Macro-economic Data

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A. Demography and Macroeconomy

A.1 Population
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Total population207.85 million206.08 million204.26 million
WDI
A.1.1
Total number of households68.18 million70.22 million68.38 million
IBGE
A.1.2
Average household size2.992.892.94
IBGE-PNAD
A.1.3
Urban population (% of total)85.69% of total85.43% of total85.17% of total
WDI
A.1.4
Urban population growth (annual %)1.15%1.19%1.2%
WDI
A.1.5
A.2 Economy
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
GDP, current prices (U.S. dollars)1,772,589 USD (millions)2,417,158 USD (millions)2,190,218 USD (millions)
WEO
A.2.1
GDP based on PPP valuation of country GDP (Current international dollar)3,192,405 USD (millions)3,287,201 USD (millions)2,422,107 USD (millions)
WEO
A.2.2
GDP per capita, current prices (U.S. dollars)8,670 USD 11,920.75 USD 10,957.61 USD
WEO
A.2.3
GDP based on PPP per capita GDP (Current international dollar)15,614.53 USD 16,211.57 USD 12,117.75 USD
WEO
A.2.4
GDP, constant prices (Percent change)-3.85%.1%2.54%
WEO
A.2.5
Inflation, end of period consumer prices (Percent change)10.67%6.41%5.89%
WEO
A.2.6
GDP, deflator (Index)488.53452.46404.86
WEO
A.2.7
Consumer price index138.38126.93119.37
WDI
A.2.8
GINI Index0.5230.4970.501
PNAD (IBGE)
A.2.9
Median national annual household income7,163.96 USD 9,824.68 USD 9,895.69 USD
PNAD - IBGE
A.2.10
Median urban annual household income8,288.29 USD/year11,234.04 USD/year11,320.5 USD/year
PNAD - IBGE
A.2.11
Urban minimum wages per month in USD236.64 USD 308.09 USD 314.46 USD A.2.12
Growth in urban household income (%/year)A.2.13
Nominal8.84%6.78%9%A.2.13.1
Real2.46%1.16%2.64%A.2.13.2
Employment (% of total laborforce)A.2.14
Self-employed22.96%21.42%20.6%
PNAD - IBGE
A.2.14.1
Informally employed20.68%19.02%19.2%
PNAD - IBGE
A.2.14.2
Unemployed9%6.47%6.5%
PNAD - IBGE
A.2.14.3
Interest Rates:A.2.15
Central bank lending/discount rate21%18.27%16.49%
IFS
A.2.15.1
Yield on 3 months treasury bills14.16%11.54%8.99%
IFS
A.2.15.2
Yield on 10-year Government bond16.27%12.43%10.87%
Bloomberg
A.2.15.3
Average bank deposit rate12.62%10.02%8.99%
IFS
A.2.15.4
Lending rate43.96%32.01%27.39%
IFS
A.2.15.5
B. Housing Market
B.1 Housing Stock: Production, Transactions
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Number of dwelling units:B.1.1
Total68.18 million67.04 million65.26 million
PNAD - IBGE
B.1.1.1
Total Urban58.43 million57.71 million55.97 million
PNAD - IBGE
B.1.1.2
Percentage of vacant units  Not available
IBGE
B.1.2
Characteristics of housing stock:B.1.3
Average dwelling unit size-existing  Not available
 
B.1.3.1
% of substandard dwelling units1.18% of total1.15% of total1.53% of total
PNAD - IBGE
B.1.3.2
Tenure in urban areas (%):B.1.4
Owner-occupied units68.18% of total66.87% of total67.75% of total
PNAD - IBGE
B.1.4.1
% of owner units with a mortgage5.5% of total5.9% of total5.7% of total
PNAD - IBGE
B.1.4.2
Private rental units20.28% of total20.97% of total20.26% of total
PNAD - IBGE
B.1.4.3
Public / social rental units  Not available
 
B.1.4.4
Other forms of tenure 5.73% of total6.04% of total6% of total
PNAD - IBGE
B.1.4.5
% of urban units with state recognized lienable title  Not available
 
B.1.4.6
Estimated Number of units completed/yearB.1.5
Formal sector/registered342,000 units534,000 units697,800 units
PNAD - IBGE
B.1.5.1
Informal sector/non-registered798,000 units1,246,000 units1,628,200 units
PNAD - IBGE
B.1.5.2
Number of recorded urban housing transactions/year100012510377071048307
CBIC (FGTS), Abecip
B.1.6
How complete is this measure for formal sector transactions?IncompleteIncompleteIncomplete
