São Paulo – The value of real estate financing with funds from savings accounts grew 65% in 2010 and reached a new record value. In the year, 56.2 billion reals (US$ 33.6 billion) in loans were made for the purchase of real estate, 22.2 billion reals (US$ 13.3 billion) more than in 2009.
The figures were disclosed on Tuesday (15) by the Brazilian Association of Real Estate Loans and Savings Companies (Abecip). They take into consideration only real estate financed using the Brazilian System of Savings and Loans (SBPE).
According to the Abecip, the banks financed through the SBPE the purchase of 421,400 real-estate units last year. In 2009, there were 302,700.
According to the association, the balance of savings accounts reached a historic peak in late 2010. In December last year, 299.9 billion reals (US$ 179.3 billion) were deposited in savings accounts in Brazil. That represented growth of over 18.8% over December 2009, when 253.6 billion were in savings accounts.
*Translated by Mark Ament
