Why what isn't built yet keeps getting pricier: the CUB-SC, the INCC, and the off-plan buyer

When you buy an apartment at launch, the price rarely stays still until delivery. The reason has a name: the cost of building. Two indices — the CUB-SC and the INCC — govern much of that dynamic, and it pays to understand them before signing.

Two indices worth knowing

The CUB-SC (Custo Unitário Básico) is published monthly by Sinduscon and is the standard reference for the cost of building per square meter in Santa Catarina — materials, labor, equipment, and social charges. In May 2026, the average residential CUB stood at around R$ 3,096/m², with a monthly variation of roughly +1.05%. (There are several CUB series with different methodologies; they should not be mixed.)

The INCC (Índice Nacional de Custo da Construção, from FGV) measures the evolution of that cost at the national level. The INCC-M advanced +0.77% in May 2026 and had accumulated about +6.82% over twelve months, slowing relative to a year earlier.

Labor, the heaviest factor

An important nuance of this cycle: the increase no longer comes so much from materials as from labor. Analysis from FGV (Blog do IBRE) shows that the labor group contributed most of the cost inflation over the last twelve months measured, with skilled labor (bricklayers, electricians) leading the increases. This is a more structural pressure — and slower to ease — than a one-off spike in commodities.

How this reaches the buyer

Construction cost reaches the buyer through two channels:

• Launch price. The developer sets the starting price based on its cost base; if the CUB and INCC rise, the starting point for new projects rises with them.
• Off-plan adjustment. In off-plan purchases, Brazilian contracts adjust the balance and installments by the INCC every month during construction, through delivery. After receiving the keys and arranging bank financing, the adjustment usually shifts to another index (IPCA or TR) plus interest.

The takeaway for buyers is not alarmist but a matter of planning: in an environment of rising costs, buying off-plan can make sense for the entry price and payment terms, but you have to budget for the INCC adjustment through delivery, not just the value on the day of signing.

Sources

• Sinduscon-Grande Florianópolis — CUB-SC, May 2026 figures.
• FGV/IBRE — INCC-M, monthly and accumulated variation (May 2026).
• FGV — Blog do IBRE, the prominence of labor cost in construction (2025).
• CBIC — construction outlook 2026 (growth and costs).
• FipeZAP Index — residential prices in Florianópolis (2026), as market context.