Country Editor
B.1.7
B.2 Housing Prices and Cost for Urban Areas or Capital City
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Median urban house price in USD:B.2.1
New housing43,543.54 USD 62,742.13 USD Not available
Fipe-Abrainc
B.2.1.1
Median house price to median annual HH income:B.2.2
Urban5.255.59 
Country Editor
B.2.2.1
Annual average % change in median house prices:B.2.3
Yearly Rate-8.4%2.1%8.8%
Caixa
B.2.3.1
M2 construction cost for median quality houseB.2.4
Urban342.38 USD/sq.mt459.37 USD/sq.mt486.06 USD/sq.mt
CBIC
B.2.4.2
Capital city347.26 USD/sq.mt454.74 USD/sq.mt472.68 USD/sq.mt
CBIC
B.2.4.3


back to top | Country Data:
Notes: 1.5-2%. ITBI (local tax)
Notes: 1.5-2%. ITBI (local tax)
Notes: 1.5-2%. ITBI (local tax)
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: Based on Minimum Wage evolution; 2008 BRL415; 2007 BRL380; 2006 BRL350.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding
Notes: Conselho Curador do FGTS (CCFGTS). Binding
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: FGTS
Notes: FGTS through CEF
Notes: FGTS through CEF
Notes: FGTS upfront.
Notes: Figure is modal value for SBPE (10-12%). FGTS rate for 2007: 9.6%.
Notes: Figure is over outstanding balance for SBPE. Available 2000-2007, for mortgages and trust deeds together.
Notes: For CEF's independent agents, 0.8% for FGTS loans, 1.0% for SBPE loans.
Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
Notes: Under FGTS and Federal Programs.
Notes: Under FGTS and Federal Programs.
Notes: "Conta Propria." Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.
Notes: 1 Minimum Wage
Notes: 1 Minimum Wage
Notes: 1 Minimum Wage
Notes: 1 to 8 deciles. Up to 5 Minimum Wages HH income for FTGS loans (national data).
Notes: 1 to 8 deciles. Up to 5 Minimum Wages HH income for FTGS loans (national data).
Notes: 1.5-2%. ITBI (local tax)
Notes: 1.5-2%. ITBI (local tax)
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1.5-2%. Notary fee. Federal Law 11977/2009, that instituted PMCMV, disallowed this fee for low income housing.
Notes: 1-2%.
Notes: 2010 = 100
Notes: 2010 = 100
Notes: 30% of debt for mortgages; 2% for trust deeds.
Notes: 30% of debt for mortgages; 2% for trust deeds.
Notes: 30% of debt for mortgages; 2% for trust deeds.
Notes: 6 to 8 decile; 3 minimum wages (60th percentile) mostly <5 minimum wages (80th percentile)
Notes: 6 to 8 decile; 3 minimum wages (60th percentile) mostly <5 minimum wages (80th percentile)
Notes: 8-year government bond
Notes: Abecip/CEF modal for SBPE, 2010.
Notes: Abecip/CEF modal for SBPE, 2011.
Notes: According to Pnad (IBGE), this figure is 185.65
Notes: According to Pnad (IBGE), this figure is 187.85
Notes: According to Pnad (IBGE), this figure is 189.95
Notes: According to Pnad (IBGE), this figure is 190.73
Notes: According to Pnad (IBGE), this figure is 192.00
Notes: According to Pnad (IBGE), this figure is 194.00
Notes: According to Pnad (IBGE), this figure is 197.83
Notes: According to Pnad (IBGE), this figure is 199.69
Notes: According to Pnad (IBGE), this figure is 201. 47
Notes: After trust deed, yes. 90% of liens are under the trust deed system
Notes: After trust deed, yes. 90% of liens are under the trust deed system
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All are commercial banks.
Notes: All resolutions are mandatory.
Notes: All resolutions are mandatory.
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: All RMBS are issued by securitization companies, dominated by 3 main companies (Cibrasec, Brazilian Mortgages and Rio Bravo).
Notes: An educated guess would be 60-70 m².
Notes: Authors' estimate: 20% of CRI stock. 2% of total in 2007.
