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July 7, 2021
Our Project Manager, Ana Álvarez, together with several colleagues from the real estate sector, participated in an article published by the newspaper El Colombiano, which presents these professionals’ perspectives on considering housing as an excellent investment option in the current climate.
We invite you to read the full article:
Today, Investing in Housing Is a Good Business
In the following lines, we explain why it may currently be convenient to buy a home either to live in or to rent.
New or used? What size? In which area? In which neighborhood? What socioeconomic stratum? How much does the square meter cost? Is it close to mass transportation? What is the homeowners’ association fee? These are the questions typically asked by those considering buying a home. All of them are valid, as they influence making the right decision.
Whether for living in or renting out, the key question is whether purchasing a home during this pandemic is a good business decision. The first argument is presented by Eduardo Loaiza Posada, Manager of Camacol Antioquia: in times of crisis, uncertainty, and instability, investing in housing will always be a good business. Likewise, the Commercial Management of Coninsa in Antioquia adds that “in times of global economic crisis, when uncertainty and highly volatile, speculative investments can generate greater losses, we all want to grow our money without putting our assets at risk,” and adds that “one of the safest ways is real estate investment, known as a ‘safe-haven investment,’ thanks to property appreciation and its ability to protect capital in times of crisis.”
Property appreciation is precisely another factor that makes housing investment a good business, according to the Manager of Camacol Antioquia. He notes that when purchasing pre-construction units (which represent 76% of developers’ supply), market conditions favor buyers because they have between 24 and 36 months to pay the down payment, while the property gains value during that time. Loaiza Posada also states that, in addition to appreciating over time, housing is a tradable asset with guaranteed demand, since 40% of households live in rental properties.
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Another favorable factor for investing in new housing, according to Camacol Antioquia, is the wide supply: 620 projects in Antioquia, along with interest rates—the lowest in the past 10 years—averaging between 7.2% and 9.4%.
This is also supported by the housing policy adopted by the Colombian national government. For Eduardo Loaiza Posada, support for purchasing new housing has become a “state policy,” materialized through programs such as the 200,000 subsidies initiative (100,000 for middle-class housing and 100,000 for social interest housing—VIS).
On the other hand, when referring to the comparative advantage of housing investment over other assets, La Lonja de Propiedad Raíz de Medellín and Antioquia states: “In general, real estate investment is much more stable than other types of investments and usually only presents risks associated with property vacancy.”
Regarding profitability (of interest to those investing in rental properties), La Lonja de Propiedad Raíz de Medellín and Antioquia explains: “We generally observe net annual returns ranging between 3% and 5.5% for properties of different socioeconomic strata in the Aburrá Valley, considering that factors such as property tax currently play a significant role in the decision to invest—or not—in certain properties across municipalities.”
Used Housing?
One advantage of purchasing used housing is that people can live in larger spaces at a lower price. This is agreed upon by Ana María Álvarez, Project Manager at the real estate company Alberto Álvarez S.A.S., and Esteban Uribe, Manager of Abad Faciolince Propiedad Raíz. She explains that the price per square meter in new projects continues to rise, whereas with the same budget, one can obtain more space in a property that is about 10 years old. He adds that property taxes may also be lower and that immediate delivery is another advantage.
The executive from Alberto Álvarez adds that with used housing, buyers do not need to worry about post-sale claims (common when purchasing new properties). Additionally, they can remodel and adapt the property according to their needs and preferences.
She also points out that another advantage is finding used properties in residential complexes where the population is already stable, with low turnover. Moreover, coexistence may involve fewer households and, in some cases, larger common areas.
Finally, she recommends that those interested in used housing should analyze the property’s appreciation potential and its turnover or resale options, as some condominiums offer properties with good locations, large areas, and attractive surroundings but unfavorable factors such as high homeowners’ association fees. “I have apartments that have been for sale for six or seven years and have not sold because the administration fee is too high,” she concludes.
Source: El Colombiano
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