The real estate market in Colombia is undergoing a period of transformation that reflects both changes in the economy and in the habits of those who seek, buy, or rent housing. Factors such as inflation, regional dynamics, the digitization of supply, and new household preferences have shaped a constantly evolving landscape. Analyzing these trends allows us to understand how the sector is moving and to identify opportunities for buyers, renters, and investors in different cities across the country. Here we tell you how real estate performed in Colombia in the second quarter of this year.

Real estate supply in Colombia

Bogotá reaffirmed its leadership by going from 19.02% of listings in S1 2024 to 20.37% in S1 2025. However, the focus is not only on its growth, but also on the strength of emerging cities. Cali doubled its share from 4.50% to 10.18% and established itself as a new hub for real estate investment. Likewise, Barranquilla, Cartagena, and Manizales also gained presence, showing a less centralized market with greater regional opportunities.

In 2025, the first quarter accounted for almost 25% of publications in Bogotá and Medellín, but in the second quarter, Barranquilla, Cali, and Rionegro stood out, all with shares above 5%. This reflects sustained demand and more active digital strategies in these regions.

Prices of homes offered for sale

New apartments registered an 8.23% increase in prices, driven by higher construction costs, inflationary adjustments, and the growing preference for vertical housing in urban areas. In contrast, new houses fell by 6.05%, a trend associated with lower demand in peripheral areas and commercial strategies implemented to boost sales in a more competitive environment.

In the used housing market, the trend was positive across all segments. Used apartments rose 5.26%, confirming their appeal due to strategic location and immediate delivery. In Medellín, the category apartments for sale in Medellín consolidated its position as one of the most in demand, standing out for its appreciation in areas with high connectivity and service offerings. Used houses led the growth with an increase of 9.70%, driven by the appreciation of land in suburban areas and the search for more space and quality of life.

Real Estate Properties for Rent

In the first half of 2025, the Colombian real estate market not only grew in terms of the volume of listings, but also consolidated the presence of medium-sized cities in the digital offering. Medellín remained the leader, with a 32.36% share in the first quarter and a slight drop to 30.77% in the second. Although it retains its dominant position, this reduction reflects a process of decentralization in the market. Bogotá went from 9.61% to 13.75%, showing sustained growth driven by its size, diversity of supply, and advances in digitization. In the Aburrá Valley, municipalities such as Envigado, Rionegro, and Sabaneta maintained or increased their share, confirming the vitality of the Antioquia real estate corridor. Rionegro stood out by rising from 6.17% to 6.62%, consolidating itself as an emerging hub with high potential. At the same time, cities such as Cali, Barranquilla, and Itagüí maintained a stable presence, while Bello and Bucaramanga began to gain ground and contribute to the territorial diversification of the market. In this scenario, categories such as apartments for rent in Medellín reinforce the city's relevance as the epicenter of housing and digital demand in the country.

Residential rental market performance

For those looking for or already renting residential property, the outlook shows a slowdown in rent growth. – Houses: in April 2025, the annual increase was 9.5%, the lowest level since June 2023. – Apartments: rose 7.5% annually, also the lowest point since mid-2023. Although prices continue to rise, they are doing so at a slower pace and are expected to continue approaching 2024 inflation (5.2%). However, the low supply of properties may still limit further reductions. In the regional analysis, the cities with the highest annual increases were: – Houses: Cartagena (15.7%), Manizales (12.7%), and Pereira (11.0%). – Apartments: Pereira (12.9%), Armenia (11.1%), and Ibagué (10.6%).

Commercial property leasing behavior

The commercial property segment, including retail space, offices, and warehouses, also showed a moderation in price increases, although these increases still exceed annual inflation. – Retail premises: grew by 9.1% annually in April, the lowest increase since mid-2023. Cartagena (14.1%) and Pereira (11.9%) stood out. – Offices: rose by 8.8% annually, also at their lowest level since mid-2023. Cali (13.6%) and Ibagué (12.5%) stood out. – Warehouses: increased by 7.3% annually, the lowest figure since March 2024. The largest increases were in Barranquilla (15.6%) and Cartagena (12.3%). Demand for business and logistics space remains strong, keeping prices on the rise despite the slowdown. The low vacancy rate, i.e., the limited availability of properties, is the main factor preventing a greater reduction in this segment.

In short, the Colombian real estate market is undergoing a period of adjustment and opportunity. Although challenges remain in new housing and rental moderation, used housing and the growth of intermediate cities confirm a sector in reconfiguration, with attractive scenarios for both investors and those looking for a place to live.

Source: Ciencuadras, Banco Davivienda (Executive Directorate of Economic Studies), El Libertador, and La Galería Inmobiliaria You may be interested in: How does the Bogotá metro impact housing values?