Key Factors
- Appraisal-based knowledge present Brazil’s dwelling costs up 17.14% in 12 months to November 2025.
- The month-to-month tempo cooled in November, however the annual leap dwarfs inflation.
- Totally different indices disagree, and that hole is the hidden story shaping expectations, politics, and danger.
Brazil simply posted a housing quantity that’s straightforward to overlook however exhausting to stay with. The IGMI-R index, constructed from financial institution appraisal stories utilized in mortgage lending, says residential property costs had been 17.14% larger over the 12 months ending in November 2025.
That’s not a headline about one scorching neighborhood. It’s the countrywide market, measured by means of the paperwork that decides how a lot a financial institution will lend.
But the identical report incorporates a second sign: the dash could also be slowing. In November, costs rose 1.15% on the month, after a a lot quicker 2.52% in October.
9 of the ten capitals tracked noticed momentum ease. The exception was Goiânia, which accelerated from 0.70% to 1.13%. Brasília cooled sharply from 4.73% to 0.89% within the month.
The regional particulars present how “Brazil” is de facto a number of markets directly. Rio slowed from 2.15% to 0.29%. São Paulo eased from 2.41% to 1.11%.
Recife cooled from 3.43% to 2.19%. Porto Alegre fell from 2.81% to 1.49%. Curitiba nonetheless rose 2.13%, however lower than October’s 2.46%.
Rents and Costs Nonetheless Beat Client Inflation
The story behind the story is the hole between measures. Over the identical 12 months, official client inflation was 4.46%. So even with the November cooling, housing features stay far above the price of residing.
In the meantime, a listing-based gross sales index confirmed a a lot smaller 12-month rise, and the lease index put rents up 11.65% with an estimated gross yield close to 6.6% a yr.
These variations matter: value determinations, listings, and rents observe totally different elements of the market, in order that they form how consumers, landlords, banks, and policymakers discuss previous each other.
On-line, Abecip amplified the inflation-beating headline on Instagram and LinkedIn, and brokers pushed it on Fb, usually with out explaining what the index captures. The result’s a suggestions loop: perception in relentless features can outlive the information that first sparked it.
