Abstract
The real estate market for homes constitutes of ownership and rental. In 2020, as a result of restrictive measures caused by COVID-19, new real estate constructions saw a drastic decline followed by a rapid recovery at the second semester of the year. The need to reduce poverty and alleviate social problems led the Brazilian government to create some social aid programmes, including financial aid for poor individuals and families to buy houses and apartments. Real estate ownership transfer is taxable in Brazil. The tax rate depends on whether the real estate property transfer is a sale contract, donation contract, or inheritance. In addition, costs may vary if there is a real estate agent involved in the transaction, which is not mandatory. However, it is estimated that in Sao Paulo, the transactions costs of purchasing a real estate property are a 4% state tax and a variable fee stipulated by the Real Estate Registry Office.
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