Secovi-SP expects market improvement in 2023 with potential Selic drop

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The chief economist of the Housing Union (Secovi-SP), Celso Petrucci, said he expects an improvement in the real estate market in 2023, with a downward trend in the basic interest rate (Selic) at some point in the coming quarters.

“Surely, the economic environment for the real estate market for 2023 looks more attractive than in 2022”, Petrucci said today, on a panel during the Imobiliário Summit, an event organized by the newspaper O Estado de S.Paulo in partnership with Secovi-SP.

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Petrucci evaluated that, despite the high Selic cycle, the sector remained resilient. While the basic rate dropped from 2% to 13.75% per year, the average mortgage rate advanced from 7% to 9.5% per year – a level considered moderate.

As a result, the volume of financing for the purchase and construction of real estate hit a record in 2021 and is heading for the second best year in history in 2022.

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“Bank conveyors are working normally with this median of 9.5%”, he observed. “From a financing point of view, this process made little sense”, she said, referring to the maintenance of business even with the highest Selic.

Source: CNN Brasil

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