São Paulo Launched 26,700 Homes Nobody Bought. Rates Explain Why.

Property Key Facts —The pile. Unsold new homes in the city rose 40.3% in a year, to 85,200 units by December. —The gap. Developers launched 139,700 homes in 2025 and sold 113,000, a shortfall of 26,700. —The split. Mid and high-end launches rose 41% while sales in that bracket fell 11%. —The engine. The subsidised…