Contrary to Europe and the United States, real estate financing was quasi non-existing in Brazil before 2004. Real estate financing in Brazil only accounts 4% of the countru's GDP. In holland and Belgium this is more than 100% of the GDP. The real estate financing market is also completely different organised. Most of the real estate financing happens through Caixa Economica.
In 2008, Caixa financed for 22,8 billion R$, or 498.000 units. The projection is that this figure will grow 20% in 2009. Contrary to thye US and Europe there is plenty of room for growth of real estate financing; especially now that the Central Bank in Brazil will lower interest rates.
