the brazilian savings & real estate financing ?· brazilian demographics • population: 190...

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  • The Brazilian Savings & Real Estate Financing SystemMay, 2010

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  • Brazilian Demographics

    Population: 190 million (2007)

    Population growth rate:

    1.7% (average 1990 - 2000)

    1.3% (average 2001 - 2007)

    Population living in urban areas/

    Total population: 83.5%

    GDP per capita : R$ 13,700 (US$ 7,600)

    Number of homes: 56.3 million

    2

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  • The Brazilian GDP

    3

    GDP 2009

    R$ 3,143billion

    Source: IBGE

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  • Housing Deficit: 7,2 million homes

    4

    Source: Fundao Joo Pinheiro Minimum Wage represents R$ 465 (US$ 260) per month

    90% of the Housing Deficit is concentrated within low-income population

    Up to 3

    minimum wages

    From 3 to 5

    minimum wages

    From 5 to 10

    minimum wagesOver 10

    minimum wages

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  • Housing Deficit per Region:

    5

    Source: Fundao Joo Pinheiro

    Housing Deficit is concentrated in the Southeast and Northeast Regions

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  • Real Estate Financing in Brazil: Operational Model

    6

    MainFundingSources

    Saving Accounts

    FGTS

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  • Mortgage Market in Brazil: SFH

    7

    SFH

    FGTS SBPE

    CMN

    65% MORTGAGE MARKET

    20% RESERVE REQUIREMENT

    15% FREE

    CCFGTS

    RESERVE REQUIREMENT / YEAR

    60% HOUSING

    40% SANITATION

    DEPARTAMENT OF LABOR

    DEPARTAMENT OF

    TREASURE

    CMN

    CENTRAL BANK

    DEPARTAMENT OF CITIES

    HOUSING OFFICE

    BOARD OF CITIES

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  • The Mandatory Destination for Saving Accounts Funding

    8

    Volume retained at the Central Bank

    Savings

    65% Savings

    35% Savings

    Free to be used by Treasury

    Volume retained at the Central Bank

    Penalty calculation considering the savings volume retained at the Central Bank (per year)

    Interest paid by the Central Bank = 1,6% Saving account return = 8%-Funding Penalty = - 6,4%=

    20% Savings

    15% Savings

    Retained at the Central Bank, however, at the same return of savings account (8% per year)

    Mortgage assets

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  • Saving Accounts Balance Historical Evolution - SBPE

    9

    ESTABLISHED CONSOLIDATION STAGNATION RESTRUCTURING

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  • SFH: Establishment

    10

    ESTABLISHED CONSOLIDATION STAGNATION RESTRUCTURING

    -

    100

    200

    300

    400

    500

    600

    700

    1964 1965 1966 1967 1968 1969 1970

    Thou

    sand

    Uni

    ts

    SBPE

    SFH

    LAW 4.591 - 16/12/64-REAL ESTATE

    DEVELOPMENT

    RC BNH 25 -16/6/67- FCVS

    LAW 4.380:21/8/64:

    SFH, BNH,SCI, CM

    . LAW 5.107 -13/9/66 -FGTS

    . DL 19 - 30/8/66 MANDATORY INDEXATION. DL 70 - 21/11/66 - APE E

    FORECLOSURE

    ABECIP -19/8/1967

    RC BNH 29 -31/10/68SAVING

    ACCOUNT

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  • SFH: Consolidatio