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February 25, 2022
We are passionate about—and it is our responsibility to stay informed about—the projections emerging in the real estate sector. For this reason, we spoke with Juan Camilo Álvarez, Commercial Manager, and Ana Raigosa, Appraisals Director from our team, who shared their insights on how the real estate market is expected to behave this year. This is what our experts told us:
What behavior is expected in the sector in 2022?
Due to the uncertainty caused by the upcoming presidential elections, high inflation, and rising interest rates, it is believed that the first half of the year will experience slower commercial activity compared to last year. 2021 was characterized by strong demand for both rental properties and used properties for sale. However, the market has gradually normalized. Even during the first month of this year, an increase in rental prices was observed, and there is currently low vacancy in real estate agencies in Medellín.
According to our Commercial Manager, one of the main reasons is the speed at which the leasing process now operates, as it is carried out through digital channels. This has significantly reduced waiting times and the number of days apartments for rent in Medellín and the metropolitan area remain vacant.
Could the Omicron variant cause the sector to stagnate?
No. At this time, there is no information regarding a new lockdown, and as long as that remains the case, the real estate market will not be affected. Thanks to the current return to normalcy, the economy can stabilize in a shorter period of time.
How have different types of properties performed?
Houses for rent in Medellín and other residential properties have recovered across all areas of the Aburrá Valley. Likewise, commercial properties have shown greater reactivation. Contrary to what was expected due to remote work, offices for rent in Medellín have also performed better.
What is the trend regarding vacancies?
This year, due to the shifts caused by the pandemic, there has been a decrease in vacancies. Even people who moved to more rural or countryside areas during lockdown are now returning to the city. This indicates that current figures are normal in relation to this behavior.
Which areas of the Aburrá Valley are showing a trend toward high appreciation, and why?
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More than specific areas, there is a general shortage of available properties in many parts of the city, which is driving prices up. We have observed low supply and high demand. Additionally, due to market reactivation, foreign interest has increased—particularly in furnished apartments for rent in Laureles and El Poblado, as well as apartments for sale in El Poblado and in the western part of the city. This creates additional pressure that accelerates property appreciation.
Raigosa also adds that properties on the outskirts of the city have shown excellent performance, resulting in a significant increase in value for nearby countryside areas.
Will real estate investment be affected by the upcoming presidential elections?
Yes. Like all investments, real estate will also be affected by the uncertainty the country is experiencing, as investors will be waiting to see the outcome of the elections. As a result, there may be delays in investment rotation.
With this information, we gain greater clarity on what to expect in the real estate sector. If you are a buyer and/or a landlord, this will also help you understand how the market will behave this year.
We invite you to stay connected to our blog, where we will continue to inform and advise you on the latest market trends. This way, you can protect your assets and investments. At Alberto Álvarez Real Estate, you will find a trusted partner and a professional team with experience and deep knowledge of the trends shaping the real estate industry.
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