Study Shows New Property Sales Slump 58 Percent in São Paulo between February and April

The digital real estate platform AoCubo conducted the survey with 90 property developers in the city of São Paulo. Developers had many launches planned for the post-Carnaval period, but the pandemic placed the plans on hold.

SÃO PAULO, BRAZIL - In an atypical year, considering the coronavirus pandemic, sales of new properties costing up to R$ 400,000 dropped 37 percent in São Paulo from February to April of this year, according to a survey conducted with 90 developers in the state by the digital real estate platform AoCubo.

Considering new properties costing more than R$ 400,000, the drop in sales over the same period mentioned was even greater: 58 percent.

According to the Brazilian Association of Real Estate Developers, the market expected exponential growth this year, due to the drop in interest rates . . .

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