Although the construction sector has been one of the slowest in recent times due to high interest rates that have slowed down investment and the execution of new projects, according to OECD data, The number of homeowners increased 3% from 2010 to 2022.
According to figures from the Organization for Economic Cooperation and Developmentthe proportion of Colombian homeowners It went from 37% in 2010, to 37.9% in 2020 and to 40% in 2022.
In light of these data, Colombia is the ninth country in the bloc with the highest growth and the second among Latin American countries, only behind Mexico, which grew 10.2% in the same period.
Although the country does not have the highest proportion of property-owning inhabitants (the first place is held by Romania with 94.8% of the population), It is part of a list of 15 countries that improved in this category in the last 12 years.
In this sense, the Netherlands had the greatest growth in the number of homeowners (13.6% for 70.6% Dutch as homeowners), followed by Mexico, which reached 80% of its inhabitants under this category, and Poland, which reached 86.8% of Polish owners, thanks to a growth of 7.3% since 2010.
In contrast, Chile was the country among the bloc’s members with the steepest drop since 2010 after registering an 8.5% decrease in the number of housing lieutenants. The southern country went from 65.5% of Chileans as homeowners to 61.8% in 2020 and 57% in 2022.
Positive outlook for 2025
The outlook for next year is expected to be more satisfactory for the construction sector. With the lowering of rates by the Bank of the Republic, Expectations point to greater dynamism in the purchase of new homes (VIS and non-VIS) and, in parallel, to the creation of new projects of this type.
Different voices from the union see ‘with good eyes’ the decision of the Colombian Issuer to follow a path of monetary policy flexibility. In Inside LR, Roberto Moreno (president of Amarilo), stated that the drop in the interest rate is “gasoline for the sector” since it will facilitate the purchasing capacity for Colombians.
Likewise, Mauricio Torres, manager of Ciencuadras, projects a greater relaxation in interest rates in 2025 that will stimulate social housing and those that are not of this type. “The reduction in the rate generates an increase in home sales and stimulates the creation of new projects, which will improve the supply in the country”Torres said.
