LatAm Real Estate: Another brick in the wall: CEF reaches R$1tn in mortgages; Multifamily gains traction in BZ; Senate defends removing 6x1 transition period

Research evidence excerpt

LatAm Real Estate: Another brick in the wall: CEF reaches R$1tn in mortgages; Multifamily gains traction in BZ; Senate defends removing 6x1 transition period

Global Research

2 July 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: CEF reaches R$1tn

in mortgages; Multifamily gains traction in BZ; Real Estate

Senate defends removing 6x1 transition period TainanAnalystCosta

tainan.costa@ubs.com

+55-11-2767 6091

CEF reaches R$1tn in mortgage portfolio (~68% of Brazil's total) Ana Julia Zerkowski

Associate AnalystAccording to the news, CEF reached R$1.0tn in its mortgage portfolio for the first

ana-julia.zerkowski@ubs.com

time in June (+14% YoY), representing 68% of all Brazilian mortgage credit. In 1Q26,

+55-11-2767 6303

CEF originated R$64.2bn in mortgage (+31% YoY). Additionally, MCMV accounts for

~58% of CEF’s mortgage portfolio, with 659k housing units financed under the

program in the last year. Accordingly, CEF concentrates nearly all MCMV operations,

while the bank is also seeking to expand its presence in mid-income financing

through SBPE resources. - Here

Multifamily projects gain traction in Brazil

According to the news, multifamily projects in Brazil are gaining scale after years of

tests, with large investors and operators such as Brookfield, Kinea and Greystar

expanding operation, even amid high interest rates. Based on a CBRE survey, the

inventory of residential rental projects for short and long stay could reach 20.6k

units by 2028, up +67.0% vs. the 12.3k units in operation in 2H25, while it could

reach 16.1k units in 2026, up +30.5%. This may be related to the pressure faced by

the mid-income segment from interest rates, moving demand toward rentals.

Additionally, CBRE simulations with mid-income apartments in SP show that a