Real estate funds have their worst first semester performance since 2022, showing an increase of just 0.83%.

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• Ifix increased by 0.83% in the first six months of 2026, reaching 3,819 points by June 29th.
• Performance is at its lowest level since 2022, when the index dropped by 0.44% during the period.
• CACR11 experienced a 63% decrease in the year, while BROF11 saw an 18% increase in the semester.
• Selic is expected to end 2026 at 14%, as indicated by the Focus Bulletin, surpassing the initial forecast of 12%.
• The market was under pressure from consecutive increases in inflation and foreign investors’ output.

The real estate investment funds market (REITs) ends the first half of 2026 with results that fall short of expectations.

The sector is now experiencing its lowest performance for the period since 2022, following a shift in the macroeconomic outlook from optimistic expectations of a potential decrease in the Selic rate at the beginning of the year.

The Ifix index, composed of B3’s top real estate funds, saw a modest increase of 0.83% up to June 29, reaching 3,819 points according to Economatica data.

Change in Selic expectations impacted the FIIs.

The performance in 2022 marks the weakest first half of the past four years due to the impact of the Covid-19 pandemic, with a 0.44% decline in the index during the same period.

By 2025, Ifix experienced a significant change with an 11.12% increase in the first half, indicating a prediction of continued interest rate decreases.

Bernardo Sanches, a specialist in real estate funds and creator of the Vai Pelos Funds profile, stated that the primary shift took place in the forecasts for monetary policy.

In early 2026, some market analysts anticipated that the Selic rate would end the year at approximately 12%. However, due to ongoing inflation concerns, the Focus Bulletin started to project an interest rate closer to 14%, leading investors to shy away from assets vulnerable to macroeconomic conditions.

Foreign investors pulling out of the Stock Exchange also added to the pressure on the market.

CACR11 is the top performer in losses for the semester.

Among the funds in the Ifix, the Real Estate Receivable Cartesia (CACR11) stands out as the worst performer of the semester.

By the conclusion of June, there was an approximately 63% decrease in the quotas.

The action took place following the manager’s announcement of maintaining dividends for April.

The decision was made by the administrator to protect the fund box due to a tougher credit market and real estate development sector.

The CACR11, with approximately R$ 471 million in assets, is a fund that primarily invests in Real Estate Certificates (CRIs).

BROF11 achieves the highest value.

BRPR Corporate Offices (BROF11) is currently the top performer among the prominent FIIs in the market.

The fund has achieved a significant increase of around 18% in the first half of the year, mainly due to the strong performance in June.

Riza Arctium Real Estate (RZAT11) showed a growth of around 15% during the period.

BROF11, with a net worth of R$1.27 billion, primarily invests in corporate real estate, such as the Corporate Tour in Rio de Janeiro and a controlling interest in E-Tower in São Paulo.

The situation becomes difficult for the second half of the academic year.

Real estate funds’ performance will largely rely on inflation trends and the Central Bank’s upcoming decisions on the Selic rate, according to experts.

Bernardo Sanches suggests that if the interest rate hovers around 14% or 14.25% for an extended period, the “thick” FIIs investing directly in real estate are likely to experience continued pressure.

Marx Gonçalves from XP Listed Funds mentioned that the market volatility may rise in the upcoming months due to the approaching electoral period.

Real estate receivable funds are seen as one of the most enduring options in a high-interest environment.

OUJP11 is in charge of distributing dividends.

Some funds continued to provide generous income distributions despite the quotas performing poorly.

Ourinvest JPP (OUJP11) is expected to end the first half of the year as the real estate fund with the highest dividend yield among Ifix members, based on an InfoMoney survey using Economatica data.

The investment portfolio focused on CRIs has generated an 8.85% dividend return in the initial half of 2026.

Riza Arctium (RZAT11) and Kilima Volkano (KIVO11) close the semester with a dividend yield exceeding 8%, positioning them as significant players in real estate market distribution.

• Funds
• Central Bank
• Focus on the newsletter.
• Dividends
• Inflation
• XP-Investments