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Brazilian real estate developers report Q3 sales and launch declines
Major Brazilian real estate developers reported mixed or declining results for the third quarter. Cyrela saw a 16% drop in launches, totaling R$ 2.86 billion, and a 14% decrease in sales compared to the previous year. The company noted an increased participation of projects under the Minha Casa, Minha Vida program.
Direcional reported an operational cash flow of R$ 228 million, an increase from the previous year, despite a 27% drop in net sales and a 45.7% decline in launches. The company attributed the lower sales conversion to regional events, holidays, and changes in client approval processes, while also noting an unusual volume of contract cancellations.
The downward trend in sales and launches was also observed in other sector companies such as Melnick and Even. Meanwhile, Cyrela received recognition for its legal department's digital transformation and integrity culture initiatives at a recent industry awards ceremony.
Entities
Cyrela · Direcional · Living · Minha Casa Minha Vida · Orlando Pereira · Seller
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Contracted net sales reached R$ 2.117 billion in the third quarter. bmcnews.com.br
- [○ 1 SOURCE] Launches in the Minha Casa Minha Vida segments 2 and 3 totaled R$ 1.26 billion.
- [○ 1 SOURCE] Real estate launches totaled R$ 2.86 billion between July and September.
- [○ 1 SOURCE] Cyrela reported a 16% decrease in real estate launches during the third quarter.
- [● 2 SOURCES] Cyrela reported a 14% decrease in sales compared to the same period last year. bmcnews.com.br
- [○ 1 SOURCE] Launches in the high-end segment fell to R$ 1 billion from R$ 2.22 billion in the previous year.
- [○ 1 SOURCE] Sales in the medium-standard segment grew from R$ 348 million to R$ 674 million.