Another brick in the wall: Elevator becomes construction bottleneck; FGTS use under Desenrola reaches 0.4% of limit; Gafisa sells three assets in RJ

研报英文原文证据摘录

Another brick in the wall: Elevator becomes construction bottleneck; FGTS use under Desenrola reaches 0.4% of limit; Gafisa sells three assets in RJ

Global Research

20 July 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: Elevator becomes

construction bottleneck; FGTS use under Real Estate

Desenrola reaches 0.4% of limit; Gafisa sells TainanAnalystCosta

three assets in RJ tainan.costa@ubs.com+55-11-2767 6091

Ana Julia Zerkowski

Associate Analyst

Elevator becomes bottleneck; developers to order up to 18 months in advance ana-julia.zerkowski@ubs.com

+55-11-2767 6303According to a media report, a stronger real estate market has revealed a new

construction bottleneck, with the elevator supply chain facing constraints in

equipment manufacturing and in the capacity to install, maintain and quickly

restore elevators when they fail. Notably, the same supply chain that serves new

developments must also keep elevators operating across the country. As a result, it

is noted, the main challenge is not a lack of parts, but a shortage of qualified

workers. In SP, developers report that elevators have become one of the first

decisions in the construction schedule, with equipment being ordered before

construction begins and ~18 months before the structure is completed. This change

follows a transformation in building profiles, as new developments have more

floors, more units per tower and more sophisticated systems. Also, it is reported

that logistical and installation challenges are greater in the high-end segment,

where more complex technical specifications increase project development times.

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FGTS use under Desenrola program reaches 0.4% of available limit

According to the news, FGTS resources used for debt payments or amortization