Balanço do Mercado Imobiliário 2014.pdf
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Transcript of Balanço do Mercado Imobiliário 2014.pdf
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E
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T J I
6,40 7,15
11,7512,50
0,0
5,0
10,0
15,0
20,0
25,0
ICA ELIC (MEA)
F: IBGE E BACEN
%
*2015 FOCUS 09/02/15
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1.7
97
1.5
62
1.5
50
1.9
43
1.7
07
1.3
98
2.6
3
0
2.0
27
1.3
73
1
.139
397
S E F B T A C A*
F: MTE
65%
M = 1.593
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83
123
131 2
18
244
237
348
236
157
105
106
F: MTE
201%
S E F B C C C A*
M = 161
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PIB B ( )
*PI
BCBR
/14
M = 3,5% M = 4,6% M = 2%
104%
F: BACEN
57%31%
1,1%
5,7%
3,2%
4,0%
6,1%5,2%
0,3%
7,5%
2,7%
0,9%
2,5%
0,1%
03 04 05 06 07 08 09 10 11 12 13 14*
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F I SBPE R$ B
2,2 3,0 4,9 9,3
18,3
30,0 34,0
56,2
79,9 82,8
109,2 112,9
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
3,4%
A 2014,
F: A BCB
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F I SBPE FGTS
F: A BCB
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S C I
F: A
62,0%
63,0%
63,8%
64,9%65,4%
2010 2011 2012 2013 2014
LTV() C
30%
S A
SAC
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E F S F N (%)
F: A
21,524,5
29,132,2
35,439,2
41,7 43,4 45,5 46,1
18,421,0
25,0 27,2
28,8 30,4 31,0 30,5 29,7 28,4
3,2 3,5 4,1 5,0
6,6 8,8
10,7 12,9
15,8 17,7
E
E H
E
H
D 2012,
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I SBPE (%)
F: A
3
4,2%
3,1%
2,6%
2,1% 2,0%1,8% 1,7%
1,4%1,3%
1,0% 1,2% 1,2%
1,4% 1,3% 1,4% 1,3%
2007 2008 2009 2010 2011 2012 2013 2014
H A F
A F
M 95% A F
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A C I 2014
E
LG
I
C
I
F: A
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T C I
F: A
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F: A
F I SBPE R$ B
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22,6
24,9 25,7
39,0
34,5
31,6
38,2 38,1
28,5
34,2
31,7
20,223,8
28,3
36,632,8 35,8 35,9
28,3 27,0
33,3
21,6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
L
C M
F: E/D E E SSP
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2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
25
27
29
31
33
35
37
39
41
43
45
IB % L C
M U
L R 12 % PIB
F: E/D E E SSP
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22,6 24,9 25,7
39,034,5
31,6
38,2 38,1
28,5
34,231,7
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M = 31,7
M U
F: E / E: D E E SSP
7%
L I R
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N DR 34,6%
0,40,9
2,62,4
2,6 2,4
1,0
2,1
4,0
2,3
6,3
4,7
/14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14
F: E / E: D E E SSP
L I R 201
M U
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T U
L
P
%
1 D. 3.655 72%
2 D. 1.181 23%
3 D. 222 4%
4 D. 0 0%
T 5.058 100%FONTE: E / E: D E E SSP
L I R Z 201
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T U
L
P
%
1 D. 684 10%
2 D. 4.026 59%
3 D. 1.937 28%
4 D. 152 2%
T 6.799 100%FONTE: E / E: D E E SSP
L I R Z 201
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T U
L
P
%
1 D. 326 8%
2 D. 2.159 53%
3 D. 1.589 39%
4 D. 37 1%
T 4.111 100%FONTE: E / E: D E E SSP
L I R Z 201
L I R Z
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T U
L
P
%
1 D. 3.511 43%
2 D. 2.589 32%
3 D. 1.407 17%
4 D. 605 7%
T 8.112 100%FONTE: E / E: D E E SSP
L I R Z 201
L I R Z
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T U
L
P
%
1 D. 2.471 33%
2 D. 2.825 37%
