Property / RealEstate · October 29, 2021

COVID-19: a challenge for properties for sale

Since March 24, the Government of Colombia decreed a mandatory quarantine, a fact that has modified social and economic dynamics, affecting the real estate sector in many ways. For example: the number of properties for sale has increased, while the purchase intentions have decreased, this has resulted in the properties losing value.

To better explain to you how prices, sales and the supply of used and new homes are going in Bogotá, we once again joined forces with Camacho and Coordinate Urbana, together with them we analyzed the activity of the sector in the month of April. Read on and find at the end of this post a report that sums it all up.

An overview

Since preventive isolation began in Bogotá, properties for sale have lost an average of 3.77% * of their value. The lower strata are those that have presented the most variations in the price of the square meter, it is likely that people with fewer resources need more liquidity to convert their assets into cash quickly, and for this reason they apply discounts to the price of their home.

The towns that have the most positive cases of COVID-19 are also the ones where the price per square meter has dropped the most. Kennedy is one of the sectors most affected and in which there have been the most drops in prices. The prevention measures that have been taken in this town include total quarantines, resulting in people not being able to visit properties for sale or make transactions with ease.

properties for sale

A halt in construction

The launches, the completion of works and the break-even point of projects presented a slowdown, since the construction activity stopped and only until the end of May could the works be reactivated.

If you have properties for sale or are interested in buying, we suggest that before making a decision you know the state of the market and the role that the property of your interest has in it.

To know everything about a property:

The fastest way to know a home, this study will give you the possibility of knowing the commercial, cadastral and rental price. It is enough to put the data of the property and you will obtain data such as the value of the square meter of the area, reference points, notarial expenses and much more

To know the market:

Check the infographic that we will show you below, in it we collect the data and details of the real estate activity of the month.
* This number may not coincide with infographic results due to different calculation methodologies