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Is it a good time to invest in housing in Colombia?

Posted by thinkinco on October 28, 2022

Despite the effects on the economy due to international issues, the pandemic, inflation, the rise of the dollar, etc., the real estate market continues to be active and steady in recent years.

Camacol, Colombian Chamber of Construction, revealed figures that show that in the first two months of the year 42,513 homes were sold, 4.2% more compared to the same period of 2021; for its part, housing construction grew 13.1% during the first quarter of the year.

However, Banco de la República announced an increase in its interest rate, this as a measure to address inflation, also with the change of government and the dollar soaring, many are uncertain about the Colombian economic terrain and high-risk investments in the country. Even so, many are asking themselves: is it a good time to buy a house?

Juana Téllez, director of economic development at BBVA bank, gave a reassuring statement and assured that it is still a good time to make a real estate investment.

“Given the expectations there is still room for additional increases in the rate of the Bank of the Republic, and that translates into market rates, then, we still expect additional increases, at this time the rates are still good to buy housing,” said the expert.

According to figures from the Ministry of Housing, 240,000 new properties were sold in 2021. For this year it is estimated that this number will increase by 7%.

“If there are people who want to buy housing relatively quickly this is the time to do it, because if they come probably an increase in the financial system,” assured Tellez.

Regarding the issue of the interest rate hike, the economist announced that soon there will be a meeting of the Central Bank where another increase will be declared and it will remain there for a while.

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