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Brazilian developer Cyrela reports fourth quarter sales jump

18/01/2018

Sales at Cyrela Brazil Realty SA rose sharply in the fourth quarter while the volume of project launches remained roughly flat, the company said late on Wednesday, as the upscale developer benefits from a real estate rebound in Brazil.

In 2017 overall, sales rose 17.8 percent to 3.26 billion reais, while project launches grew 3.9 percent to 3.05 billion reais.

Cyrela and other development companies are benefiting from a real estate rebound in Latin America’s largest economy after a severe downturn that led to several major bankruptcies.

In particular, Cyrela’s lower-end peers, such as Construtora Tenda SA and MRV Engenharia e Participações SA are on aggressive expansion drives.

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