The number of individuals investing in real estate funds jumped from around 700,000 to nearly 3 million in recent years. According to Ricardo, this shift changed market dynamics, bringing a more vocal and participative audience. 

“Today’s FII investors put more pressure on managers, join shareholder meetings, and demand accessible reports. This is positive for the industry’s maturation,” he explained. 

This engagement also brought challenges: with a large share of investors still learning, market behavior tends to fluctuate depending on the appeal of fixed income, especially during periods of high interest rates. The lack of greater participation from institutional and foreign investors also limits the sector’s stability.

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Beyond simply tracking dividends, Ricardo argues that investors should focus on total return — the combination of income and capital gains. In mature and diversified portfolios, this return can reach inflation + 15% per year, according to the specialist. 

“Strong income carry allows investors to withstand volatility and wait for future appreciation,” he said. 

Active management is another key differentiator. By selling assets above book value, managers signal the true worth of properties to the market while also generating additional dividends. For Ricardo, this reinforces the idea that, in the end, portfolio quality is what really matters. “A bad manager can be replaced, but a bad asset won’t find a buyer. What remains is the property,” he summarized. 

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