AoCubo posts 95% growth in new apartment sales in São Paulo despite Brazil’s SELIC rate hike

RIO DE JANEIRO, BRAZIL – The real estate market is growing fast and sales of new apartments increased 95% in the first semester in the city of São Paulo and metropolitan region, according to a survey conducted by AoCubo – a digital real estate company that uses technology to change the experience of buying and selling new apartments.

Even as the SELIC benchmark interest rate in Brazil was adjusted, reaching 4.25%, the sector does not seem to be intimidated and should continue to expand throughout the year.

“Despite influencing mortgage rates, the market still attracts buyers and investors interested in housing or a source of income,” says Ronnie Sang Jr., AoCubo’s CEO and founder.

One of the areas that most surprised specialists, the real estate market has dodged the global pandemic and has been posting positive figures every month.

According to AoCubo’s survey, the second quarter was positive in sales and the startup posted a 160% hike. “It makes sense to invest in real estate and despite the high SELIC new launches and the reopening of the real estate market, as the Covid-19 vaccination plan advances, should heat up the sector and boost sales in the next six months,” Sang Jr. explains.