Business

A surprising pandemic effect: Brazilians are buying more houses

Despite the economic woes, multiple factors have led to a real estate boom in Brazil, with citizens ditching rent in favor of homeownership

real estate brazil
Photo: Andrey Popov/Shutterstock

Throughout the Covid-19 pandemic, real estate has been among Brazil’s most resilient economic sectors. Thanks to a combination of factors — including the country’s lowest benchmark interest rates in history — the segment managed to fulfill countless Brazilians’ dreams of abandoning rent and owning their own homes. While the country’s interest rates rose to 3.5 percent this week — and are set to increase further over the year — experts predict that the real estate boom will persist.

The pandemic seemed to be a perfect storm for the sector, with widespread uncertainty, a record unemployment rate, and construction stoppages...

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