Latam Real Estate - Today‘s News: RJ Caps Building Heights at Ipanema/Leblon, Imported Goods Surge 85% in 2M, 2Q26 Warehouse Outlook

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Latam Real Estate - Today‘s News: RJ Caps Building Heights at Ipanema/Leblon, Imported Goods Surge 85% in 2M, 2Q26 Warehouse Outlook

J P M O R G A N Latin America Equity Research

17 July 2026

Latam Real Estate - Today's News

RJ Caps Building Heights at Ipanema/Leblon, Imported

Goods Surge 85% in 2M, 2Q26 Warehouse Outlook

Homebuilders & Brokers Latin American Cement &

Construction / Real Estate

AC• Rio de Janeiro caps building heights in Ipanema and Leblon to protect Marcelo Motta

neighborhood character - Metro Quadrado. Rio de Janeiro's city (55-11) 4950-6712

government created a new Cultural Environment Protection Area (APAC) marcelo.g.motta@jpmorgan.com

named "Bossa Nova," limiting new buildings to 20 meters in height across 11 Banco J.P. Morgan S.A.

blocks in Ipanema and Leblon to preserve the neighborhoods' low-rise Jonathan S. Koutras

character. The decree also landmarks 17 properties, protects the iconic (55-11) 4950-3549

Portuguese stone boardwalk, and prohibits constructions that cast shadows on jonathan.s.koutras@jpmchase.com

Banco J.P. Morgan S.A.

the beach. Homebuilders express concerns about legal uncertainty and reduced

Adrian E Huerta building potential, previously up to 30 meters in some areas, that could affect

(52-81) 8152-8720

project viability. adrian.huerta@jpmorgan.com

• Campo de Marte flight upgrades could cap building heights across São J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

Paulo – O Estado de São Paulo. São Paulo homebuilders expect a

Felipe Barragan Sanchez

workaround to prevent the Campo de Marte airport’s planned shift from visual

(52-55) 5283-1666

to instrument navigation from triggering stricter height limits for new felipe.barragan@jpmorgan.com

buildings, which the sector says would apply within a ~20 km radius.