What is the Real Estate Liquidity Index?

An aggregate 0–100 reading of how liquid Brazil's real-estate market is — how easily property and the credit behind it change hands. It is measured against the indicator's own history and reads public data: real-estate credit from the Central Bank and construction costs (INCC/SINAPI). It's a series of its own, queryable at /ativo/ili, that doesn't feed the macro regime calculation.

Why does the ILI exist?

Because price and liquidity are different things — and liquidity tends to turn first. Property is the slowest asset in the market: when money tightens, credit dries up long before price gives. The ILI gathers that movement into a single, dated reading comparable to its own history.

What are the ILI's limits?

Real-estate data is sparse and low-frequency, so the reading is structural, not a short-term signal. Revisions to public sources (Central Bank, IBGE) can move the series.

Radar Perene / concept

Real Estate Liquidity Index

Q: What does the ILI not mean?

It is not a recommendation or a price forecast, and it is not the price per m². It describes the state of liquidity, not the direction of price — they are distinct. It does not replace a real-estate price index.

The Real Estate Liquidity Index (ILI) is the Radar's descriptive 0–100 reading of how liquid Brazil's real-estate market is.

Property is the slowest asset in the market. When money tightens, it stops moving long before its price falls — and it's that movement, not the price, that the ILI tracks.

What it is

The Real Estate Liquidity Index (ILI) is a descriptive 0–100 reading of how liquid Brazil's real-estate market is — how easily property, and the credit that underpins it, changes hands.

The scale is measured against the indicator's own history: near 100, the sector is turning at its loosest on record; near 0, its most frozen.

It reads public data — real-estate credit from the Central Bank and construction costs (INCC/SINAPI), among others — gauged by Brazil's own ruler, not an imported one. It's a series of its own: you can look it up at /ativo/ili, but it doesn't feed the macro regime calculation.

Why it matters

Price tells you what a property is worth; liquidity tells you whether it's moving. They're different things — and the second tends to turn first.

A property's price is stubborn: slow to give even when buyers vanish. Credit turnover isn't — it dries up fast. That's why liquidity works as the sector's pulse, and sometimes leads what the stock market only records later.

How to read it

Think in three states: low, normal, high.

Near 0, the sector turns well below its normal — tight credit, scarce transactions. Near 100, well above. In the middle, it's within its usual band.

An extreme isn't a turning signal. It's just notice that liquidity has left its usual band — what follows depends on regime, rates, and credit.

For example: an ILI of 38 means below-average liquidity — credit slowing and spreads wider, with the sector turning slower than usual.

What it isn't

ILI is not a recommendation or a price forecast, and it is not the price per m². It describes the state of liquidity, not the direction of price — two distinct things. For what the square meter costs, that's a different index.

Two honest limits: real-estate data is sparse and low-frequency, so the reading is structural, not a short-term signal; and revisions to public sources (Central Bank, IBGE) can move the series.

ILI does not tell you whether to buy property. It shows when Brazil's real-estate market is turning above or below its normal.

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Related concepts: Brazil Regime · Intermarket BR · see the full method