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Sahara",{"id":1312,"name":1425,"phoneCode":1426},"Wallis and Futuna Islands",681,{"id":1428,"name":1429,"phoneCode":1430},178,"Yemen",967,{"id":1343,"name":1432,"phoneCode":8},"Yugoslavia",{"id":1434,"name":1435,"phoneCode":1436},180,"Zambia",260,{"id":1438,"name":1439,"phoneCode":1440},181,"Zimbabwe",263,{"id":1288,"name":1442,"phoneCode":8},"Zona del Canal de Panamá",{"id":239,"name":1444,"phoneCode":1445},"Беларусь",375,{"id":1447,"status":1448,"segmentId":25,"slug":1449,"title":1450,"editorsPick":1451,"topImage":1452,"coverImage":1453,"slideImage":8,"publishDate":1454,"readTime":5,"maxRelatedEvents":5,"image":8,"imageCredit":1455,"imageCreditColor":79,"breakNewsUntil":1456,"seoTagConversionId":8,"seoTag":8,"seoTitle":8,"seoKeywords":8,"seoDescription":8,"seoAbstract":8,"seoImage":8,"visitCounter":1457,"createdAt":1458,"updatedAt":1459,"translations":1460,"segment":1473,"categories":1481,"countries":1490,"authors":1493,"urls":1498},3795,"TRUE","funding-transiciona-do-sbpe-para-o-mercado-de-capitais-como-acessar-esse-bolso","Funding transiciona do SBPE para o mercado de capitais; como acessar esse bolso",false,"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_BR_Funding_Capital_Markets_GRI_Slider_2026_5_13_17_38_53_1778704733.webp","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_BR_Funding_Capital_Markets_GRI_Cover_2026_5_13_17_38_53_1778704733.webp","2026-05-13T00:00:00.000Z","GRI Institute","2026-05-19T00:00:00.000Z",626,"2026-05-13T17:38:53.000Z","2026-05-13T17:48:53.000Z",[1461],{"id":1462,"newsId":1447,"languageId":25,"title":1463,"subtitle":1464,"content":1465,"summary":79,"takeaways":1466,"seoTagConversionId":8,"seoTag":8,"seoTitle":1467,"seoKeywords":1468,"seoDescription":1464,"seoAbstract":8,"seoImage":1469,"createdAt":1470,"updatedAt":1471,"language":1472},4477,"Funding transiciona da poupança para o mercado de capitais; como acessar esse bolso?","Investir em governança e transparência é fator-chave para destravar operações e não ficar refém da poupança","A engrenagem que sustentou o financiamento imobiliário brasileiro por décadas está emperrada. Com R$ 273 bilhões em saques líquidos da poupança do SBPE entre 2021 e 2025 e um prazo médio de financiamento que já alcança 390 meses, o setor enfrenta uma inflexão estrutural. O mercado de capitais deixou de ser alternativa complementar para se tornar o canal dominante de funding - e os incorporadores que não se adaptarem à sua gramática ficarão progressivamente excluídos do fluxo de capital.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEsse foi o tema de uma apresentação conduzida por \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fmember-profile\u002Fbrazil\u002Fmateus-neiva_27824\" target=\"_blank\">\u003Cspan class=\"data-profile-link\" data-id=\"27824\">Mateus Neiva\u003C\u002Fspan>\u003C\u002Fa>, sócio e head de Properties da \u003Ca href=\"https:\u002F\u002Fwww.griinstitute.org\u002Frealestate\u002Fcompany-profile\u002Fapex-partners-re_12408\" target=\"_blank\">Apex Partners\u003C\u002Fa>, no GRI Fórum Litoral de Santa Catarina, realizado em Balneário Camboriú. Confira, a seguir, os principais insights. \r\n\u003Ch2>SBPE tem problemas de estoque e velocidade\u003C\u002Fh2>\r\nO diagnóstico sobre a poupança vai além da constatação de que os saques superam os depósitos. O problema é composto por duas dinâmicas que se retroalimentam: de um lado, a captação líquida negativa corrói o estoque disponível para novos financiamentos; de outro, o alongamento do prazo médio de pagamento significa que os recursos emprestados demoram mais de três décadas para retornar ao sistema.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEssa combinação cria um descompasso que nenhuma política de estímulo ao depósito consegue resolver no curto prazo. O efeito prático é um racionamento crescente de crédito. Quando os bancos precisam escolher onde alocar recursos cada vez mais escassos, a decisão é previsível: o comprador final pessoa física - cujo risco é pulverizado e garantido por alienação fiduciária - prevalece sobre o incorporador.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA incorporadora carrega simultaneamente risco de incorporação, construção e comercialização. Para a instituição financeira, financiar a produção é concentrar risco em um único tomador durante um ciclo longo e incerto. Financiar o comprador final é diluir risco em centenas de contratos com garantia real.