Brazil Homebuilding: Project-Level Data on Brazilian Homebuilders: Cury Improving – May/26

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Brazil Homebuilding: Project-Level Data on Brazilian Homebuilders: Cury Improving – May/26

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23 Jun 2026 21:50:11 ET │ 21 pages

Brazil Homebuilding

Project-Level Data on Brazilian Homebuilders: Cury Improving –

May/26

Andre Mazini, CFA AC

CITI'S TAKE +55-11-4009-2017

We update our novel dataset for Brazilian homebuilders, providing andre.mazini@citi.com

information on a project-by-project level. We scrap information from each Piero Trotta

project’s website to assess metrics such as the duration at launch and under

construction status, and then provide statistics, such as which companies +55-11-4009-7781

have projects taking longer to complete than average. Cury continues to piero.trotta@citi.com

reduce the share of projects exceeding 36 months under construction from Kiepher Kennedy

14.3% (Feb26) to 9.5% (May26), indicating better execution discipline. On +55-11-4009-2641

launches, Cury also reduced the launch projects above 6 months from 57%

(Dec25) to 28% (May26), while Direcional’s remains elevated at roughly 51%. kiepher.kennedy@citi.com

Eztec continues to stand out as the most stable peer, maintaining tight

control over launch timelines with minimal deviations from its historical

pattern. Cyrela maintained stabilized launch durations, while its under-

construction projects went to 16% in May (+3% MoM), given the Arbo

Residences (RS) project that exceeded its average duration.

Our methodology — We use web scraping techniques to access each project’s

website (such as Eztec’s, link), check how long the project stays under the launch

status (showroom is open) and construction work status. Average launch period is

uniform at six months for Direcional and Cury, and nine months for Cyrela and Eztec,