Welcome to Alberto Álvarez Real Estate. I'm your virtual assistant and I'm here to help you.
Which service are you interested in?
May 9, 2024
The real estate market is constantly evolving, and in the first quarter of this year, we witnessed a period of transition in the country. Amidst this dynamic, the industry is constantly seeking balance, stability, and innovation, continually adapting to the different needs and demands of buyers and tenants. Despite the challenges we have faced in recent months, more positive results are expected by the end of this year. Here we provide you with more information on an analysis of the real estate sector, properties for sale and rent.
At the end of the first quarter of 2024, there was a concentration of used and new properties for sale in Bogotá with 22.64%, followed by Medellín with 15.60% and Barranquilla with 8.14%. There was a decrease in all cities compared to the first quarter of the previous year. On the other hand, Sabaneta is gaining momentum and Envigado is holding steady throughout 2023 and early 2024.
On the other hand, the apartments for sale in Medellín and other areas of the country continue to be the most common type of property offered nationwide for both used and new housing, accounting for 53% of the total inventory. The supply of houses for sale and other types of properties, such as commercial premises, offices, and warehouses, represented 47% of the supply at the beginning of 2024.
In the first quarter of 2024, there was a concentration of supply in Medellín, with a 36.81% share. Bogotá followed with 20.81%, down 3 percentage points from the first quarter of 2023. Similarly, there was a 4 percentage point reduction in the supply of rental properties in Cartagena. On the contrary, municipalities in the department of Antioquia, such as Envigado, Itagüí, Bello, and Sabaneta, increased their share in the first quarter of the year.
In 2023, offices for rent in Medellín and other areas of the country accounted for more than 50% of the inventory, but now 46% of this supply belongs to apartments for rent. This change is due to the fact that a balance in the country's inventory has once again been achieved.
May 14, 2026
Speaking today about real estate investment in Colombia means speaking about Medellín. The city has evolved from being solely a benchmark of urban transformation to becoming
Read more
According to the Rent Index* rental price volatility indicator, in the first months of this year, residential properties showed a slight slowdown in growth, reaching annual rates of 11.8% for apartments and 11.7% for houses in February. This change in the El Libertador – Davivienda Rent Index (ELDRI) trend may be mainly due to lower inflation at the end of 2023 (9.3%).
The performance of commercial properties was similar to that of residential properties. There was a slight slowdown in annual variations compared to the end of 2023, when they stood at around 13.6% for warehouses and 12.7% for retail and office space rentals.
Taking into account the above figures, it is clear how average rents reflect the increase in residential properties, with variations in apartments of 33% compared to the first quarter of this year. In the house segment, we found a decrease of 3.63% in the same period compared.
A detailed analysis of rental rates by city revealed that houses and apartments experienced the highest annual growth. In the house segment, the variation by city was mainly concentrated in Barranquilla, with 12.6%, followed by Medellín with 12.2% and Bogotá with 12%. For apartments, the figures were 11.9%, 12.1% and 11.8% respectively. In contrast, Cartagena ranks as the city with the lowest increase.
In commercial property rentals, rents increased in all cities for commercial premises. Medellín stood out for its growth with 13.5%, Barranquilla with 13.0%, and Cali with 12.6%. In offices, Bucaramanga stood out for its lower pressure on rents, which grew by 8.8%.
At the end of the first quarter of 2024, the most sought-after cities for rentals were Bogotá, Medellín, and Cali, accounting for 42% of total demand. This is the same trend as in the first quarter of 2023. However, searches decreased compared to the previous year, with Bogotá going from 30.98% of demand to 20.24%; Medellín from 18.74% to 15.06%; and Cali from 8.63% to 6.69%. Also, in this first quarter, the cities of Pereira and Cartagena entered the top 10.
The demand for real estate during the first quarter of this year leaned toward apartments for rent in Medellín and other cities in the country, with more than 80% of total searches including this type of property.
In conclusion, average sales for the first quarter of the year are 19.4% higher than average sales for last year, which is a positive indicator for the industry. This may be due to the fact that interest rates fell this year along with inflation, which is helping to revive the market. There was also a slight slowdown in the growth of residential property prices, reaching rates of 11.8% per annum for apartments and 11.7% for houses. The slowdown in rental fees was largely due to lower inflation at the end of 2023 (9.3%), the maximum rate at which rental contracts for occupied properties in the country can be adjusted this year.
At Alberto Álvarez Inmobiliaria, we like to keep you informed, so stay connected with our content.
Written by: Valeria Ospina – Marketing Analyst
Source: Ciencuadras, Banco Davivienda (Executive Directorate of Economic Studies), El Libertador, and La Galería Inmobiliaria.
You may be interested in: How did real estate perform in 2023?
The world has changed, and with it, the way businesses operate. In the real estate sector, this transformation has become especially evident.
April 9, 2026
Owning a property in Bogotá is a great investment opportunity, but renting it out correctly is what truly determines whether you make a profit or not.
Read more
March 26, 2026
In recent years, Medellín, the Aburrá Valley, and eastern Antioquia have undergone an unprecedented urban transformation. The major road construction projects are not
Read more