[ad_1]
Colombia’s economy is expected to continue to grow in the second half of this year, including in the construction sector, according to real estate company Ciencuadras.com.
“The World Bank expects growth to reach 1.3% by the end of 2024 and 3.2% in 2025, driven by a recovery in private consumption and exports.” Platform Manager Mauricio Torres Romero explains.
You can read: With this reform, residents on the 3rd, 4th, 5th and 6th floors will bear the new charges
He said this outlook would be supported by a lower inflation environment. Stable prices and low interest rates, This will not only stimulate economic growth but also encourage people to buy homes at favorable prices.
Torres also hopes that inflation in Colombia will continue to fall. 5.4% in December 2024, 3.8% by the end of 2025. This reduction will allow the Bank of the Republic to accelerate the reduction of housing loan interest rates by the end of this year.
Falling interest rates have a positive impact on the home buying market. “On one hand, it increases overall demand because it encourages people to invest in real estate as they have less to pay for the property they buy, and in turn, it increases labour employment in the construction sector, which in turn increases housing demand and overall improves consumer purchasing power,” Torres Romero warned.
Torres said when comparing the annual growth in housing loan originations in the second quarter of 2023 and 2024, All market segments showed positive growth, especially VIS in UVR, This is in stark contrast to the behavior of interest rates. VIS UVR Segment Relative Growth He explained that by 2023, market support for placements will rise by 45 percentage points, reaching an overall market support rate of 20.3% by 2024.
You may be interested in: Mi Casa Ya: Homes worth up to $227.5 million can qualify for this subsidy
Residential.
stock
According to real estate analyst Ciencuadras.com, Home sales actually increased by 6% As of June last year, it was also expected that growth would reach 16.2% by the end of this year due to lower interest rates and a recovery in domestic demand.
“This increase is a positive turn of events compared to the past two years when this indicator has been declining, because before inflation and interest rates rose, new home sales in Colombia were over 200,000. “Last year, we were just over 100,000. With this change, sales will rebound,” Mauricio Torres expected.
To reinforce the positive outlook for the sector, the platform is hosting a virtual housing fair from August 8 to September 13, in which Colombians will be able to obtain Discounts up to P50 million on property purchasespoints can be processed from the same platform with an annual interest rate of 10% – EA. In addition, those who want to remodel or renovate can enjoy free quotes and discounts The total cost of the renovation was as high as 200,000 pesos, with renovation costs as high as 12%.
Lea: Thinking of buying a home? : Benefits provided by the Compensation Fund
Residential.
stock
In procedures such as property appraisal, users will receive a 10% discount and a 15% discount when calculating the value of a house or apartment. In addition, to complement the offers for buyers, Ciencuadras.com has added allies in the field of household appliances and white goods, offering discounts of up to 2 million pesos on more than 12 categories of home products.
Rents to rise 9.3% by the end of the year
Although the percentage growth in rents remains in the double digits, after peaking in December 2023, they have been increasing throughout the year.
According to this trend, portal websites are expected to grow by By the end of 2024, the fee will stabilize at around 9.3%in line with inflation over the previous year, represents the maximum rate of increase permitted in the rental value of occupied residential properties.
Paula Galeano Balaguera
Portfolio Reporter
[ad_2]
Source link