3 D. 1.523 20%
4 D. 780 10%
T 7.599 100%FONTE: E / E: D E E SSP
L I R Z 201
L I R Z
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Z
U
L
P
%
C 5.058 16%
Z L 6.799 21%
Z N 4.111 13%
Z O 8112 26%
Z S 7.599 24%
T 31.679 6.799FONTE: E / E: D E E SSP
L I R Z 201
P (%)
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T 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 M
1 D. 5% 7% 4% 1% 4% 6% 11% 17% 17% 28% 34% 12%
2 D. 40% 30% 29% 32% 34% 46% 49% 46% 50% 40% 40% 40%
3 D. 33% 36% 31% 32% 38% 33% 32% 29% 23% 25% 21% 30%
4 D. 22% 27% 37% 34% 24% 15% 8% 7% 10% 7% 5% 18%
P (%)
F: E / E: D E E SSP
M P M P
L P A R
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15
20
25
30
35
40
45
50
55
60
L A
A/08
45,6
J/0925,0
D/1431,7
O/08
47,0
S/1032,1
S/1154,5
S/1443,1
M U
L P A R 12
FONTE: E / E: D E E SSP
C
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C /12 /1
F: E / E: GS
C
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F: E / E: GS
C /12 /1
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V 12
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2,0%
0,0%
2,0%
4,0%
6,0%
8,0%
10,0%
15
20
25
30
35
40
45
IB % C
F: IBGE D E E SSP
M U
V 12 % PIB
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V 12 C C
90
100
110
120
130
140
150
160
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
/05
/06
/06
/06
/07
/07
/08
/08
/09
/09
/09
/10
/10
/11
/11
/11
/12
/12
/13
/13
/14
/14
/14
C ICC
F: DEE SSP FGV
C I R N
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20,223,8
28,3
36,6
32,8
35,8 35,9
28,3 27,033,3
21,6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M = 24,1 M = 35,3 M = 29,5
46% 16%
F: DEE SSP
35%
C MF PMCMVE P
A I IPO
C I R N
L V I R
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D/1431,7
D/1421,6
0
5
10
15
20
25
30
35
40
45
50
L
A/0843,1
A/0845,6
A/0927,0
J/0925,0
F: E D E E SSP
M U
12
P (%)
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T 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 M
1 D. 8% 3% 7% 2% 3% 6% 11% 14% 16% 25% 28% 11%
2 D. 33% 35% 33% 37% 33% 40% 42% 47% 50% 44% 46% 40%
3 D. 35% 35% 33% 31% 39% 35% 32% 30% 27% 23% 21% 31%
4 D. 24% 27% 28% 30% 26% 19% 15% 9% 8% 8% 5% 18%
E: D E E SSP
M P M P
C I R N
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E R$ B
E: D E E SSP
VGV V G V
/201
12,314,0
15,5
19,6
16,9 16,8
19,4
16,4 15,7
20,5
11,9
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
M = 16,3 42%
VSO* 12
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46% 51%
60%65% 62%
70% 70%
57% 57% 62%
42%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
E %
F: D E E SSP
M = 58,4%
*
= / DI = / OF = ( ) / L =
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C 12 E FIPE/ZAP
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41
C 12 E FIPE/ZAP
0,00%
5,00%
10,00%15,00%
20,00%
25,00%
30,00%
35,00%
40,00%
45,00%
/1
0
/1
0
/1
0
/1
0
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
1
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
2
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
3
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
/1
4
E F/
7,39%
7,33%
F: E F/ E: SSP
P M M
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P M M
8,7 8,8 8,9 8,9 9,0 8,8 8,9 9,0 9,1 9,2 9,4 9,3
/14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14
C S P I R V N 12
F: E / E: SSP
E R$ 0,31%
P E
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V % P V % R
2,7 3,1 3,2 3,5 3,2 3,6 3,9
5,2 6,6 7,2
8,7 9,3
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
16%
2%
10%
8%
12%7%
33%
27%
11%20%
