What is driving the growth in the second-hand housing market in Colombia?

The Colombian real estate market is undergoing a significant change; currently, more than 70% of demand is concentrated on second-hand housing and rentals. This phenomenon is not coincidental; factors such as high mortgage interest rates, location in established areas, and the possibility of immediate delivery have driven the preference for these properties. Furthermore, these homes are not only more sought after, but they are also appreciating significantly in value: in 2025, their average growth reached 9.7%, according to reports by Valora Analitik. In this blog, we tell you what is driving the boom in used housing in Colombia.

Where is the demand for used housing and rentals concentrated?

Traditional cities such as Bogotá, Medellín, Cali, and Barranquilla continue to concentrate much of the demand for used homes and rentals. In particular, apartments for rent in Bogotá remain one of the most sought-after options for those who prioritize location, comfort, and immediate delivery. At the same time, there is interesting growth in medium-sized cities such as Pereira, Manizales, and Villavicencio, where used housing offers better cost-benefit conditions.

Cities with the highest offer

Most of the offer of used housing in Colombia is concentrated in a few key cities: Bogotá accounts for 27.17% of the total, followed by Medellín with 19.36%, Cali with 11.78%, and Barranquilla with 10.81%.

Why do used homes and rentals dominate demand?

There are several reasons why Colombians are leaning more toward used homes or rentals.

Financing options: Mortgage loans have become less accessible for many people due to rising interest rates. This barrier makes more people prefer to rent or buy used homes, which often involve lower immediate costs or more room for negotiation.

Immediate delivery: When you buy a new home, you usually have to wait for it to be built. In contrast, a used home is already ready, which is attractive to those who need to move soon or do not want to depend on delivery times.

Size and flexibility: Many people are looking for small apartments for sale in Medellín because they offer lower costs, less maintenance, and more flexibility for those who work from home or do not need as much space.