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March 15, 2024
The real estate sector plays an important role in the country's economy, being a key indicator for economic growth, job creation, and the creation of opportunities for domestic and foreign investors. In addition, these values can influence inflation and financial stability, so understanding the dynamics of the sector allows measures to be taken to avoid financial crises and protect the country's economic well-being. Here we tell you how real estate performed in 2023.
In 2023, real estate listings were mainly concentrated in cities such as Medellín and Bogotá, which accounted for 55.97% of all listings nationwide. Compared to 2022, there was an increase in the percentage contribution of cities such as Bucaramanga, Cartagena, Envigado, Cali, and Rionegro. Meanwhile, Bogotá, Barranquilla, Sabaneta, and Bello saw a decrease in their share.
Apartments accounted for 50.96% of listings. Commercial properties such as retail spaces, warehouses, and lots followed with 28.58%. Finally, houses represented 20.45% of the national supply.
In the used home market, supply was concentrated in properties between 300 and 600 million, with a 32.39% share. In other words, supply in this segment remained stable compared to the previous year. In addition, there was an increase in the supply of properties priced above 600 million, especially those priced between 900 and 1.5 billion. In fact, this type of housing is projected to grow by 14% by 2024.
At the end of 2023, rental prices were concentrated in the range of 3 to 5 million, followed by rents between 2 and 3 million, with a 20% and 16% share, respectively. The supply was higher for apartments for rent, with 46.45%, however, the supply of commercial premises, warehouses, and other types of properties was also significant, with 41.26% of the total.
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At the end of 2023, Bogotá had a 35.60% share, Medellín 18.80%, and Cali 10.40%. With a total of 64.8%, these were the preferred cities for buying new or used properties or renting. In addition, Pereira performed well this year, securing a position in the top 10.
Maintaining the same trend as in 2022, apartments generated the most interest in 2023, with a slight increase of 6.11% between the two years. Specifically, 96% of searches in 2023 were for apartments, houses, and studio apartments, with 76.58%, 9.27%, and 10.54%, respectively.
Compared to 2022, Medellín saw a significant increase in searches in the Belén, Laureles, and El Poblado neighborhoods.
Residential property rental performance Residential rentals closed 2023 with annual growth of 11.3% for houses and 11.5% for apartments, increases related to inflation. As a result, rental fees were estimated to rise by up to 11%.
This segment exceeded the increase seen in residential properties in 2022, with an increase at that time of 8.7% for retail premises and 8.3% for offices and warehouses. In 2023, the increase was 12.3% annually for retail premises, 12.6% for offices, and 13.2% for warehouses.
In short, in 2023, demand for rental properties increased due to the low purchasing power we had in the previous two years. However, for this year, the sale of used homes presents a more positive and encouraging outlook for the sector. On the other hand, the industry is also experiencing a significant challenge with the transition to digitalization and the adoption of new technologies. At Alberto Álvarez Inmobiliaria, we are continuously working on our digital transformation.
Source: Ciencuadras and Banco Davivienda (Executive Directorate of Economic Studies), El Libertador, and La Galería Inmobiliaria.
Written by: Valeria Ospina – Marketing Analyst.
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