Notes: Authors' estimate: 20% of CRI stock. 4% of total in 2008.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on LCI issuance, as informed by Bacen.
Notes: Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006)
Notes: Between 0.90% - 1.20%.
Notes: Between 0.90% - 1.20%.
Notes: Between 0.90% - 1.20%.
Notes: Between 0.90% - 1.20%.
Notes: Borrowed, etc.
Notes: Borrowed, etc.
Notes: Borrowed, etc.
Notes: BRL 379.14. IMF average annual principal exchange rate for 2007 used (BRL 1.95 = 1 USD).
Notes: BRL 413.37. IMF average annual principal exchange rate for 2008 used (BRL 1.83 = 1 USD).
Notes: BRL 465. IMF average annual principal exchange rate for 2000 used (BRL 2.00 = 1 USD).
Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
Notes: Caixa and Banco do Brasil (the latter only after 2009), plus five State Banks.
Notes: Caixa plus five State Banks.
Notes: Caixa plus five State Banks.
Notes: Caixa plus five State Banks.
Notes: Caixa, using FGTS funds for construction materials.
Notes: Caixa, using FGTS funds for construction materials.
Notes: Caixa, using FGTS funds for construction materials.
Notes: Caixa, using FGTS funds for construction materials.
Notes: Caixa, using FGTS funds for construction materials.
Notes: Caixa, using FGTS funds for construction materials.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF started to allow "correspondentes bancarios" to originate loans.
Notes: CEF, using FGTS funds for construction materials (Construcard).
Notes: Census data (2000). Total percentage is shown in the data. The percentage for urban and metro areas is 12.2%.
Notes: CMN (Conselho Monetario Nacional) resolutions.
Notes: CMN (Conselho Monetario Nacional) resolutions.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: CMN (Conselho Monetario Nacional). Binding.
Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
Notes: Compulsory deposits equivalent to 8% of monthly salary, made by employers - FGTS
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Conselho Curador do FGTS (CCFGTS). Binding.
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering A.1.3
Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
Notes: Considering that there are assumed subsidies up to 10 MWs, at FGTS.
Notes: Country Editor
Notes: CRI's (50% of issuance for residential loans) - 3% of total in 2009.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: CVM (Brazilian SEC). Binding.
Notes: Developers and consortia - 10% of total in 2011
Notes: Developers and consortia - 11% of total in 2010
Notes: Developers and consortia - 15% of total in 2009.
Notes: Developers and consortia; 10% of total in 2008.
Notes: Developers and consortia; 15% of total in 2007.
Notes: Estimate from Census 2010 (9.9% - preliminary, IBGE).
Notes: Federal Law 9514/1997.
Notes: Federal Law 9514/1997.
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: Federal Laws 4380/64 (that created SFH), 9514/97 (that created the SFI and the CRIs-RMBS) and 10931/04 (that settled trust deeds and affected assets).
Notes: FGHab under PMCMV
Notes: FGHab under PMCMV
Notes: FGHab under PMCMV
Notes: FGHab under PMCMV
Notes: FGHab under PMCMV
Notes: FGHab under PMCMV
Notes: FGTS
Notes: FGTS
Notes: FGTS and FAT (punctual)
Notes: FGTS and FAT (punctual)
Notes: FGTS is a workers indemnity fund managed by the government which pays interest to deposits and offers housing credit at below market rates.
Notes: FGTS is a workers indemnity fund managed by the government which pays interest to deposits and offers housing credit at below market rates.
Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
Notes: FGTS loans' rates are limited by CCFGTS rulings (fixed spread).
Notes: FGTS through CEF
Notes: FGTS through CEF
Notes: FGTS through CEF
Notes: FGTS through CEF; FAT through CEF (a one time transaction in the early 2000's).
Notes: FGTS through CEF; FAT through CEF (a one time transaction in the early 2000's).
Notes: FGTS upfront.
Notes: FGTS: 15,5% for 2011 (only housing loans; excluding production loans for developers and material construction loans - very small amount)
Notes: FGTS: 18,6% for 2010 (only housing loans; excluding production loans for developers and material construction loans - very small amount)
Notes: FGTS: 21% (only housing loans)
Notes: FGTS: 22% (only housing loans)
Notes: FGTS: 23% (only housing loans)
Notes: Figure is for SBPE (between 4-5%). For 2008, FGTS:2.16%. Margins set by public institutions. FGTS spread is set by Conselho Curador resolutions. FGTS savers are remunerated at TR+3%, while financial agents charge TR+6%+2.16% (if the borrower is a FGTS member the rate is TR+5.5%+2.16%; and TR+7.5% +2.16% for higher income salary workers). For SBPE, funding cost is TR+6% (savings accounts).
