O circuito financeiro imobiliário no Brasil: aspectos recentes do processo de financeirização

Abstract

During the past three decades, interest in a new global phenomenon has emerged in the academic world: financialization, especially the financialization of real estate. It manifests itself mainly through the creation and proliferation of a series of financial instruments that connects international financial systems with real estate markets around the world. In Brazil, the financialization of real estate has taken multiple forms, but especially, during the last decade, marked by the expressive increase of resources mobilized through the financial instruments created within the scope of the Sistema Financeiro Imobiliário (SFI). Created as a counterpoint to the Sistema Financeiro da Habitação (SFH), considered insufficient and inefficient as a real estate funding structure, SFI and the creation of new financial instruments promised to irrigate the real estate market, particularly the residential one, with capital market resources. This work sought to characterize the recent dynamics of the real estate financial circuit in Brazil from the perspective of the tension between these two financing systems, seeking to highlight the role of operations within the scope of SFI, specifically Real Estate Investment Funds (FII) and Certificates of Receivables Real Estate (CRI), the latter considered the cornerstone of the process of financialization of real estate on a global scale. In this purpose, primary and secondary data were collected from the websites of the main institutions that operate in SFH and SFI. The set of information was expanded through the construction of a database through WebScraping on the CRI information contained on the ANBIMA website. The analysis of these data favored the categorization of CRI by credit assignors in order to identify the role of institutions in securitization. It was noticed that housing financing through the SFI remained limited to high-end developments and to incentives by the Fundo de Garantia do Tempo de Serviço (FGTS). In practice, the financial instruments promoted in the sphere of the SFI were absorbed by the real estate companies and by the FII in the corporate segment, serving purposes other than those raised at the time of its creation, such as the increasing absorption of real estate wealth as asset under management and the intensification extraction of land rent. Ultimately, this process reinforces the trend in treating land as a pure financial asset and intensify the speculation characteristic of financial markets into the property market.