Rafael Menin, CEO of Brazilian homebuilder MRV Engenharia e Participações SA, told Reuters in an interview that the company plans to boost its spending on land in 2018 for future development projects in an effort to increase its holdings before property prices rise.
MRV intends to spend 500 million reais in 2018 in an aggressive push to "take advantage of prices while they remain low," the report noted, citing Menin. The company spent a total of 1 billion reais on land parcels between 2014 through the first half of 2017.
MRV is pushing to increase its share of Brazil's low-income housing market to 15% from 10%, according to the report.
Menin said aggressive acquisitions until the end of 2018 will allow the company to "reap many dividends and benefits for the next six to seven years." The chief executive also said the current low prices of land in the country will close or narrow in the medium term, the Oct. 5 report noted.
In March, the company launched its biggest-ever housing project in Brazil with 6,912 units.
As of Oct. 4, US$1 was equivalent to 3.13 Brazilian reais.