia.zerkowski@ubs.com

the Middle East has raised concerns among developers, but Cury states it is starting

+55-11-2767 6303

to see room to renegotiate material prices. Accordingly, as there is an expectation

that higher project costs could reduce market demand, suppliers are indicating

there is a “window” to revise prices. However, Cury co-CEO noted that this

negotiation margin will not necessarily result in a reduction in construction costs,

indicating it may instead help maintain current price levels. Additionally, Cury is

already working with an expected inflation of ~8% for INCC. Meanwhile, according

to the co-CEO, higher oil prices do not lead to an automatic adjustment in real

estate prices, as pricing capacity depends more on project location, commercial

pressure from launches and demand for the developments rather than solely on

increases in construction material costs. Lastly, Cury stated that raising prices to

gain margins immediately after cost-related news does not make sense, noting that

the real estate sector does not operate with automatic price adjustments. - Here

Santander to finance up to 90% of the property value

According to the news, Santander raised the maximum percentage of real estate