Brazil real estate firms ‘likely to see revenues rise’
Brazil real estate companies are expected to have seen their revenues improve in the second quarter of the year, according to experts.
Cyrela, Gafisa and Rossi Residencial are also likely to have posted higher operational profits than in 2008, analysts from five banks and brokerages told Reuters.
The forecasted results indicate the continuing prosperity of the Brazilian property market following the government’s efforts to boost the sector.
Stocks in the three Sao-Paulo based companies have more than doubled this year due to predictions of economic recovery, record-low borrowing costs and president Luiz Inacio Lula da Silva’s low-income housing plan, according to the news provider.
Builders and firms selling Brazilian property have raised almost $8 billion (£4.8 billion) from the sale of initial stock offerings since 2007.
Last week, Alexandre Marinis, writing for Bloomberg, predicted that the Brazil real estate market could be the site of the world’s next housing sector boom.
