Clipping of news on Brazilian Culture, Law and Citizenship
09.29.2015
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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With increasing restrictions on real estate financing, the search for rentals in Brazil increased 32%, according to research conducted by real estate portal VivaReal, which receives over 10 million visits per month.
This growth was recorded between the months of May - when the new limits for real estate financing used by Caixa have been announced - and September this year.
The increase in demand for rental was even greater in Santa Catarina, where the search grew 60% from May to September. The cities of Florianopolis and Joinville were the main responsible for the result.
In Florianópolis, for example, the increase in the search for rents was over 70% and, although the center is one of the most sought after areas of the city, the Jurerê neighborhoods, Lagoon, das Canas Ponta recorded the highest increase in demand for rental . Outside the region of beaches, bag of lemons, a traditional neighborhood of Florianópolis also had a large increase in the search for lease.
St. Paul also showed a rise in demand for higher rent to the national average: the state, the search for rentals rose 35% from May to September. Only in the capital, the increase was over 25%, and the eastern and northern parts of the regions that had the largest increases. The center of the city, however, is the one that registers the highest demand for rental.
By observing the national data, the southern and southeastern regions of the country recorded the largest increase in demand for rental from May to September, 11%. Since the North had no change in the search for rentals.
Luke Vargas, executive VivaReal vice president said that with the constant changes in the rules of financing, the Brazilian sees in rent a short-term housing solution while trying to understand the scenario of the real estate market. "By signing a two-year contract and means it can better observe the market to feel secure to purchase," he says.
Here's how to split their search for rental and for purchase of land in VivaReal throughout 2015:
Home: Brazilians have seen in rent a house solution for the short term © Thinkstock / inxti own home: Brazilians have seen in rent a house solution for the short term
Month // Search for purchase // Search for rent
January // 67% // 33%
February // 69% // 31%
March // 68% // 32%
April // 69% // 31%
May // 66% // 34%
June // 61% // 39%
July // 58% // 42%
August // 58% // 42%
September // 58% // 42%
Restrictions on financing
In April this year, Caixa announced the reduction in home loan limits used by the Constant Amortization System (SAC), in which the amortized value is constant, but the benefits are decreasing because the interest paid in the initial installments are bigger and decrease over time.
So from May, operations using savings funds, which are those that are part of the Brazilian Savings and Loan System (SBPE), the Caixa funding limit increased from 80% to 50% of the property value in Housing Financial System (SFH) and from 70% to 40% for funding the Real Estate Financing System (SFI).
The SFH encompasses up to 750 thousand reais financing in the states of São Paulo, Rio de Janeiro, Minas Gerais and the Federal District, and up to 650,000 reais in other states. The other loans are made within the Real Estate Financing System (SFI).
The case had also reduced from 90% to 80% funding limit for buildings in general and announced two rounds of funding increases in interest rates in January and April. In August, the bank also announced it will not grant more mortgage loans to customers who already have some funding in Box using SBPE resources,
This month, Caixa also announced a third round of increases in interest rates, which takes effect from October 1, Wednesday.
As well as Caixa, the Bank of Brazil and private banks also announced increases in rates this year and Itaú, including also reduced the maximum quota of 80% financing for 70% of the property value.
See the alternatives to finance your property now.
Source: MSN
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This article was translated by an automatic translation system, and was therefore not reviewed by people.