Latam Real Estate - Today's News FGTS Budget, Mortgage Growth of 16% YoY, Campo de Marte Imbroglio, IGP-M Weakens & JPM HBs Day

Research evidence excerpt

Latam Real Estate - Today's News FGTS Budget, Mortgage Growth of 16% YoY, Campo de Marte Imbroglio, IGP-M Weakens & JPM HBs Day

rrett Greenblatt

contracts in 2026 (3mn since 2023), now serving families earning up to R$12k/ (1-212) 622-0424

garrett.greenblatt@jpmorgan.com

month and accounting for 85% of new projects. J.P. Morgan Securities LLC

• Campo de Marte’s IFR upgrade faces pushback from real estate sector –

Valor Econômico. Pax Aeroportos plans to implement instrument flight rules

(IFR) at Campo de Marte in August, requiring all new projects within a 20km Brazilian HBs Coverage Summary

radius (528 launches in 2024-25, 91% of city total) to undergo review, Rating PT Dec-26 P/BV

potentially delaying project approvals by 3-6 months and raising costs by R CYRE N R$ 35.50 0.94x

EZTC N R$ 20.00 0.70x $2.3-2.7 bn/year according to developers associations. The new rules will TEND OW R$ 46.00 2.81x

expand the restricted zone, with 479 projects likely to exceed the new 828m MRVE OW R$ 11.00 0.70x

altitude cap, and most of the affected areas are within 4.7km of the airport. CURY N R$ 47.50 6.24x

DIRR N R$ 18.50 3.26x

While Pax disputes the cost estimates, developers warn the process is

unpredictable and could slow launches, especially for high-rise and central Source:for all stocks.J.P. Morgan estimates. Priced as of last trading day

projects, and the city expects a surge in licensing reviews.

Latam Properties Coverage Summary

• Nova Milano Capital reaches 50% stake in Even – Valor Econômico. Nova Rating PT Dec-26 P/FFO 26e

Milano Capital increased its stake in Even (not covered) to ~100.1mn ordinary MULT OW R$ 42.00 11.9x

shares, equivalent to 50% of the total, up from 49.2% previously. The asset IGTI OW R$ 36.00 10.8x

ALOS OW R$ 40.00 9.5x