Latam Real Estate - Today‘s News

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

11 August 2026

Latam Real Estate - Today's News

CYRE to Leave PLPL Board, MCMV Limit, ALLOS

Mixed-Use in Paraná, High Income Demand in SP

What’s Happening Today?

CURY and DIRR 2Q26 Earnings Release - After market close

Homebuilders & Brokers

Cyrela to exit Plano & Plano board under new shareholders’ agreement

- O Estado de São Paulo. Plano & Plano said on Aug 10th it signed a new

shareholders’ agreement under which Cyrela (33.4% stake) will leave the

company’s board, alongside founders Rodrigo Luna (22.8%) and Rodrigo Von

Uhlendorff (15.5%), with Cyrela stating it no longer wants to participate in

management or appoint board members. Cyrela currently holds 2 of 6 board

seats, including co-CEO Efraim Horn as vice-chair and CFO Miguel

Mickelberg as a director. The new agreement replaces the 2020 version after

Plano & Plano’s IPO.

FGTS funding could limit MCMV program expansion - Metro Quadrado.

Riza Asset notes that the annual FGTS budget for the MCMV program reached

R$134bn in 2025, financing 617k units, but warns further increases could

threaten the fund’s sustainability, as FGTS assets stood at R$838bn and the

labor market growth is slowing. To expand the program, the government

tapped R$20bn from the Pre−Salt Social Fund for Faixa 4,but long−term

continuity is uncertain due to high interest rates and fiscal constraints. Riza

suggests regional subsidies, like São Paulo’s Pode Entrar, as a scalable

solution, while highlighting that outflows from savings accounts (R$366bn

between 2021 and 2026 so far) indicate a need to find funding alternatives. The

firm sees future real estate credit growth relying on new financial products,

especially FIDCs and real estate funds, as traditional funding sources become

less effective.

Investors disappear from São Paulo’s high-end launches as buyers shift to

end-users - Metro Quadrado. Developers report that investors, once up to

40% of buyers, now make up just 25%, or even 0% in some luxury projects, due

to high interest rates (15% returns on fixed income) and election uncertainty,

while end-users account for 75% of sales. Increased supply in the high-end

…