LatAm Real Estate Another brick in the wall: Executives see funding risks for MCMV growth; Reforma Casa Brasil at 7% of total budget

研报英文原文证据摘录

LatAm Real Estate Another brick in the wall: Executives see funding risks for MCMV growth; Reforma Casa Brasil at 7% of total budget

Global Research

28 July 2026ab

LatAm Real Estate Equities

Latin AmericaAnother brick in the wall: Executives see

funding risks for MCMV growth; Reforma Casa Real Estate

Brasil at 7% of total budget TainanAnalystCosta

tainan.costa@ubs.com

+55-11-2767 6091

25% of real estate executives see funding risks for MCMV growth Ana Julia Zerkowski

Associate AnalystAccording to a GRI Institute survey, one in four executives from developers and

ana-julia.zerkowski@ubs.com

asset managers believes there will be insufficient credit to support the projected

+55-11-2767 6303

growth of MCMV in the coming years. Also, 44% see MCMV’s high dependence on

FGTS and savings account as a weakness, with 19% of this group believing that this

dependence on directed funding sources is already constraining market-based

credit. Meanwhile, 50% of respondents consider the weakness only partial, as

capital markets funding through CRIs, LCIs and REITs is gradually replacing

traditional directed credit and could mitigate the risk of a shortage in 2027.

According to the survey, the success of this transition will depend on the

attractiveness of rates to private investors and the ability of the low-income

segment to absorb moderately higher financing costs than those subsidized. - Here

Reforma Casa Brasil deploys only 7% of its total budget by July

According to the news, Reforma Casa Brasil has granted R$2.7bn in credit from its

launch in Oct-25 through Jul-16-26, equivalent to 6.7% of its R$40bn budget, while

signed 117k contracts with an avg. value of R$23k, of which 53.5% were for families

earning up to R$3.2k. Despite the slow progress, the volume doubled from R$1.3bn