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Gafisa S.A.
Investors Relations

Ana Maria Loureiro Recart

Danielle Aline de Alencar Hernandes
Investor Relations Analyst

Av. Nações Unidas, 8501 – 19th floor
São Paulo – SP 05425-070
Tel: (55 11) 3025-9474
Fax: (55 11) 3025-9348

Banco Itaú S.A.
Capital Markets Services
Av. Eng. Armando de Arruda Pereira, 707
Torre Eudoro Villela, 9º Andar
São Paulo - SP – CEP: 04344-902
Tel.: 3003-9285 (metropolitan region)
0800-720-9285 (other regions)

Citibank N.A.
Depositary Services
Teresa Loureiro Stein
388 Greenwich Ave.
New York – NY 10013
Tel. (1-877-248-4237)

Companhia Brasileira de Liquidação e
Custódia - CBLC
Rua XV de novembro, 275 - 6º Andar
São Paulo - SP 01013-001
Tel.: (55 11) 3233-2178
Fax: (55 11) 3233-2053

Customer Relations:
Tel: (55 11) 4002-1001 (SP and RJ) / 0800-77-42347 Other Locations
Business hours: from Monday to Friday, from 8:00 am to 10:00 pm and Saturdays from 09:00 am to 19:00 pm



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Historically, Brazil’s real estate market has been significantly impacted by the high volatility in the country’s economic and regulatory environments. Over the years, systemic problems and weaknesses including economic stability, high inflation, high interest rates, access to credit and mortgage loans and the industry’s legal framework, among other factors, have significantly affected the development of the real estate market in Brazil.

The environment began to change with the achievement of economic stability through the Real Plan in 1994, and the implementation of a series of mechanisms in support of the sector, including the fiduciary lien on real estate instituted in 1997. This stimulated a more robust credit offering, created a more dynamic market and led to the overall evolution of the housing market in Brazil.

Additionally, during the previous decade, through continued economic stability and the benefit of a favorable economic environment, an important growth cycle in Brazil’s housing market began. This was driven primarily by the following factors: (a) a larger credit offering in the sector, benefiting both developers and consumers; (b) economic stability leading to higher employment levels and more purchasing power on the part of Brazilian families; (c) the reduction of interest rates to historically low levels; and (d) the implementation of mechanisms to expand and stimulate the real estate market, reducing the housing deficit and encouraging further development, including the creation of incentive programs such as My House, My Life.

Project Types

Currently, the Brazilian real estate market can be divided into two main segments: the middle, upper-middle and upper classes, where Gafisa’s and Alphaville’s operations are concentrated (using urban lots specifically designated for this purpose), and the lower class segment, which is highly incentivized by the My House, My Life program and part of Tenda’s scope of operations.

The characteristics of the projects differ substantially, from the acquisition of land, process of obtaining regulatory approval for the development, through the construction model and financing methods available to developers and consumers, up to the moment of final delivery of the project.

From the client’s point of view, in the case of projects targeting the upper and upper-middle classes, the properties are characterized by having highly differentiated features. They offer a sense of exclusivity and a wider array of services during development of the project, in addition to being located in the most privileged areas of large cities.

Regarding the lower income segment, projects designed for this class are more sensitive to other factors. These mainly include price variations, the payment capacity of buyers and financing conditions. This encourages companies from this segment to optimize the construction processes for greater efficiency and to carefully manage time and the budget.

Regulation of Housing Loans                                                                                                                                                                                                  

One of the most critical factors to the development of the real estate sector is lending capacity and the availability of credit, in addition to the provision of legal protection during the financing process. This encourages the development of the market and has contributed significantly to growth in demand for housing during recent years.

Currently, the main financing sources for the sector come, mostly, from FGTS and passbook savings accounts.

In Brazil, financing methods in the sector are split between the Housing Finance System (SFH), regulated by the Federal Government, and real estate mortgage lending by financing agents. A brief description of the types of loans available in Brazil follows.

SFH (Housing Finance System): created in 1964 by federal law, its purpose is to encourage the acquisition of residential properties in the country. Resources for financing within the SFH framework come mainly from FGTS and passbook savings accounts.

FGTS (Time of Service Guarantee Fund): mandatory contribution of 8.5% of payroll on employees covered by labor laws, administered by Caixa Econômica Federal.

Passbook Savings Account: the main source of funds in the housing system, the resources come from savings accounts in entities that are part of the SBPE (Brazilian Savings & Loans System). At least 65% of the resources must be used in housing loans, with a minimum of 80% used in residential loans under the SFH framework. The balance is available for other types of housing loans, which are negotiated at market rates.

Mortgage Lending – Own Portfolio: in addition to the resources used for SFH loans, passbook savings accounts can also be a source of funds in residential lending by banks. In these types of loans, interest rates and loan amounts vary in accordance with market conditions and can be higher than amounts observed in the SFH.

In closing, it is worth highlighting the creation of the My House, My Life Program in 2009, designed to support development of the low-income segment. Special conditions and loan types were created to serve the needs of consumers who qualify for the program.

In recent years, the housing and construction markets achieved their highest levels of maturity in Brazil, however, they are still lagging when compared to other emerging countries with a similar profile.

         Countries' Housing Finance/GDP - 2013 (%)


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