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Investimento Em Real Estate Por Meio De Ações No Brasil

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  • João da Rocha Lima
  • Carolina Andrea Garisto Gregório

Abstract

Na economia brasileira, é tradicional o vetor conservador de investimento em imóveis para formação de poupanças. Investe-se em imóveis residenciais e comerciais, seja somente para proteger capitais, como também para fazer renda regular. Recentemente, algumas das mais importantes empresas empreendedoras de real estate no Brasil ofereceram ao mercado a alternativa de investir nas suas ações. Pode-se imaginar que o investimento em empresas que produzem real estate seja de risco equivalente ao dos seus empreendimentos e, para alguns, pode parecer correto fazer uma associação direta entre a qualidade e os riscos das duas formas de investimento - produto ou ações. Contudo, essa associação é imprópria. Para analisar a qualidade do investimento em ações de empresas de real estate, deve-se considerar que: [i] – o valor da ação é influenciado pela qualidade implícita dos sistemas de gestão da empresa, que está “atrás” dos produtos, podendo comprometer a qualidade do investimento de forma diferenciada entre empresas, quando comparado com o investimento nos seus empreendimentos, esses sim de qualidade muito semelhante no mercado; [ii] – os preços dos empreendimentos podem ser criticados no mercado por simples comparação, mas os das ações não, exigindo procedimentos mais sofisticados de avaliação de rentabilidade esperada e riscos e [iii] – as referências de preços praticados no mercado devem ser lidas com reserva, porque a alta velocidade das transações de ações no mercado secundário pode provocar distorções de preços muito mais acentuadas que nos imóveis, sempre lentos para se transacionar, o que serve de freio para movimentos especulativos. Como se evidencia uma monotonia de geração de resultado e renda dos empreendimentos num segmento de mercado, tendo em vista que as empresas trabalham com os mesmos preços e custos, numa faixa muito estreita de flutuação, trabalhando com os indicadores de desempenho das empresas listadas na Bovespa, podemos construir uma empresa protótipo e dela extrair informações sobre quanto pode valer uma ação de empresa de real estate. Nossa avaliação leva à conclusão que, admitindo um grau de imobilização desprezível, que se verifica na leitura dos dados das empresas listadas, o patamar de R$ 2,00 para cada R$ 1,00 de patrimônio líquido é uma referência aceitável de benchmark para ações de empresas do setor de real estate.

Suggested Citation

  • João da Rocha Lima & Carolina Andrea Garisto Gregório, 2006. "Investimento Em Real Estate Por Meio De Ações No Brasil," LARES lares_2006_artigo-joao-da, Latin American Real Estate Society (LARES).
    • Handle: RePEc:lre:wpaper:lares_2006_artigo-joao-da-rocha-lima-e-carolina-investimento-em-real
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    References listed on IDEAS

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    1. Alan J. Ziobrowski & Brigitte J. Ziobrowski & Sidney Rosenberg, 1997. "Currency Swaps and International Real Estate Investment," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(2), pages 223-251, June.
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    3. Tom G. Geurts & Austin J. Jaffe, 1996. "Risk and Real Estate Investment: An International Perspective," Journal of Real Estate Research, American Real Estate Society, vol. 11(2), pages 117-130.
    4. Crocker H. Liu & Jianping Mei, 1998. "The Predictability of International Real Estate Markets, Exchange Rate Risks and Diversification Consequences," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 26(1), pages 3-39, March.
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    More about this item

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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