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June 23, 2023
In the first trimester of this year, we have witnessed significant changes and movements in the country's real estate sector. These new dynamics have made 2023 a year of challenges and new transformations for the industry. Discover this real estate analysis of new, used, and rental properties.
During the first trimester of 2023, the supply of new and used properties in Bogotá was 27.84%, followed by Medellín with 25.95% and Barranquilla with 13.84%. Compared to the first quarter of 2022, these percentages represent a decrease in the share of cities such as Bogotá and Medellín, while Cali increased its percentage of supply. At the same time, other movements were evident. Sabaneta and Itagüí do not appear, which allowed Pereira and Manizales to enter the statistics. Now, apartments for sale in Pereira have become attractive properties for investors.
On the other hand, it is important to note that apartments for sale in Medellín and other cities in the country are the most commonly offered type of property nationwide for new and used housing, accounting for 54.09% of the total in this analysis.
On average, the sale price of a new apartment between January and March 2022 was $346,219,433, compared to the same period in 2023, which saw an increase of $39,905,067. This behavior is due to the low supply of new housing, mainly in the VIS segment, which generates an increase in prices. On the other hand, there is greater stability in used housing, with a slight variation in apartment prices of 0.54%.
The highest concentration of rental supply was in the city of Medellín, with a 33.03% share. In this category, Bucaramanga and Itagüí gained relevance, making it into the top rankings.
In this category, commercial properties such as warehouses for rent in Medellín and other areas of Colombia stand out, as do lots and offices, which account for more than 50% of the country's inventory. This behavior may be due to new forms of teleworking and hybrid work in different cities, which require less physical space, increasing the supply of these properties.
Thanks to the Rent Index, which measures rental price volatility, a significant increase in rental fees was identified. An annual variation of 7.6% was recorded for houses for rent and 6.7% for apartments for rent, doubling last year's variations in residential properties.
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At the end of the first trimester of this year, there was evidence of interest in the search for new and used housing, with Bogotá registering 28.45%, Medellín 13.31%, and Cali 8.04%. Compared to the first trimester of 2022, this represents the same trend without significant variations.
Apartments and studio apartments for sale also account for 68.53% of the market share and are the most sought-after properties in the country, both for new and used purchases.
During the period from January to March 2023, interest in searching for rental properties remained highest in Bogotá with 30.98%, followed by Medellín with 18.74% and finally Cali with 8.63%. On this occasion, the city of Bucaramanga ranked fourth with a share of 4.16%.
Demand during the first trimester leaned toward searches for apartments for rent, with more than 80% of total searches including this type of property.
Finally, this analysis based on information from the Ciencuadras portal, Banco Davivienda, El Libertador, and La Galería Inmobiliaria shows us a clearer picture and behavior of the real estate sector to make more informed decisions seeking security, stability, and profitability in investments. Likewise, it is very important for us to keep our clients informed. As Inmobiliaria Alberto Álvarez, it is our duty to look after the assets of our buyers, sellers, tenants, and owners.
We hope this information is very useful to you. Stay connected to our blog for up-to-date and accurate information.
Source: Ciencuadras
Written by: Valeria Ospina – Marketing Analyst
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