Panorama of the real estate sector in Colombia
The Colombian Chamber of Construction (Camacol) presented the balance of home sales in the country during the first quarter of 2024highlighting a historic drop not seen in the last 15 years.
Guillermo Herrera, president of Camacol, reported that during the first three months of the year (January, February and March), Home sales in Colombia experienced a contraction of 17.7% compared to the same period in 2023, with a total of 32,017 units sold.
This number, he assured, is the lowest recorded in a first quarter in the last 15 years and adds to the poor performance of new project launches (-34%) and construction starts (-26.7%).
For the union leader, this trend reflects a new reality, since “The construction sector currently has a lower scale compared to the period 2013-2019, when an average of 14,701 homes were sold monthly. During 2024, until March, monthly sales averaged 10,474 units, a value that seems to be the floor of the sector and from which we can think about a growth strategy.”
According to Herrera, Marketing and activity levels are similar to those observed in 2011.
