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November 22, 2024
Understanding the current behavior and projections of the real estate market in Colombia are key aspects for those planning to buy, sell, or rent in the coming months. Although the country is still in a phase of economic transition, domestic demand is expected to strengthen by 2025. This scenario will lead to greater accessibility to real estate, especially for buyers interested in new homes, and a rebound in activity in the used and rental markets. In addition, macroeconomic indicators point to gradual stabilization, with lower inflation and lower interest rates for home loans compared to the previous year. Here's how the real estate market is evolving in Colombia
At the end of the second quarter of this year, there was a concentration of property supply in Bogotá with 30% and Medellín with 16%. Additionally, there was a general decrease in all of the top 10 cities compared to the same period in 2023.
On the other hand, 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.
The supply of rental properties is concentrated in Bogotá with a 33% share, followed by Medellín with 18%. In addition, areas such as Envigado, Itagüí, Bello, and Sabaneta increased their share in the second quarter of this year.
In 2024, apartments for rent in Medellín and other areas of the country accounted for 46% of the inventory compared to the same period in 2023, when this type of property accounted for 36% of the supply. This is due to the stabilization of the country's inventory.
Residential rental behavior According to Rent Index, an indicator of rental price volatility, during the first months of 2024, residential properties experienced a slight increase in rents: 11.1% for apartments and 11.2% for houses for rent. Following this trend, annual rental growth is projected to adjust to 9.3% at the end of the year, in line with inflation recorded in 2023.
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Commercial rental performance
With regard to non-residential properties, the El Libertador-Davivienda Rent Index (ELDRI) reveals that rents also slowed down: 12.9% annually for warehouses for rent, 12.4% for commercial premises, and 12% for offices. These variations are the smallest observed so far this year.
Analysis of rental housing prices
During the first and second quarters of 2024, there was a decrease in rental prices for both apartments and houses. Apartments for rent experienced a 4.17% reduction, while houses saw a more significant decrease of 9.43%.
Residential property rentals by city
Looking at the details of rental rates by city, the highest annual increases were in Barranquilla with 11.7%, Bogotá with 11.6%, and Medellín with 11.5%. Commercial property rentals by city In Medellín, commercial property rents grew by 13.3% annually, while warehouses registered an increase of 13.2%. In Bogotá, warehouses showed an annual increase of 12.9%.
At the end of the second quarter of 2024, the top three most sought-after cities for rentals continued the trend from the first quarter of the year, with Bogotá, Medellín, and Cali accounting for 64% of total demand. However, although the top three remain unchanged, medium-sized cities in Antioquia such as Itagüí, Bello, Sabaneta, and Envigado remain in the top ten in terms of interest among Colombians. Demand during the second quarter leaned toward searches for apartments for rent in Medellín and other cities in the country, with more than 80% of total searches including this type of property.
Finally, understanding the current behavior of the real estate market in Colombia is crucial for making informed decisions. Signs of recovery, such as low inflation and lower interest rates, provide a more positive outlook for the future. This means that it will be easier to access both new and used homes. Likewise, for owners, stability in rental prices guarantees consistent returns, while tenants benefit from greater supply and more competitive prices.
Source: Ciencuadras, Banco Davivienda (Executive Directorate of Economic Studies), El Libertador, and La Galería Inmobiliaria.
**Written by: ** Valeria Ospina – Marketing Analyst
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