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SBI - GERAL Q1 2026
+2.90 % 351.30
=
INCOME RETURN
+2.07 % +
APPRECIATION RETURN
+0.83 %
USD / REAL
0.00 % 5.17
CAN / REAL
0.00 % 3.76
EURO / REAL
0.00 % 6.04
IBOVESPA
-0.70 % 118,939.87 PTS
IFIX
0.00 % 3,682.16 PTS
SELIC
14.00 % 22.Aug.2026

Experts Weigh In: 2024 Closes with Challenges but Brings Opportunities for FIIs

  • What to expect from FIIs next year? “For those with patience and a long-term strategy, this moment can be very favorable,” says Marcos Baroni, Real Estate Investment Funds Analyst at Suno Research. 
Ricardo Figueiredo, Executive Manager of Real Estate Funds at Finclass and Partner at Grupo Primo
Ricardo Figueiredo, Executive Manager of Real Estate Funds at Finclass and Partner at Grupo Primo
By: SiiLA News
12/30/2024

The year 2024, particularly its final quarter, has been marked by high interest rates, directly impacting the real estate sector and the performance of real estate investment funds (FIIs). The REsource team interviewed two prominent experts on FIIs: Ricardo Figueiredo, Executive Manager of Real Estate Investment Funds at Finclass and Partner at Grupo Primo, and Marcos Baroni, Real Estate Investment Funds Analyst at Suno Research.

Figueiredo highlighted that expectations for the economy at the end of 2023 were “much more optimistic than the reality encountered throughout the year.” According to him, forecasts had anticipated a Selic rate close to 9%, GDP growth of 1.5%, and an exchange rate of approximately BRL 5 per dollar. However, 2024 presented a more challenging landscape, with rising Selic rates, a stronger dollar, and the IFIX index showing depreciation. “During the pandemic in 2020, the IFIX fell 10.2%. Everything points to 2024 consolidating an even worse performance,” Figueiredo noted.

Baroni added that until September, FIIs had been “moving sideways,” but in October, the Selic hike began to put pressure on real estate asset prices. “Investors started favoring fixed-income products, which became more attractive,” he explained. Despite this, both experts agree that this is an opportune time to invest in FIIs, with shares being traded below their net asset value.

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