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Previous issue date: 2016-12-16 / This study aims to analyze the behavior of the real estate market in the Brazilian cities of S??o
Paulo and Rio de Janeiro from 2008 to 2016 as seen through the analysis of monthly pricing
data for both sales and rental markets, apparent consumption, stock of properties, and market
return (IBOVESPA). Two models were estimated, the first, the CAPM, aimed at analyzing
how return from investment in housing in both cities compared to the market return
(IBOVESPA). The second model, the CCAPM was modified to suit the presence of
preference for ownership of property. This study concludes that regarding the change-over of
the return rates in Rio de Janeiro and S??o Paulo, investment in the housing market in both
cities is negatively affected by the change-over of the return in investments on the whole
stock market. Moreover, when we include the consumption in the pricing model, there is an
intertemporal discount factor for consumption of roughly 0,98 per month for both cities,
which confirms that Brazilian real estate buyers are more impatient than their American
counterparts, and that the percentage of their income spent on consumption and investment in
housing varies from one city to another. / O presente trabalho trata do comportamento do mercado imobili??rio nas cidades de S??o Paulo
e Rio de Janeiro no per??odo de 2008 a 2016, analisando dados mensais de pre??os de venda e
de aluguel de im??veis, consumo aparente, estoque de im??veis e taxa de retorno de mercado
(IBOVESPA). Foram estimados dois modelos, o primeiro, o CAPM, visou analisar o
comportamento do retorno do investimento imobili??rio das duas localidades em rela????o ao
retorno de mercado e o segundo modelo, o CCAPM modificado para exist??ncia de
prefer??ncias pela propriedade de im??veis. O estudo conclui, em rela????o ??s taxas de retorno,
que a varia????o do investimento no mercado imobili??rio, tanto no Rio de Janeiro quanto em
S??o Paulo, ?? afetada de forma negativa pela varia????o do retorno de mercado. Al??m disso,
quando inclui o consumo no modelo de precifica????o, observa-se um fator de desconto
intertemporal do consumo em torno de 0,98 ao m??s para as duas cidades, confirmando que o
consumidor brasileiro ?? mais impaciente que o americano, e que os percentuais da sua renda
destinada ao consumo e ao investimento imobili??rio diferem de uma cidade para a outra.
| Identifer | oai:union.ndltd.org:IBICT/oai:bdtd.ucb.br:tede/2148 |
| Date | 16 December 2016 |
| Creators | Severino, L??lian Santos Marques |
| Contributors | Maldonado, Wilfredo Fernando Leiva |
| Publisher | Universidade Cat??lica de Bras??lia, Programa Strictu Sensu em Economia de Empresas, UCB, Brasil, Escola de Gest??o e Neg??cios |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Biblioteca Digital de Teses e Dissertações da UCB, instname:Universidade Católica de Brasília, instacron:UCB |
| Rights | info:eu-repo/semantics/openAccess |
| Relation | -1139962560771343510, 500, 500, 600, -1917891883403718704, -2504903392600098822 |
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