Latam Real Estate - Today‘s News

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

15 September 2026

Latam Real Estate - Today's News

HBs Ask for VAT Reform Delay, CEF Strike Update,

MULT IoC Payment, Families’ Indebtedness

What’s happening today?

Breakfast with SiiLA CEO Giancarlo Nicastro on Commercial Properties

Outlook @ JPM offices.

Homebuilders & Brokers

Construction sector asks for one-year delay in Brazil’s tax reform amid

rate uncertainty - O Estado de São Paulo. Real estate and construction

executives are requesting the start of Brazil’s tax reform be postponed by at

least 1 year, citing uncertainty over the tax rate for construction and property

sales, and greater compliance complexity. The sector currently pays a 4% levy

on gross revenue under RET (a special tax regime for construction), which

would be replaced by the CBS and IBS (new goods & services taxes) with a

phased transition through 2033, complicating planning for projects that

typically run 5–6 years; MRV said it builds about 40k apartments per year.

Under the legal timetable, the reference rate for 2027 is to be technically

validated by the TCU and sent to the Senate by Oct 30, with the Senate deadline

to vote and publish the rate by Dec 15—otherwise the TCU-calculated rate

applies.

CEF abandons legal action against striking bank workers; nationwide

strike continues indefinitely - Folha de S.Paulo. The bank withdrew its

request for a labor court injunction and reopened negotiations with the union

after employees rejected its latest offer, with the main dispute centered on

health plan costs. Branches remain closed across Brazil, and no end date for the

strike has been set. CEF’s proposal included a R$3,000 bonus per employee,

PLR payment, and increased health plan funding, but workers objected to

higher employee contributions and other plan changes.

Swaps surge in high-end real estate, driven by short-stay rental demand

and capital constraints - Metro Quadrado. Developers like TGB Imóveis,

SIG Engenharia, and Benx are increasingly acquiring old buildings in prime

areas (e.g., Leblon, Jardins, Itaim Bibi) by offering owners new units in future

projects instead of cash, with up to half the property value now exchanged via

swaps.…