7%4,7%
5,0%
4,8%
12,9%
0,4% 3,8%
23,8%17,7%
3,2%
10,7%
0,4%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
%
P E
F: E / E: SSP
C S P I V N
V 2014
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V 2014
P M
IR
P M
IR
IPCAIPCA
INCCDIINCCDI
7,39%
6,41%
6,95%
F: E ; IBGE; FGV/ E: SSP
C /12 /1
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F: E / E: GS
/12 /1
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L I RR M S P
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22,6 24,9 25,7
39,0 34,5 31,6 38,2 38,1
28,5 34,2 31,7
5,6 8,8 9,0
23,1 28,621,9
32,6 29,2
27,925,9
19,2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
C O C
M = 53 M
28,233,7 34,7
53,5
62,1 63,0
70,867,4
56,4 60,1
R M S P
M U
F: E / E: D E E SSP
50,9
15%
C 2014
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F: E / E: GS DEE
2 B*3.621
A, B T
4 G1.678
3 S.B.C2.034
6 S.C.S
1.0225 S. A
1.427
1 O4.466 A 6
74%
RM
V I RR M S P
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35,928,3 27,0
33,321,6
29,3
24,5 23,925,1
19,7
2010 2011 2012 2013 2014
M OO
58,452,8 50,9
65,2
F: D E E SSP
M U
41,3
R M S P
29%
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L V 1
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F: E D E E SSP
0
500
1000
15002000
2500
3000
3500
4000
4500
5000
/10
/10
/10
/11
/11
/11
/11
/12
/12
/12
/12
/13
/13
/13
/13
/14
/14
/14
/14
L
12
D/142.389
D/141.969
L V 2
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F: E D E E SSP
0
5000
10000
15000
20000
25000
/10
/10
/10
/11
/11
/11
/11
/12
/12
/12
/12
/13
/13
/13
/13
/14
/14
/14
/14
L
12
D/1411.520
D/1412.247
L V 3
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FONTE: EMBRAESP D E E SSP
0
2000
4000
6000
8000
10000
12000
14000
/10
/10
/10
/11
/11
/11
/11
/12
/12
/12
/12
/13
/13
/13
/13
/14
/14
/14
/14
L
12
D/144.187
D/14
4.245
L V 4
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F: E D E E SSP
0
500
1000
1500
2000
2500
3000
3500
/10
/10
/10
/11
/11
/11
/11
/12
/12
/12
/12
/13
/13
/13
/13
/14
/14
/14
/14
L
12
D/141.077
D/14
1.267
L V
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F: E D E E SSP
15000
17000
19000
2100023000
25000
27000
29000
31000
33000
35000
/10
/10
/10
/11
/11
/11
/11
/12
/12
/12
/12
/13
/13
/13
/13
/14
/14
/14
/14
L
12
D/1419.173
D/1419.728
O F O C
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7.000
9.000
11.000
13.000
15.000
17.000
19.000
D/1415,2
D/1218,1
M = 14,6
M U
F: D E E SSP
J/1011,7
VSO A 12
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58,359,6 59,2 58,8
56,8
54,1 54,8 55,3 55,1 55,6 55,8 55,9
54,3
/13 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14 /14
E %
F: D E E SSP
M = 56,4%
RMSP O C
*
= / DI = / OF = ( ) / L =
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O X P C S P
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J/0420.348 D/08
20.026
J/042.714
D/083.628
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.00010.000
0
5.000
10.000
15.000
20.000
25.000
30.000
/04
/04
/05
/05
/06
/06
/07
/07
/08
/08
/09
/09
/10
/10
/11
/11
/12
/12
/13
/13
/14
/14
O F 2
F: D E E SSP
O X P C S P
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D/0820.026
S/107.759
D/083.628
S/104.590
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.00010.000
0
5.000
10.000
15.000
20.000
25.000
30.000
/04
/04
/05
/05
/06
/06
/07
/07
/08
/08
/09
/09
/10
/10
/11
/11
/12
/12
/13
/13
/14
/14
O F 2
F: D E E SSP
O X P C S P
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D/0820.026
S/107.759
D/1427.255
D/083.628
S/104.590
D/149.329
