Construction companies focus on cities near Bogota: Why? | Housing | My Finances

Villeta, also known as the “Sweet City of Colombia”, is located in the Cundinamarca department and is undergoing important urban development since the establishment of recognized national and international construction companies. VIS and non-VIS real estate projects started Over there.

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Villeta Mayor Yosima Reyes Acevedo said construction companies are focusing on the city because of its proximity to the country’s capital, its welcoming residents and its high security due to a reinforced police force.

“Today, Villeta has become a very interesting place for those who want to rest, as the climate here is unique for everyone. We are currently working on the development of basic sanitation services with public services so that construction companies and future buyers have the guarantee that they will get homes that they can live in and enjoy.”he explained.

According to the government, tourism is increasingly being boosted by the construction sector as new residents consume goods and services related to restaurants, venues and buy products such as handicrafts.

Employment is another sector that has benefited from this “boom” as Actual Inmobiliaria alone has created over 100 direct jobs and another 100 indirect jobs, with 100% of the workforce coming from Victoria.

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According to the indications of the real estate company, which currently operates in Chile, Peru and Colombia and currently has four projects in the city of Villeta, they decided to bet on the city based on several factors: the good condition of the roads from Bogota, competitive land prices, the possibility for buyers to obtain state government subsidies (such as “Mi Casa Ya”) and the improvement in security that Villeta offers to potential new residents planning to buy a second home.

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Another important reason for the surge in these projects is the reduction in mortgage interest rates. In July 2023, the annual effective interest rate for loans issued was above 18%, while on the same day this year, the interest rates of the country’s main financial entities were around 10-11%. This change encourages households to make home buying decisions with more confidence..

Next month, Actual will launch a new project in Villeta where housing subsidies will be applied, reaffirming its decision to boost the economy of the city of Cundinamarca.