Colombia. According to a study presented by Asobancaria, an entity that brings together the most important financial institutions in the country, and Habi, a digital platform for buying and selling used housing; Bogotá and Medellín have the highest prices per square meter in the country.
"Characteristics of used housing" is the report presented by Asobancaria and Habi, on how the housing market is in four of the most important cities in the country: Bogotá, Cali, Medellín and Barranquilla.
One of the conclusions of the study was that Bogotá and its metropolitan area has the most expensive properties, 30% higher, compared to other cities. This presents the value of the highest square meter in the country, being $ 3 million pesos the median, continues Medellín (including the metropolitan area) that has a range of $ 2.8 million per square meter; and Cali and Barranquilla ends with the largest number of properties located in prices around $ 2.2 million.
Prices per square meter of real estate in Bogotá and Medellín are on average 34% higher than prices in Cali and Barranquilla. However, the areas are on average 22% smaller, as the average areas for both these last two cities exceed 100 square meters. On the other hand, in Bogotá, 70% of the homes have 83m2 or less, and for Medellín this value is 88 m2.
The importance of this report is that about half of mortgage loan disbursements are directed to used housing, so it is essential to better understand the dynamics of this market segment. "At Habi we have focused on becoming experts in this segment, making it possible to access information of interest to those who are looking to buy or sell a home," said Juan Sokoloff, VP of Data and Analytics.
The study consisted of a characterization of the used housing market in Bogotá, Medellín, Cali and Barranquilla and their surrounding areas, using statistical techniques, where they analyzed the correlation between new and used housing markets, and explored variables such as area, age, price, stratum, among others.
"The study shows us that the used housing market is attractive, prices have remained stable creating interesting purchase options, especially when weighting also by area or location. This segment continues to recover after the pandemic, so it has an important space to grow," said Guillermo Alarcón, director of Housing and Leasing at Asobancaria.
Other conclusions
● The study found a positive correlation between sales of new and used properties in Bogotá and Medellín, in the case of Cali there was a relationship to a lesser extent, especially for strata 4 and 5. This means that if the market leads to more than one product being sold, the other is likely to sell more as well.
● When comparing the data of Bogotá from 2021 with 2020, valuations were mainly observed for medium and high strata in residential properties with areas less than 100 m2. While, there was no evidence of valorization in small apartments of stratum 3, and large of stratum 2.
● Cali and Bogotá presented the highest valuations in metropolitan areas, in apartments with areas of less than 100 m2.