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.00010.000
0
5.000
10.000
15.000
20.000
25.000
30.000
/04
/04
/05
/05
/06
/06
/07
/07
/08
/08
/09
/09
/10
/10
/11
/11
/12
/12
/13
/13
/14
/14
O F 2
F: D E E SSP
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M
C
O / D
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R H N P OR 6 R M P I C S P
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234,9
308,4
0,0
50,0
100,0
150,0
200,0
250,0
300,0
350,0
I
F: IBGE
R H N P OR 6 R M
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908 1.011 1.086 1.162
1.282 1.3441.515
1.6501.805
1.967
2.056
500 589 600
678 700 796 878
999 1.0001.199
1.270
0
500
1.000
1.500
2.000
2.500
MDIO MEDIANO
F: IBGE
E ($)
S F C ( B)
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F: C
V I
(R$ )
T
( 2014) P %
0 100 5.923,1 13%
100 150 17.979,1 41%
150 200 8.453,8 19%
200 300 6.049,3 14%
300 500 3.836,0 9%
M 500 1.717,7 4%
T 43.959,0 100%
P IT
( 2014) P %
0 < 25 7.267,1 17%
26 < 35 19.688,3 45%
36 < 45 9.981,7 23%
46 < 55 4.927,3 11%
56 < 65 1.812,1 4%
65 > 282,5 1%
T 43.959,0 100%
R (R$ ) T
( 2014) P %
A 1.200 783,6 2%
1.200 2.000 10.258,1 23%
2.000 4.000 14.185,3 32%
A 4.000 18.732,0 43%
T 43.959,0 100%
C S P
L F P
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C S P
E: D E E SSP
L
P %
0,8
7,6
9,7
8,5
5,1
2014
2%24%
31%
27%
16%
2014
2,3
8,9
8,2
8,5
6,3
2013
7%
26%
24%
25%
18%
2013
C S P
V F P
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C S P
E: D E E SSP
3,3
9,7
8,0
6,8
5,5
2013
1,2
6,1
6,1
5,1
3,1
2014V
P %
10%
29%
24%
21%
16% 6%
28%
28%
24%
14%
20142013
L V F P
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E: D E E SSP
0%
10%
20%
30%
40%
50%
60%70%
80%
90%
100%
2010 2011 2012 2013 2014
0%
10%
20%
30%
40%
50%
60%70%
80%
90%
100%
2010 2011 2012 2013 2014
LANAMENTOS VENDAS
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L F P
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E: D E E SSP
6,1
12,6
4,9
1,8
0,6
2013L
P %
O C
23%
49%
19%
7%
2%
2013
1,4
9,25,1
2,31,2
2014
7%
48%27%
12%6%
2014
V F P
O C
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14%
47%
22%
10%7%
E: D E E SSP
7,6
11,5
3,8
1,4
0,8
2013
2,7
9,44,3
2,01,3
2014V
P %
20142013
O C
30%
46%
15%
6%
3%
L V F P
O C
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E: D E E SSP
0%
10%
20%
30%
40%
50%
60%70%
80%
90%
100%
2010 2011 2012 2013 2014
0%
10%
20%
30%
40%
50%
60%70%
80%
90%
100%
2010 2011 2012 2013 2014
LANAMENTOS VENDAS
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O
U /12 /1
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F: E / E: GS
T U R
V 2012 2014 90.431
D E E 10.971
D E P 6.036
D E P
E 17.007
F E 73.424
C /12 /1
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F: E / E: GS
C E E /12 /1
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F: E / E: GS
P D E (PDE) N
P D E PDE
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P D E (PDE) N , ;
O DE , , ;
O DE ;
E 2015, D E .
PDE N D N P
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O PDE , , ;
A , ;
A ,
, . .
A P PDE
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T E E U;
O E E 3% ; , 2%;
A O , ;
: ,
.
A P PDE
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U P D E 15 ;
, , , ;
H ; .
P 2015
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E
N
A
C / M I:
D ;
O 215 .
P 2015 S P
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LE 31,7
2015E
28,5
10%
F: E / D E SSP
2014
VE
O FE
2014 = 21,6
19,5
23,7
10%
10%
32,7
28,5
20%
5%
2014 = 27,3
2015E 2015E
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OBRIGADO!
C PE