OVERVIEW OF THE REAL ESTATE SECTOR OVER THE PAST YEAR

2021 was a year full of expectations and challenges for all business sectors. Recovering stability and overcoming economic difficulties became one of the main goals across industries.

For the real estate sector in Colombia, 2021 marked a significant reactivation of both the economy and consumer interest, making it one of the years with the highest demand for services and increased interest in certain types of properties. It’s important to note that this behavior varies depending on the property’s purpose and whether the client’s need is focused on buying or renting.

Below, we share how the real estate sector performed in the metropolitan area:

Rentals From 2020 to 2021, there was a 15% decrease in property availability, with apartments showing the sharpest drop at 75%. In contrast, commercial properties increased their availability by 19%, meaning that commercial spaces for rent in Medellín—such as retail units, warehouses, and other commercial properties throughout the Aburrá Valley—showed higher supply levels.

By the end of 2020, there was a very positive number of available properties. However, thanks to the economic reactivation in 2021, customer interest increased significantly. In fact, 71% more deals were closed compared to the previous year. Apartments for rent in Medellín and other metropolitan areas saw a 61% increase in closed deals.

By area, apartments for rent in Laureles experienced a 120% reactivation, making it the fastest-growing zone. This was followed by El Poblado with 87%, and Envigado with 78%. In the commercial segment, activity increased by 70%.

Vacancy rates Vacancies decreased by 21% compared to 2020, reaching figures similar to those seen before the pandemic. This significant reduction was largely due to the economic reopening of El Poblado and Laureles, which had been among the hardest-hit areas over the past two years in both residential and commercial segments.

After the uncertainty experienced in the commercial sector, 2021 proved to be a much more positive year, with business activity continuing and lease contracts being reactivated. Vacancies in commercial properties for rent in Medellín were less than half of those recorded in 2020.

Sales Property sales increased by 30% compared to 2020. Residential sales grew by 29%, while commercial sales rose by 40%. 2021 became the year with the greatest momentum in the sale of used properties, doubling the number of interested buyers compared to both 2019 and 2020. Greater interest was identified in apartments for sale in Medellín, while the commercial segment showed increased stability.