The real estate sector was once again the one that grew the most on the stock market in 2025, with a cumulative increase of 73.5% in the index which brings together companies in the sector. Last year’s appreciation was the second largest since the real estate index’s inception in 2008, and profitability was more than double that of Ibovespa, B3’s main indicator.
The data comes from Elos Ayta Consultoria. This result comes after a difficult 2024 for B3 developers, when the real estate index saw the fourth largest decline in the sector.
Construction companies listed on the stock exchange were impacted that year by investor fears regarding a new cycle of increases in base interest rates, the Selic, from September 2024.
But, according to a report published by Santander on December 28, demand proved resilient last year, even with interest rates of 15%, mainly in the segment focused on Minha Casa, Minha Vida, whose subsidized rates are not as influenced by the Selic.
The very high-end segment, more resilient to high interest rates due to this audience’s greater purchasing power, also proved strong.
On the stock market, the companies that pushed the real estate index higher were JHSF, leader in the high-end sector, with a 131.5% increase in its shares throughout 2025. The company was followed by Trisul, which serves both segments and increased by 120.4%, and by Cury, which focuses entirely on low incomes and whose shares increased by 113.2%.
Next come Tenda, with an appreciation of 107.7%, Cyrela (97.8%), Direcional (93.6%) and Helbor (90.5%). Of these, Tenda and Direcional focus entirely on Minha Casa, Minha Vida.
In 2023, the year in which the Lula government promoted changes in the housing program, readjusting price ranges and expanding public access to properties, the real estate index also led the rise of the sector in B3, with an increase of 53%.
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