Alert for those interested in buying a home; it would not be easy for this reason

Buying a home is one of the dreams of millions of people in Colombia. The real estate market is one of the attractive aspects of the country’s market, given its stability and the progressive return of money it generates in the long term. Although some see this sector as a business, the truth is that others simply They want to have a safe place to live and avoid problems. that are triggered by rented housing.

In addition, when buying a home, many people want to leave a legacy to their children and grandchildren, by having the opportunity to give them a property as an inheritance. However, this task has become tortuous in Colombia in recent years.

The changes in housing subsidies, made by the current National Government, were one of the turning points in the sector, because with the adjustment and the change of requirements, from minimum wage to Sisbén, fewer workers were able to access this possibility, Although there were some who could pay for housing and installments, they could not benefit from it because they did not have a subsidy.

Concept of home ownership | Photo: Getty Images

On the other hand, those who had Sisbén did not have sufficient credit and financial capacity to acquire the loan, so they could not obtain the disbursement.

In addition, in recent weeks, two of the country’s largest banks announced reductions in their rates for home purchases. These were Davivienda and Bancolombia, which decided to adjust their rates to provide greater opportunities for buyers.

Davivienda, for its part, assured that as of July 16, it will reduce rates for home acquisitions stipulated as follows: 10% for housing leasing for projects financed by Davivienda and 11% for the rest of new housing.

Bancolombia, on the other hand, assured that as of July 20, 2024, it will significantly reduce rates for housing loans and housing leasing. Now that indicator will be 10% effective annually.

Another of the facts that has brought greater benefits is the reduction in the costs of materials, as this represents a benefit for those who develop these projects in the country. In addition, it has a greater impact on the cost of the properties.

Construction of housing, house | Photo: Getty Images

It is worth remembering that home sales have fallen sharply over the past year in the country. For the period January-May, sales registered an accumulated contraction of 14% compared to the same period in 2023. This was revealed in the most recent report by Coordenada Urbana, the information system of the Colombian Chamber of Construction, Camacol.

The result, which was identical to that recorded in the period January-April 2024, allows us to conclude that, although the deterioration has not accelerated, the marketing indicators remain low.

Although the value of sales of VIP Housing increased by 58.8%, representing a growth of $299,704 million in 2024, the VIS segment decreased by $1.2 billion and the Non-VIS segment by $969,848 million, which meant an accumulated drop of $2.19 billion.

Construction of housing, house
Construction of housing, house | Photo: Getty Images/iStockphoto
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