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Large infrastructure projects, due to their benefits, can affect the prices of surrounding properties. Accessibility, safety, and practicality are highly valued qualities when buying a property.
This way, Bogota MetroThis project, perhaps the most important in the city in recent years, is having an impact on property prices around the project. Some have appreciated by as much as 40% so far.
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However, some sectors have not had the same luck and have seen prices fall, according to a study by real estate platform Properati. The price per square meter decreased in 21 of the 60 neighborhoods around the first line of the Bogotá Metro. Last year’s sales were average, but 39 properties had positive valuations.
It is worth mentioning that the portal compares the average square meter values in 2024 for the neighborhoods near the future Bogotá metro line with the observed values in 2023. The main results are as follows:
More positive changes
As mentioned above, one of the results worth highlighting is the mixed picture of house prices being affected, either positively or negatively. About 65% of the communities analyzed by the platform reported higher costs than last year. That is, 39 of the 60 neighborhoods near the Bogotá metro showed a positive change in the average sold price per square meter in the second quarter of 2024 compared to the previous year.
Of these, 24 have valuations above 5.26%, which is the increase in cadastral values in Bogotá in 2024, according to the Regional Cadastral Real Estate Census.
On the other hand, three communities stood out with increases of more than 40%: Dindalito in the town of Kennedy with 49%; Juan XXIII in the town of Barrios Unidos with 45.8%; and San Victorino in Los Martires with 40.3%. Other communities with increases of more than 23% include Tintalito with 37.0%; Iceland with 31.0%; Backwaters with 25.9%; Chapinero Occidental with 24.9% and Teusaquillo with 23.5%. They explained that these areas are attractive to investors because of the improvements in transportation, tourism and urban renewal projects currently planned for them in the future.
Towns where home prices are rising: Kennedy, Chapinero, Barrios Unidos and Teusaquillo
See also: Home sales are starting to rebound, except in four regions: Which ones?
Bogota Metro Project
Milton Diaz – EL TIEMPO
It is worth noting that Twelve of the 18 communities analyzed by Kennedy Township saw growth The average price is positive, making it the area with the most value-added communities.
“It is important to take into account that other projects, such as the expansion of Avenida Ciudad de Cali, the commissioning of Avenida Guayacanes, the improvement of Avenida Villavicencio and Avenida Primero de Mayo, will contribute to improving mobility in the second town that currently has the highest population density in Bogota, with 13.7% of the population”, They mentioned.
On the other hand, all the communities analyzed by the platform, in the towns of Chapinero and Barrios Unidos, close to the route of Line 1 of the Bogotá Metro, showed positive changes compared to the previous year.
In Chapinero, the most striking thing is Quinta Camacho with 10.2% and Lago Gaitán with 6.9%; in Barrios Unidos they are Juan XXIII (45.8%) and Concepción Norte (17.7%), while in Teusaquillo they are Chapinero Occidental (24.9%) and Teusaquillo barrio (23.5%).
Center, not so good
On the other hand, prices in central Bogota fell. Depending on the platform, Santa Fe, Antonio Nariño and Los Martires are the regions with the highest number of neighborhoods with negative change The second quarter of 2024 compared with the same period last year.
The communities with the largest decreases in Santa Fe are Santiago (-27.3%) and Santa Ynez (-13.9%). In Los Mártires, they are El Vergel (-23.1%) and Eduardo Santos (-21.1%), while in Antonio Nariño, they are San Antonio (-11.5%) and La Fragüita (-7.5%).
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The first pillar of the Bogota Metro
Mauricio Moreno/ Portfolio
Now, starting from Puente Aranda, passing Antonio Nariño and Los Mártires, and ending in Santa Fe, there are 14 communities where the value per square meter has decreased compared to last year. In other words, The area was home to 67% of the neighborhoods that saw price declines across the board.
For Properati, the factors that can influence the average price per square meter are varied, but currently this behavior involves the works of Line 1 of the Bogota Metro, which now play the role of cause rather than effect on real estate prices.
“Large-scale projects like this often have a significant impact on the lives of nearby communities and sectors; real estate markets, urban dynamics and the promotion of new economies,” They close
Now, while this is an analysis of current prices, we’ll have to wait until 2028 to see a more realistic impact of this work.
Paula Galeano Balaguera
Portfolio Reporter
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