How to Buy a Home in Colombia in 2023

Is buying a home in Colombia in 2023 the goal you set for yourself in the New Year? Here we will tell you everything you need to take into account to achieve it!

And although the word crisis has accompanied us in recent years, the real estate sector has remained strong and growing. Even with challenges to overcome, the outlook is favorable for buying a home in Colombia in 2023.

Buying a home in Colombia in 2023: key factors

For Edwin Chirivi, executive president of Camacol, in 2023 a convergence of positive factors is expected such as the reduction of inflation, the correction of interest rates, the decrease in construction costs, and greater stability of the markets.

All this translates into a projected growth of 6.6% in the purchase and sale of housing. This will be reflected in more affordable prices and a greater supply of projects to meet the strong demand. Therefore bringing attractive investment opportunities for Colombians inside and outside the country.

“In 2023, the construction of 189,000 new homes will begin, 133,000 of them VIS. And 250,000 new homes will be sold, 177,000 of them VIS. Demand will continue to be strong and we hope to continue offering options to Colombians in both segments,” says Chirivi.

Are there still subsidies to buy a home in Colombia in 2023?

For the Government, it is essential to ensure the availability of subsidies from the Mi Casa Ya program throughout 2023. The Minister of Housing, Catalina Velasco, has confirmed that this subsidy program will remain in force, delivering more than 82,000 subsidies in 2023.

Obviously, with the 16% increase in the minimum wage for 2023, the subsidies also increase their cap on the price of the housing to which they can be applied.

  • Ask us how to apply for a housing subsidy in Colombia and how much you can save in 2023.

How do Tax Reform and inflation affect when buying a home in Colombia in 2023?

According to Eduardo Loaiza, manager of Camacol Antioquia, the changes presented in the approved Reform related to the real estate and construction sector are of little scope. These will not hurt the e growth and expansion dynamics of the sector.

And what about inflation?

The measures taken by the Bank of the Republic have been positive to confront the rise in prices. This had exceeded 13% last year, something that had not been seen the 20-year-old Bank of the Republic projects inflation at 7% in 2023 and news in 2024.

“This will be good news for the sector are indeedates are indeed at high levels compared to recent years, pressured by inflation. But it is still interesting, attractive, and a good deal to buy off plans. Where more than half of the market offers two or three years for the payment of the initial payment without charging interest,” added Loaiza.

Is buying a home in Colombia off-plan a good option in 2023?

This financing alternative will continue to offer great advantages in 2023 for the home buyer without a high budget. This is especially true if it is done with recognized construction companies and a trust involved.

In terms of profitability, it can be purchased at a cheaper price, with long payment terms. It is not necessary to have the entire initial payment, as it is financed in monthly interest installments. Furthermore, buying off plans is the best option to take advantage of the appreciation that the property acquires during its construction.

Other housing trends that we can expect in 2023

  • Hybrid and remote work became a non-negotiable feature of the new work life. This will increase the value of a home as a protective shelter.
  • A CAMACOL report says that housing continues to be the greatest desire, of Colombian families. But millions alone, there are more than half a million families without housing. This deficit opens the door for great investment opportunities in VIS housing in strata 2 and 3.
  • There are more and more young people who find renting a good option for their lifestyle. For better or worse, the rental market will remain strong in Colombia.
  • Sustainable is here to stay, so the good buyer must look for ecological spaces that save electricity and water. Furthermore, they must be multifunctional and where the family can work, find quality of life, and have fun.
  • It is estimated that the tourism sector will maintain a good pace with the arrival of 4.6 million visitors in 2023, a growth of between 6% and 10% compared to 2022.

Dare to buy a home in Colombia in 2023

As you can see, the market offers reasons to be optimistic. Now that you know all the advantages of buying a home in Colombia in 2023, go ahead and do it with us.

Be advised by one of our advisors! Get pre-approved to get the best financing options and let our security and support help you get a brand-new home in Colombia.

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