Real estate credit via savings totals R$ 16.9 billion in August, says Abecip

Real estate credit with the use of savings funds reached R$ 16.9 billion in August, a decrease of 19.7% compared to the same month of 2021. The data is from the Brazilian Association of Real Estate Credit and Savings Entities (Abecip ), which points out that in relation to July, there was a drop of 5.7% in the volume financed.

“Despite the reduction in the volume financed, it was the second largest for a month of August in the historical series”, says Abecip in its statistical balance sheet. In the first eight months of the year, there was a decrease of 12.1% compared to the same period in 2021, to R$ 120.3 billion.

Last month, 70,300 properties were financed, between acquisition and construction, the third best performance of the year. In comparison with July, there was a drop of 3.3%, and on an annual basis, the decline was 22.2%.

In the 12 months ending in August, according to Abecip, the amount financed with savings resources was R$ 188.9 billion, 3.1% lower than in the previous 12-month period. The number of units financed in the period dropped 0.6%, to 774.6 thousand.

Also according to Abecip, SBPE savings had net withdrawals of R$ 19.7 billion, the highest in the year so far. “High interest rates may be one of the reasons for the migration of part of the savings resources in search of income linked to the Selic”, says the entity.

In the year 2022, the net outflow until August is R$ 67.9 billion. The savings balance was R$ 757.7 billion, down 1.9% between July and August, and 4.6% compared to August last year.