Brazilian securitization consultancy Uqbar said in a report that 2010 issuance of CRIs, the main vehicle for real estate securitization in the country, hit R$8.53 billion ($5.1 billion) last year (see chart below). This was more than double the figure for 2009.

Uqbar sounded an optimistic note for 2011 as well. “First indicators point to another robust year, despite the increase in interest rates,” the consultancy said. “Based on their strong finish last year and their auspicious figures in the first weeks of 2011, the [market for real estate investment funds or FIIs] and CRI markets seem to indicate they are about to repeat their outstanding performance of last year.”

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