In August, the IGMI-R/Abecip increased by 1.32%, slightly higher than that recorded in July (1.16%). Despite this result at the margin, the variation accumulated in twelve months continued its deceleration trajectory for the fifth consecutive month, changing from 15.61% in July to 15.14% in August.
However, the new results of deflation in consumer price indices continued the growth of residential real estate prices in real terms in the period, both in the monthly comparison and in the perspective of the accumulated in twelve months.
The deceleration in the nominal result accumulated in 12 months of the national average was accompanied by four of the ten capitals analyzed by the IGMI-R/Abecip: São Paulo, Rio de Janeiro, Porto Alegre and Goiânia, as can be seen in the graph below.
Porto Alegre is the only one among these four capitals whose result, already well below that of the other three, ended up being a little further away from the national average. On the other hand, among the other six capitals that showed acceleration even in the perspective of the variations accumulated in 12 months between July and August, Brasília and Curitiba stood out for being above the national average, while Recife and Belo Horizonte, below the national average, show a tendency to approach, albeit slowly.
Despite not yet showing a clear trend, the sentiment of entrepreneurs in the residential building sector, as captured by the Civil Construction Survey (IBRE/FGV), fluctuated positively in August, both in terms of Current Business Situation and Demand. Preview.
This sentiment at the margin seems to reflect the good performance of the activity level indicators, whose effect on the labor market appears in the continued reduction in the level of unemployment, which more recently began to be accompanied by an increase in the average income of the employed population. On the financing side, the rise in basic interest rates in the Brazilian economy has not been accompanied by the same intensity in the rates charged for real estate loans. The combination of these factors results in a favorable scenario for sustaining real residential real estate prices.