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June 26, 2024
The profitability of a property is the financial return obtained from a property in relation to its total cost. It is generally calculated by considering the income generated through rental or the profit obtained through its sale, in relation to the initial investment and associated expenses, such as maintenance and taxes. On the other hand, knowing the profitability is essential for investors, as it allows them to evaluate the viability and potential return on their investments. Good profitability ensures that the property not only covers its costs but also provides long-term economic benefits. We tell you more about the profitability of real estate in the Aburrá Valley.
For this study, 167 properties located in the Aburrá Valley and sold during 2024 were analyzed, resulting in the average gross rate of return. During this year, growth in the rates of return for some types of properties was observed once again as a result of the more than proportional growth in rental fees in relation to the commercial value of the properties.
So far this year, growth has been seen in the rates of return on most properties as a result of higher demand for certain types of properties, while supply has grown at a slower pace.
The results obtained show average net monthly returns of 0.31% for apartments for sale in Medellín and other residential properties. The highest returns were found in properties valued at less than $150 million, with average net rates of 0.36% per month, while the lowest returns were recorded in properties valued between $750 million and $1 billion, at around 0.28% per month.
One relevant aspect is the slight increase in the rates of return on apartments for sale in Medellín and other residential properties valued at over $1 billion pesos, as a result of the growth in rental fees at a higher rate than property values.
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After the financial difficulties experienced in the country due to the pandemic, retailers have continuously improved their situation by normalizing rent payments and steadily raising the rates of return on this type of asset to levels similar to those observed during the previous decade. The results obtained during 2024 for retail premises for sale in Medellín located in large shopping centers show average net monthly rates of return of 0.47%, with values ranging from 0.43% to 0.53% for properties located in shopping centers with high occupancy rates and well-known brands.
The net profitability for properties for sale in El Poblado located in commercial malls was also calculated, with results slightly lower than those recorded in large shopping centers, as a result of the higher commercial values observed, thanks to the improved occupancy rates recorded in recent months.
Likewise, commercial properties for sale in downtown Medellín recorded higher rates of return than those found in the previous year, with rates of return of 0.51% for commercial properties located in the city center, particularly in the La Candelaria neighborhood.
The results obtained for warehouses for sale in Medellín and other areas of the Aburrá Valley show average net profitability rates of 0.42% per month, slightly lower than those recorded in the previous year, as a result of higher growth in property values compared to the increase in rental fees for this type of property. The items that most reduce net profitability are property tax and co-ownership administration fees.
The results recorded for offices for sale in El Poblado this year show higher returns than in previous years, thanks to improved occupancy levels observed in recent months. However, the office market is expected to continue improving as companies resume all their activities in person.
At Alberto Álvarez Inmobiliaria, we are passionate about keeping you informed about the latest developments in the real estate sector. Stay connected every month with our content.
Source: Medellín and Antioquia Real Estate Exchange
Written by: Valeria Ospina – Marketing Analyst
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