In a year marked by economic recovery, the Colombian real estate sector shows positive signs, with a 23% growth in home sales to date.
This increase has been driven mainly by the dynamism in the Social Interest Housing (VIS)which has registered an increase of 37% compared to 2023, according to the third Real Estate Report of 2024 from the Ciencuadras platform.
Mauricio Torres Romero, manager of Ciencuadras, highlighted that “the growth in 2024 has been driven mainly by the low interest rates and project development VIS in high demand cities such as Bogotá, Cali and Medellín”. However, he warned that this growth must be interpreted in context, given that 2023 was a year of low activity for the sector.
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Since July, the reduction in mortgage rates has been key to revitalizing the market. Financial entities such as Davivienda Bank they have reduced its credit rates to levels close to 10%, facilitating the acquisition of real estate. In this context, Torres pointed out that “this has encouraged sales, achieving a growth of 45% in the value of sales in pesos for VIS and 15% for Non-VIS.”
The report projects that this trend will continue towards the end of the year, as the Bank of the Republic It does not plan increases in its reference rate in the short term.
“We expect a solid year-end, with high demand for VIS loans and stability in the Non-VIS segment, which lays the foundations for a 2025 with even more dynamism in home sales”, Torres added.
Another factor highlighted in the report is the adoption of technological tools, such as artificial intelligence (AI), which are transforming the search and acquisition of housing. According to Torres, “AI helps customers find personalized options that fit their profile and payment capacity, which improves sales and increases satisfaction in the process.”
Looking ahead to 2025, it is expected that real estate agencies further integrate these technologiespersonalizing the customer experience and optimizing costs. In addition, a diversification of the offer is expected towards properties designed with characteristics adapted to teleworking and with amenities in high demand.
Although residential rental prices have remained stable high in cities like Medellínthe report anticipates stabilization towards 2025, with lower tenant turnover and moderation in annual increases. In this context, Torres stressed that “theReal estate agencies must adapt to a more competitive marketprioritizing strategies such as loyalty and improving after-sales service.”
The current growth in housing sales, combined with technological innovations and adjustments in leasing strategies, presents an optimistic outlook for the sector in 2025, consolidating the economic recovery of the real estate sector in Colombia.
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