Notes: Figure is for SBPE (between 4-5%). For 2009, FGTS:2.16%.
Notes: Figure is for SBPE (between 5-6%). For 2007, FGTS: 2.16%. Margins set by public institutions. FGTS spread is set by Conselho Curador resolutions. FGTS savers are remunerated at TR+3%, while financial agents charge TR+6%+2.16% (if the borrower is a FGTS member the rate is TR+5.5%+2.16%; and TR+7.5% +2.16% for higher income salary workers). For SBPE, funding cost is TR+6% (savings accounts).
Notes: Figure is for SBPE.
Notes: Figure is for SBPE.
Notes: Figure is for SBPE. For FGTS: 66% in 2007.
Notes: Figure is for SBPE. For FGTS: 70% in 2008.
Notes: Figure is for SBPE. For FGTS: 73% in 2009.
Notes: Figure is for urban units. Evolution of number of "domicilios," from PNAD/IBGE.
Notes: Figure is for urban units. Evolution of number of "domicilios," from PNAD/IBGE.
Notes: Figure is modal value for SBPE (8-11%). FGTS rate for 2009: 8.8%.
Notes: Figure is modal value for SBPE (9-12%). FGTS rate for 2008: 9.8%.
Notes: Financeiras, financing construction materials (as well as consumer durables)
Notes: Financeiras, financing construction materials (as well as consumer durables)
Notes: Financeiras, financing construction materials (as well as consumer durables)
Notes: Financeiras, financing of consumer goods, construction materials, etc.
Notes: Financeiras, financing of consumer goods, construction materials, etc.
Notes: Following CVM rules. Federal Law 9514/1997.
Notes: Following CVM rules. Federal Law 9514/1997.
Notes: Following CVM rules. Federal Law 9514/1997.
Notes: Following CVM rules. Federal Law 9514/1997.
Notes: Following CVM rules. Federal Law 9514/1997.
Notes: For 2008, SBPE Trust Deeds 1.5%; all SBPE 3.07%; FGTS 5.1%. For 2007, SBPE is 4.23% and FGTS is 6.0%. Global figures are calculated as weighted averages over outstanding balances.
Notes: For CEF's independent agents, 0.8% for FGTS loans, 1.0% for SBPE loans.
Notes: For FGTS materials' loans, until October 2009.
Notes: For FGTS materials' loans, until October 2009.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For private investors, following CVM regulations.
Notes: For SBPE, in reality 70%, not legally determined. For FGTS, following CCFGTS resolutions, 80-100%
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: For some mortgage pools standardization is used, but in general there is no standardization.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: General consumer protection law has to be followed considering advertising, etc, but is not specific on mortgages.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: Housing consortium from Caixa.
Notes: IBGE/PNAD 2008 & 2009.
Notes: IBGE-PNAD: "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
Notes: IBGE-PNAD; "family" is defined as "a group of people related thru kinship or in a domestic relationship, that live in the same dwelling unit ("unidade domiciliar"), as well as a person that lives alone in a dwelling unit"
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
Notes: In 2009, a guarantor fund (FGHab) was established under PMCMV.
Notes: In 2009, a Guarantor Fund was established under MCMV (Million Houses Program).
Notes: In 2009, a Guarantor Fund was established under MCMV (Million Houses Program).
Notes: In 2009, a Guarantor Fund was established under PMCMV.
Notes: In BRL: 53,185. The only data series available that separates new and existing housing is Caixa's, for FGTS, and thus will be used as a proxy in this case. However, medians are not avialable, only averages. IMF average annual market exchange rate for 2007 used (BRL$1.95 = 1 USD).
Notes: In BRL: 73,756. The only data series available that separates new and existing housing is Caixa's, for FGTS, and thus will be used as a proxy in this case. However, medians are not avialable, only averages. IMF average annual market exchange rate for 2008 used (BRL$1.83 = 1 USD).
Notes: In BRL-basis.
Notes: In BRL-basis.
