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Rising costs, more difficult credit, and pressured inflation reorganize the construction scenario and increase concerns about property prices
A new cost pressure has begun to affect the Brazilian construction industry in the first months of 2026, increasing concerns in the real estate sector. The Construction Industry Survey, released by the National Confederation of Industry (CNI), showed that the average price of inputs and raw materials has risen sharply again in the first quarter of the year. This increase occurs amid persistent inflation, high interest rates, and greater difficulty in accessing credit, factors that squeeze the margins of construction companies. This scenario reinforces the risk of further impacts on the price per square meter, which had already been rising sharply since the pandemic.
Construction costs rise and pressure companies
The index that measures the evolution of the average price of inputs and raw materials rose by 6.8 points compared to the fourth quarter of 2025. As a result, the indicator reached 68.4 points in the first quarter of 2026, well above the equilibrium line of 50 points. The result shows that costs remain pressured and continue to directly affect the financial planning of companies. More expensive materials, tighter margins, and higher operational expenses make new projects more difficult to balance.
High interest rates become the biggest problem for the sector
High interest rates have taken the top spot in the ranking of the main problems faced by the construction industry. The cost of credit has become a greater concern for business owners than the lack of labor, which also pressures expenses. The indicator that measures the ease of access to credit fell from 39 points to 37.7 points between the fourth quarter of 2025 and the first quarter of 2026. Since the equilibrium line is 50 points, the result indicates a more restricted financial environment for construction companies and new developments.
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Inflation and fuels increase the pressure
The scenario was already inflationary, but worsened with the economic effects of the war in the Middle East. The increase in fuel prices began to impact practically the entire economy and further raised the costs of the production chain. Inflation expectations also continued to rise, as pointed out in the Focus Bulletin from the Central Bank. Consequently, the possibility of lower interest rates lost momentum and remained on hold.
Square meter may become even more expensive
With higher costs, more difficult credit, and reduced margins, the price per square meter tends to suffer new impacts in 2026. The construction industry had already been under pressure since the pandemic, when property values began to rise for different reasons, including the increased cost of inputs. This set of factors creates a more challenging environment for companies and consumers.
Given this scenario, to what extent can construction costs still weigh on the final price of properties?
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