Made available in DSpace on 2016-04-28T20:19:27Z (GMT). No. of bitstreams: 1 2009 - Daniel Ferreira Falcao.pdf: 1682485 bytes, checksum: 82658683c203f050466a2fadc4384cf2 (MD5) Previous issue date: 2009-05-15 / The real estate market is the social mechanism of coordination about the individual decisions to localization and use of the ground urban, thus this coordination appears a city whose ground urban is used in way more efficient. This market has the responsibility to conciliate the freedom to act individually with exploitation in the use of the resources of the society. The systems of home loans, that are instruments to regulation the urban regimen, it possess an important position, therefore these are strategical for the structure and the consolidation of the real estate market urban capitalist. The objective of this study is to compare the perception of three residential constructors with headquarters in this city, Rio de Janeiro, at different moments of operational maturity, agility in the captation of financial resources to develop its operation and its positioning of market, through the Market of Home loans. The sector of residential civil construction was chosen had its great evolution throughout the last decades. Although the financial crises and reduction of jobs in general terms in the last years, this sector it showed a growth that allowed it assume a role of leadership in terms of investments, to absorb man power and generation of work ranks. The used methodology was bibliographical research and additionally study of multiple cases. The case study it had as main objective to promote a critical reflection about the premises assumed through the formularization of the hypotheses at the beginning of the research, recognizing with bigger depth the main events of last decade related of the real estate market, the obstacles in the evolution of the home loans faced by the companies, amongst other aspects. Considering the hypothesis of that the speed, the degree of development and the amount of chances of the constructors, in last the 5 years, were very superior what it was lived by the constructors in the past most remote and that the access to the market of home loans has been determinative factor for the positioning of these constructors in the real estate market. The main results show us a enormous dependence of the residential civil construction in specific relation to the funding of home loans - plano empres?rio - offered by the traditional financial institutions. Moreover, the main points for improvement of the market, identified for the interviewed ones, had been: reduction of related taxes the man power, fiscal changes to reduce taxes related to the real estate financings and additionally to reduce the difficulties in the process of approval of projects that currently generates legal unreliability in the sector. / O mercado imobili?rio ? o mecanismo social de coordena??o das decis?es individuais de localiza??o e uso do solo urbano, de forma que desta coordena??o surge uma cidade cujo solo urbano ? (ou deveria ser) utilizado da forma mais eficiente. Cabe a esse mercado conciliar a liberdade de a??o individual com a efici?ncia no uso dos recursos da sociedade. Os sistemas de cr?dito imobili?rio, que s?o instrumentos de regula??o do regime urbano, possuem uma relev?ncia bastante consider?vel, posto que os mesmos sejam estrat?gicos para a estrutura??o e a consolida??o do mercado imobili?rio urbano capitalista. O objetivo deste estudo consiste em comparar a percep??o de tr?s construtores de im?veis residenciais com sede na cidade do Rio de Janeiro, em momentos distintos de maturidade operacional, quanto a obten??o de recursos financeiros para alavancagem de sua produ??o e posicionamento no mercado, atrav?s do Mercado de Cr?dito Imobili?rio. A escolha do setor de constru??o civil residencial se d? pela sua evolu??o ao longo das ?ltimas d?cadas mesmo com a crise dos ?ltimos anos e com a redu??o dos postos de trabalho, o crescimento do setor lhe permitiu assumir um papel de lideran?a em termos de investimentos, absor??o de m?o-de-obra e gera??o de postos de trabalho. A metodologia usada foi a pesquisa bibliogr?fica seguida de estudo de casos m?ltiplos. O estudo de caso teve como principal objetivo promover uma reflex?o cr?tica junto ?s premissas assumidas na formula??o das hip?teses de partida para a pesquisa, reconhecendo com maior profundidade os principais acontecimentos da ultima d?cada para o crescimento do mercado imobili?rio, os obst?culos na evolu??o do mercado do cr?dito imobili?rio enfrentados pelas empresas, dentre outros aspectos. Considerando a hip?tese de que a velocidade, o grau de desenvolvimento e a quantidade de oportunidades das construtoras, nos ?ltimos 5 anos, foi muito superior ao que foi vivido pelas construtoras no passado mais remoto e que o acesso ao mercado de cr?dito imobili?rio tem sido fator determinante para o posicionamento destas construtoras no mercado imobili?rio. Os principais resultados obtidos apontam para uma grande depend?ncia da constru??o civil residencial em rela??o a um funding espec?fico do financiamento a produ??o o Plano Empres?rio oferecido pelas institui??es financeiras tradicionais. Al?m disso, os principais pontos para melhoria do mercado, apontados pelos entrevistados, foram: a desonera??o fiscal da m?o-de-obra, medidas fiscais em busca de redu??o dos tributos relacionados a venda e financiamento de im?veis e adicionalmente a desburocratiza??o do processo de aprova??o de projetos que tem provocado inseguran?a jur?dica no setor.