Notes: Includes improvised, non-permanent units
Notes: Includes improvised, non-permanent units
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income limits on FGTS, unit price and total mortgage amount on subsidized loans (SBPE and FGTS)
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Income tax on properties' value gains.
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Index = 100 in 1995
Notes: Insurance (Mortgage-FGHab, MIP, DFI) premium and other fees under PMCMV as well as local (state and municipal) specific social housing programs.
Notes: Insurance (Mortgage-FGHab, MIP, DFI) premium and other fees under PMCMV as well as local (state and municipal) specific social housing programs.
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: IPTU (local level)
Notes: ITBI (local level)
Notes: ITBI (local level)
Notes: ITBI (local level)
Notes: ITBI (local level)
Notes: ITBI (local level)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI (local tax)
Notes: ITBI or ITIV (local tax)
Notes: ITBI or ITIV (local tax)
Notes: ITBI or ITIV (local tax)
Notes: ITBI or ITIV (local tax)
Notes: Lack of organized information on this area is imparing the development of a housing price index. Average appraisal, FGTS: BRL 73.756,08, until Nov.09. IMF average annual principal exchange rate for 2009 used (BRL 2.00 = 1 USD).
Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
Notes: Lawsuits are still time consuming, and judges tend to favor the "hyposufficient", that is, the weaker part.
Notes: Likely to be passed in 2010; strong industry lobby.
Notes: Likely to be passed in 2010; strong industry lobby.
Notes: Lowest portion of 0-3 MWs.
Notes: Lowest portion of 0-3 MWs.
Notes: Lowest portion of 0-3 MWs.
Notes: Maximum 30 days by law.
Notes: Maximum 30 days by law.
Notes: Maximum 30 days by law.
Notes: Maximum of 6% of sale price.
Notes: Maximum of 6% of sale price.
Notes: Maximum of 6% of sale price.
Notes: Maximum of 6% of sale price.
Notes: Mortgage Companies and pass-through institutions (repassadoras)
Notes: Mortgage Companies and pass-through institutions (repassadoras)
Notes: Mortgage Companies and pass-through institutions (repassadoras)
Notes: Mortgage Companies and pass-through institutions (repassadoras)
Notes: Mortgage Companies and pass-through institutions (repassadoras)
Notes: Mortgage origination fee was prohibited by Res. 3517 (12.06.07) from CMN.
Notes: Most common term: 15 years
Notes: Most common term: 15 years
Notes: Most common term: 15 years
Notes: Most common term: 15 years
Notes: Most common term: 15 years
Notes: New housing corresponded to 35% of Sistema Brasileiro de Poupança e Empréstimo (SBPE) loans in 2011, a raise from the period 2007-2010, when it ranked 25-28%.
Notes: No data available, but not customary, due to market characteristics.
Notes: No data available, but not customary, due to market characteristics.
Notes: No data available, but not customary, due to market characteristics.
Notes: No data available, but not customary, due to market characteristics.
Notes: No data available, but not customary, due to market characteristics.
Notes: No data, an educated guess would be 60-70 m².
Notes: Not available. (Letras Hipotecarias and Letras de Credito Imobiliario are close, but not equal, to covered bonds. Respectively ruled by Fed. Laws 4380/64 and 10931/04). Recently Letras Financeiras were established, also akin, though still ruled by Medida Provisoria 472 (not yet a law).
Notes: Not available. (Letras Hipotecarias and Letras de Credito Imobiliario are close, but not equal, to covered bonds. Respectively ruled by Fed. Laws 4380/64 and 10931/04). Recently Letras Financeiras were established, also akin, though still ruled by Medida Provisoria 472 (not yet a law).
Notes: Not legal but in practice.
Notes: Not legal but in practice.
Notes: Not legal but in practice.
Notes: Not legal but in practice.
Notes: Not legal but in practice.
Notes: Not regularized; under discussion in 2010/2011.
Notes: Not usual.
Notes: Notary - capacity to deal with demand
Notes: Notary - capacity to deal with demand
Notes: Notary and insurance (MIP, DFI) fees under PMCMV
Notes: Notary and insurance (MIP, DFI) fees under PMCMV
Notes: Notary and insurance (MIP, DFI) fees under PMCMV
Notes: Notary and insurance (MIP, DFI) fees under PMCMV
Notes: Notas do Tesouro Nacional (NTNs) are issued for 10 years maturity, the B series rated at IPCA+6%, and the F series, at fixed rates. Only information available at Treasury for the period is of a NTN-B, with maturity 05/15/2017.
