Key Facts

—The pressure. Brazil’s main construction-cost index has been climbing, rising around 6 percent over the past year in São Paulo.

—The trap. Off-plan prices are tied to that index, so the bill can rise while an apartment is still being built.

—The squeeze. A benchmark interest rate near 15 percent keeps mortgages expensive and caps resale prices.

—The prices. Most Brazilian homes sell for between roughly $69,000 and $189,000, with small units rising fastest.