SAO PAULO, Dec 27 (Reuters) - The price of Brazilian commercial real estate has continued to contract, signaling the sector remains vulnerable to the effects of the country’s recession, according to market data released Tuesday.
The monthly FipeZap indicator showed commercial property prices dropped 0.45 percent in November from the prior month, extending year-to-date losses to 3.18 percent, the research group said.
In October, commercial real estate prices slipped 0.28 percent.
The FipeZap indicator, which covers the cities of São Paulo, Rio de Janeiro, Porto Alegre and Belo Horizonte, also showed leases fell 0.35 percent in November from October and dropped 7.9 percent year-to-date.
Leases in Rio de Janeiro fell the most among the cities sampled, down 13.2 percent so far this year. The city has borne the brunt of a downsizing oil industry and the effects of a bankrupt state government. (Reporting by Ana Mano; Editing by Leslie Adler)