Notes: Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.
Notes: On FGTS, Federal programs and SBPE.
Notes: On FGTS, Federal programs and SBPE.
Notes: On FGTS, Federal Programs and SBPE. PMCMV.
Notes: On FGTS, federal programs, and SBPE
Notes: On FGTS, federal programs, and SBPE
Notes: On outstanding balances, over FGTS and SBPE loans.
Notes: On outstanding balances, over FGTS and SBPE loans.
Notes: On outstanding balances, over FGTS and SBPE loans.
Notes: On outstanding balances, over FGTS and SBPE loans.
Notes: On outstanding balances, over FGTS and SBPE loans.
Notes: Only for PMCMV/FGTS loans.
Notes: Only for PMCMV/FGTS loans.
Notes: Only for PMCMV/FGTS loans.
Notes: Only for PMCMV/FGTS loans.
Notes: Over issuances in 2009.
Notes: Permanent "domicilios", defined as "a dwelling space, separated and independent, formed by one or more inner divisions."
Notes: Permanent "domicilios", defined as "a dwelling space, separated and independent, formed by one or more inner divisions."
Notes: PMCMV (Minha Casa Minha Vida) income limits.
Notes: PMCMV (Minha Casa Minha Vida) income limits.
Notes: PMCMV (Minha Casa Minha Vida) income limits.
Notes: PMCMV (Minha Casa Minha Vida) income limits.
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: PMCMV, using Treasury, FGTS and BNDES funds. (Fed. Law 11977/07.07.09)
Notes: Practically all housing loans are indexed at TR (Taxa de Referência), a reference tax originally created to update contracts longer than 90 days, but that later became the index used for both savings accounts and FGTS funds. It corresponds to the TBF (Taxa Básica Financeira, that is the average remuneration of CD's by the 30 largest financial institutions), multiplied by a reduction factor, defined by CMN/Bacen. Savings earn TR+6% annually, while FGTS balances, TR+3% per year.
Notes: Practically all housing loans are indexed at TR (Taxa de Referência), a reference tax originally created to update contracts longer than 90 days, but that later became the index used for both savings accounts and FGTS funds. It corresponds to the TBF (Taxa Básica Financeira, that is the average remuneration of CD's by the 30 largest financial institutions), multiplied by a reduction factor, defined by CMN/Bacen. Savings earn TR+6% annually, while FGTS balances, TR+3% per year.
Notes: Precarious units that need replacement or provision of a unit is a sum of: Improvised units (not originally built for housing) + Rustic units (considered “permanent” units, but classified as precarious due to precarious wall materials ONLY). Other types not included.
Notes: Predominant, variable with TR (Taxa de Referência).
Notes: Process is improving
Notes: Process is improving
Notes: Process is improving
Notes: Process is improving
Notes: Process is improving
Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
Notes: Ranges from 150 - 300 USD. Variable with bank and, in some cases, with property or project characteristics.
Notes: Ranges from 600-1,000 USD
Notes: Ranges from 600-1,000 USD
Notes: Ranges from 600-1,000 USD
Notes: Ranges from 600-1,000 USD
Notes: Ranges from 600-1,000 USD
Notes: Recently CEF created a system of correspondents (mostly real estate brokers), with this attribution.
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Registry costs (notary fees)
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Restricted to insurance companies linked to main commercial banks.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: Retail chains direct finance.
Notes: RMBS were enacted amidst thecreation of real estate financing system (SFI). They are regulated by CVM and registered by CETIP.
Notes: RMBS were enacted amidst thecreation of real estate financing system (SFI). They are regulated by CVM and registered by CETIP.
Notes: SBPE - the savings and loans system - pays yields and offers real estate credit at below market rates.
Notes: SBPE - the savings and loans system - pays yields and offers real estate credit at below market rates.
Notes: SBPE (poupança) taxbreak deposit.
Notes: SBPE (poupança) taxbreak deposit.
Notes: SBPE (poupança) taxbreak deposit.
Notes: SBPE (poupança) taxbreak on deposit for housing and infrastructure.
Notes: SBPE (poupança) taxbreak on deposit for housing and infrastructure.
Notes: SBPE (savings) - 60% of total in 2007
Notes: SBPE (savings) - 63% of total in 2009.