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nEssa assimetria reflete uma racionalidade econômica que tende a se aprofundar à medida que o estoque do SBPE encolhe - o sistema encerrou 2025 com saldo de R$ 766 bilhões, segundo a Abecip. O incorporador que ainda depende exclusivamente do crédito bancário tradicional está operando sobre uma base que se contrai estruturalmente.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\n\u003Cimg alt=\"\" src=\"https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Ffiles\u002F01_BR_Funding_Capital_Markets_GRI_Body_2026_5_13_20_32_54_1778704374.webp\" style=\"width:100%\" \u002F>\r\n\u003Cdiv style=\"text-align:center\">\u003Cspan style=\"font-size:12px\">Mateus Neiva, sócio da Apex Partners, apresenta dados do funding imobiliário a executivos em Santa Catarina (Foto: \u003Cspan class=\"company-profile-link\" data-id=\"1\">\u003Cspan class=\"company-profile-link\" data-id=\"20971\">GRI Institute\u003C\u002Fspan>\u003C\u002Fspan>)\u003C\u002Fspan>\u003C\u002Fdiv>\r\n\r\n\u003Ch2>Mercado de capitais é a nova fronteira\u003C\u002Fh2>\r\nOs números são eloquentes. O saldo total de crédito imobiliário no mercado de capitais passou de R$ 500 bilhões em 2014 para R$ 1,4 trilhão em 2025. Somente em novas emissões, o volume do ano passado se aproxima de R$ 260 bilhões. A aceleração responde a uma lógica de retorno que torna a migração de recursos praticamente irreversível.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nSegundo cálculo da Apex Partners, o investidor pessoa física que mantém recursos na poupança recebe aproximadamente IPCA + 0,3% ao ano. Ao migrar para instrumentos de renda fixa lastreados em ativos imobiliários, acessa retornos na faixa de IPCA + 4% ao ano. Essa diferença de spread não é marginal, mas o tipo de assimetria que, uma vez percebida pelo mercado, gera fluxos unidirecionais: o capital não volta para a poupança depois de descobrir o mercado de capitais.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara o setor imobiliário, isso significa que o funding disponível passará cada vez mais por instrumentos de dívida, como CRIs e debêntures, e equity, via Sociedade de Propósito Específico (SPE), fundos imobiliários ou Sociedade em Conta de Participação (SCP).  \u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA diversidade de instrumentos permite estruturações sob medida para diferentes perfis de empreendimento, estágio de obra e apetite de risco. Um CRI pode ser desenhado para um projeto com 40% de obra executada; um veículo de equity pode capturar a valorização integral de um empreendimento de alto padrão desde a fase de terreno, e há vários outros exemplos. \r\n\u003Ch2>Governança é pré-requisito para acessar o capital\u003C\u002Fh2>\r\nA versatilidade existe. O que falta, em muitos casos, é o incorporador estar preparado para acessá-la.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO mercado de capitais opera com uma gramática própria. Investidores institucionais, como fundos, gestoras e family offices, não avaliam empreendimentos da mesma forma que um gerente de banco analisa uma operação de crédito. Eles exigem track record comprovável, viabilidades financeiras construídas com métricas institucionais como TIR, múltiplo de capital e exposição máxima de caixa, além de mecanismos de monitoramento que incluem gerenciadoras de obra independentes e auditorias técnicas e contábeis periódicas.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nPara incorporadoras dos grandes centros, essa linguagem já é relativamente familiar. Para aquelas que operam fora do eixo Rio-São Paulo, o desafio é duplo: competir por capital com players estabelecidos e superar uma barreira de sofisticação financeira que não se resolve com boas intenções ou com a qualidade intrínseca do projeto.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA experiência de gestoras regionais com atuação relevante - algumas com dezenas de bilhões sob gestão e presença em múltiplos estados - demonstra que a descentralização do capital é viável. Existem casos concretos de CRIs estruturados para projetos em mercados secundários e investimentos de equity em praças fora do eixo principal que entregaram TIRs superiores a 30%. O capital não é avesso à geografia, mas, sim, à opacidade.