Latam Real Estate - Today's News Housing Prices +0.5% MoM, Loft to Enter MCMV, TEND to Enter IBOV, Helloo Expansion

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

05 August 2026

Latam Real Estate - Today's News

Housing Prices +0.5% MoM, Loft to Enter MCMV,

TEND to Enter IBOV, Helloo Expansion

What’s Happening Today?

TEND 2Q26 Conference Call - 8AM ET / 9AM BZ (link here)

IGTI 2Q26 Conference Call - 9AM ET / 10AM BZ (link here)

MALLPLAZ 2Q26 Conference Call - 10AM ET / 11AM BZ (link here)

Homebuilders & Brokers

Housing prices +0.5% MoM in July - Fipe Zap. The average asking price for

residential properties in Brazil reached R$9.9k/m2 in July, rising 0.46% MoM

(+5.5% yoy) according to the FipeZap index, which covers 56 cities. The rise

was above the acceleration of both the IGP-M (-1.2% MoM) and the IPCA-15

preview (+0.1% MoM). Vitória (ES) had the highest average price at R$15.5k/

m2, while in São Paulo, the average price was R$12.1k/m2, up 0.4% MoM.

Loft plans expansion into MCMV - Valor Econômico. Brazilian real estate

platform Loft, which began operating in the new-home market in May 2026 for

units above R$600k, plans to expand into the MCMV affordable housing

program to serve the “entire pyramid” of new properties. The company aims

to intermediate R$15bn in new-home financing in 2026 and R$12bn in total

mortgage credit including the secondary market.

Tenda set to join Ibovespa after nearly 20 years, driven by MCMV growth

- O Estado de São Paulo. Nearly 20 years after its B3 debut, Tenda is set to

join the Ibovespa index, having met trading and liquidity requirements amid a

surge in business driven by the MCMV program. The company’s 2Q26 results

(our take below) showed net income of R$179mn and net revenues of R

$1.29bn (+30% yoy), as MCMV demand and recent program adjustments

boosted sales and profitability. Tenda’s stock is up over 50% LTM,

outperforming sector peers, and analysts highlight its strong position in lowincome housing and operational efficiency as key drivers for its index

inclusion.

São Paulo will have a new park - Metro Quadrado. The city of São Paulo

will build a new park in the historic Bixiga neighborhood, featuring the

“resurrection” of the Bixiga River, which has been buried underground for

nearly 100 years.…