Notes: SBPE (savings) - 64% of total in 2008
Notes: SBPE (savings) - 64% of total in 2010
Notes: SBPE (savings) - 65% of total in 2011
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: SBPE and FGTS
Notes: Secretaria da Receita Federal (Income tax service), at Ministry of Finance, requires information from all real estate agents, through DIMOB (Declaração de nformações Imobiliárias) and from all notaries, through DOI (Declaração de Operações Imobiliárias). This data is not available to the public. All cities charge ITBI (Imposto de Transmissão de Bens Imóveis), in some cases disclosed. A WB study, from 2003, pointed 3 million likely home transactions for 2002 (Diamond and Rottmann).ITBI 2008 data for SP City showed c.160,000 residential transactions, which lead to a forecast, based on population, of c. 2,600,000 transactions for Brazil as a whole.
Notes: Study by Fundação João Pinheiro on PNAD, 2007. Official housing stock deficit: 6,272 thousand units.
Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
Notes: Taxbreak incentives for investors on savings, real estate bonds (LCIs) and securities (CRIs).
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The government guarantee fund is a payment guarantee not a conventional mortgage insurance tied to Minha Casa Minha Vida (MCMV). MCMV, through the Ministry of Finance guarantees a number of payments in case of non-payment. The conventional Mortgage Insurance (MI) sector is growing but still covers a very small portion of the market.
Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
Notes: The lowest decile stated here is the income limit for participating in MCMV FAIXA I, which does not include financing schemes. Families at lower income deciles can participate if they can qualify for a housing mortgage.
Notes: There 41 financial institutions registered at Central Bank.
Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
Notes: There are inter-institutional working groups in place, with year-to-year evolutions, but no final project yet.
Notes: There are two legal instruments; mortgages and trust deed (ownership is transferred to borrower upon full repayment). Cost of mortgage foreclosure are 30% and 2% for trust deeds.
Notes: There are two legal instruments; mortgages and trust deed (ownership is transferred to borrower upon full repayment). Cost of mortgage foreclosure are 30% and 2% for trust deeds.
Notes: There is a consumer protection law which is for general commercial relationships and does not focus on mortgages.
Notes: There is a consumer protection law which is for general commercial relationships and does not focus on mortgages.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund for PMCMV, which is an unemployment insurance.
Notes: There is a guarantor fund in MCMV (Million Houses Program) for 6 months, which is an unemployment insurance.
Notes: There is a guarantor fund in MCMV (Million Houses Program) for 6 months, which is an unemployment insurance.
Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
Notes: There is no official estimate, but at least 90% of all housing loans receive some sort of subsidy. Yet, most subsidies do not come from budgetary sources, but from either FGTS (the workers' indemnity fund) or SBPE (the savings and loans system).
Notes: Though outstanding balances are published for FGTS and SBPE loans, there is no reliable published information on number of active loans.
Notes: Though under construction industry lobby to be passed.
Notes: Trust deed system on 100% of mortgage loans since 2004
Notes: Trust deed system on 100% of mortgage loans since 2004
Notes: Under construction industry lobby to be passed
Notes: Under construction industry lobby to be passed
Notes: Under discussion
Notes: Under discussion
Notes: Under discussion
Notes: Under discussion
Notes: Under discussion in 2010.
Notes: Under FGTS and Federal Programs.
Notes: Under FGTS and Federal Programs.
Notes: Under FGTS and Federal Programs. PMCMV.
Notes: Under PMCMV (FGHab)
Notes: Under PMCMV (FGHab)
Notes: Under PMCMV, mortgage loans funded by FGTS offer direct subsidies to certain income groups.
Notes: Under PMCMV, mortgage loans funded by FGTS offer direct subsidies to certain income groups.
Notes: Under Programa Minha Casa Minha Vida
Notes: Under Programa Minha Casa Minha Vida
Notes: Used IPCA (A2.6) as deflator. Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006).
Notes: Used IPCA (A2.6) as deflator. Based on Minimum Wage evolution, values indicated beside: BRL 415,00; BRL 380,00 (2007); BRL 350,00 (2006).
Notes: Variable, typically between 1.5%-3.0%.
Notes: When SAC amortization system is used. If price, maximum LTV is 80%.
Notes: Workers with no formal register. Nov.09, for Recife, Salvador, Belo Horizinte, Rio de Janeiro, São Paulo and Porto Alegre metro areas.