In the month, the IFIX has an accumulated decline of 1.28%, with 13 trading sessions of decline. In the year, however, the index has increased by 1.17%. (Image: ckstockphoto)
O Real Estate Investment Fund Index (IFIX) closed the day with another drop awaiting the interest rate decision in Brazil. This Wednesday (18), the index fell 0.10%, reaching 3,350.15 points — the worst level in 40 days.
In the month, the IFIX has an accumulated decline of 1.28%, with 13 trading sessions of decline. In the year, however, the index has increased by 1.17%.
The market was awaiting the decision of the Central Bank's Monetary Policy Committee (Copom). At around 6:40 p.m., the leaders confirmed the rate hike. Selic by 0.25 percentage points (pp).
Although interest rates in Brazil are already high, the founding partner of ExesnovosArtur Carneiro, assesses that the increases tend to restrict real estate projects, which become less viable due to the high cost of capital.
The Brazilian Association of Real Estate Developers (A branch) also assessed the negative effects on the industry, which mainly impacts borrowers, making loans and financing more expensive.
“This reduces access to credit, inhibits consumption and slows the growth of companies that depend on financed investments. Families, in turn, face greater difficulties in acquiring durable goods and in guaranteeing access to housing, since more expensive credit compromises the family budget and the ability to take on debt,” highlights the association.
On the other hand, Carneiro, from Éxesnovos, believes that the scenario is more favorable for investors in paper FIIs. “With high interest rates and tax exemptions, this investment class becomes increasingly attractive compared to other options available on the market,” he says.
This scenario can already be seen in yesterday's trading session. Among the biggest gains of the day were real estate paper and multi-strategy funds, already eyeing the 10.75% rate.
The biggest gains and losses of IFIX in the last trading session
Among the positive highlights of IFIX, the JS Real Estate (JSRE11) advanced 1.61%, to R$ 62.54. Next, the funds appeared Santander Rental Income (SARE11), up 1.19% to R$39.99, and Cyrela Credit (CYCR11), which rose 1.03% to R$9.82.
| Bottom | Ticker | Variation (positive) | R$ |
|---|---|---|---|
| JS Real Estate | JSRE11 | +1,61% | 62,94 |
| Santander Rental Income | SARE11 | +1,19% | 39,99 |
| Cyrela Credit | CYCR11 | +1,03% | 9,82 |
| SPX SYN Multiestrategia | SPXS11 | +0,87% | 9,28 |
| Kinea Opportunities Real Estate | KORE11 | +0,79% | 102,86 |
On the negative end, there was the Vinci Offices (VINO11), which fell 3.06% to R$5.39. The BRPR Corporate Offices (BROF11) fell 2.95%, quoted at R$ 46.40, while the FII Real Active TG (TGAR11) depreciated 2.67%, to R$ 112.71.
| Bottom | Ticker | Variation (negative) | R$ |
|---|---|---|---|
| Vinci Offices | VINO11 | -3,06% | 5,39 |
| BRPR Corporate Offices | BROF11 | -2,95% | 46,40 |
| FII TG Real Asset | TGAR11 | -2,67% | 112,71 |
| Kilima Volcano Receivables | KIVO11 | -1,00% | 79,20 |
| Capitania Securities II | CPTS11 | -0,86% | 8,05 |