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nO incorporador que deseja acessar o mercado de capitais precisa investir em sua própria institucionalização: adotar práticas de governança corporativa, estruturar relatórios financeiros com a profundidade que o investidor institucional demanda e aceitar mecanismos de acompanhamento independente como condição para a captação de recursos nesse ambiente.\r\n\u003Ch2>A tese multifamily\u003C\u002Fh2>\r\nO segmento multifamily concentra algumas das discussões mais sofisticadas sobre o futuro do mercado imobiliário brasileiro. A tese é estrategicamente sólida: urbanização crescente, mudança de perfil demográfico, preferência por flexibilidade e a experiência consolidada de mercados maduros onde o build-to-rent se tornou classe de ativo institucional.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nNo entanto, a viabilidade financeira no curto prazo colide com a realidade da taxa de juros em dois dígitos. A relação entre preço de aluguel e valor de venda no Brasil ainda não atingiu o ponto de equilíbrio que torna o multifamily competitivo frente à renda fixa. Quando um investidor pode obter retornos reais expressivos em títulos de dívida com liquidez e baixo risco, o cap rate de um portfólio residencial para locação precisa ser extraordinariamente atrativo para justificar a alocação.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA viabilização desse produto depende de duas condições convergentes: capital paciente com horizonte de 10 a 20 anos, típico de fundos soberanos e investidores institucionais globais com mandatos de longo prazo; e escala mínima de 200 a 300 unidades por portfólio, patamar necessário para diluir custos operacionais e gerar previsibilidade de fluxo de caixa.\u003Cbr \u002F>\r\n\u003Cbr \u002F>\r\nA convergência entre aluguel e valor de venda é uma tendência de longo prazo materializada em mercados como Estados Unidos, Alemanha e Japão. No Brasil, ela também virá, mas provavelmente não no atual ciclo de juros. As incorporadoras que se posicionarem agora, construindo portfólios e desenvolvendo expertise operacional em gestão de locação em escala, estarão melhor preparadas para capturar essa onda quando as condições macroeconômicas se alinharem.","\u003Cul>\r\n\t\u003Cli>O SBPE acumula cinco anos consecutivos de captação líquida negativa, com saldo reduzido a R$ 766 bilhões no final de 2025, enquanto o mercado de capitais imobiliário saltou para R$ 1,4 trilhão, com R$ 260 bilhões em novas emissões somente no ano passado.\u003C\u002Fli>\r\n\t\u003Cli>O diferencial de spread entre a remuneração da poupança e a renda fixa em títulos do mercado de capitais funciona como força gravitacional que redireciona o capital do investidor pessoa física, esvaziando progressivamente a fonte tradicional de crédito para a incorporação.\u003C\u002Fli>\r\n\t\u003Cli>Investidores institucionais - como family offices e gestores de fundos - exigem track record comprovável, viabilidades financeiras construídas com métricas institucionais  - como TIR e exposição máxima de caixa - e mecanismos de monitoramento independentes para financiar incorporadoras. \u003C\u002Fli>\r\n\u003C\u002Ful>\r\n","Funding transiciona da poupança para o mercado de capitais","mercado imobiliário, funding, crédito, poupança, mercado de capitais","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews\u002F00_BR_Funding_Capital_Markets_GRI_Social_2026_5_13_17_44_11_1778705051.jpg","2026-05-13T17:39:03.000Z","2026-05-13T17:46:12.000Z",{"code":18},{"id":25,"color":27,"translations":1474},[1475,1477,1479],{"title":26,"slug":30,"language":1476},{"code":13},{"title":37,"slug":38,"language":1478},{"code":18},{"title":33,"slug":34,"language":1480},{"code":23},[1482],{"id":155,"label":156,"translations":1483},[1484,1486,1488],{"label":156,"slug":167,"language":1485},{"code":13},{"label":170,"slug":171,"language":1487},{"code":18},{"label":174,"slug":175,"language":1489},{"code":23},[1491],{"name":682,"enName":682,"ptName":682,"iso2":1492},"BR",[1494],{"name":1495,"slug":1496,"image":1497,"order":632},"Henrique Cisman","henrique-cisman","https:\u002F\u002Fcdn.griinstitute.org\u002Fuploads\u002Fhubnews_author\u002FHenrique_Marcal_Cisman_GRI_Institute_Profile_PIC_2025_11_04_11_31_12_1762266672.jpg",{"pt-BR":1499},"\u002Fmercado-imobiliario\u002Ffunding-transiciona-do-sbpe-para-o-mercado-de-capitais-como-acessar-esse-bolso",[1501,1502,1503,1504,1505,1506],"Infra Brazil","Infra Latam","Real Estate Brazil","Real Estate Europe","Real Estate India","Real Estate Latam"]