Friday, September 22, 2023

Home sales in Colombia fell 52% in August

For the tenth month in a row, home sales have fallen by double digits. According to the latest report from Coordenada Urbana, a sector information system of the Colombian Chamber of Construction (Camacol), in August housing units sold fell by 52% compared to the same period in 2023, from 18,192 units sold to just 8,699 units this year. Anus.

The most affected segment that has pushed these numbers down is that of Social Interest Housing (VIS), which recorded an annual decline in sales of 57%, while 13,037 units in this line were sold in the same month up to August 2022 In 2023 5,613 units were sold.

The non-VIS segment also saw a significant decline this month, with sales falling by 40%, from 5,155 units sold in the eighth month of 2022 to 3,086 units.

So far this year, 87,156 residential units have been sold, 49.8% less than in 2022 (173,575 units). In the VIS segment, 57,836 apartments were sold through August, 54.1% less than in 2022, as 125,957 units were sold in the same period. For the non-VIS segment, the decline for the current year is 38.4%; in 2022, 47,618 apartments were sold as of August and in 2023 there were 29,320 units.

Low sales impacted market launches

As the construction industry perceives less momentum in home sales, market launches have suffered noticeably and construction momentum is beginning to slow.

In August, for example, new residential construction was down 51% on an annual basis. While 14,415 ready-to-sell units were brought onto the market in 2022, this year it was only half (7,050 units).

Although construction companies are reducing their production rate, the decline in the non-VIS segment (-36%) is smaller than in the social interest segment (57%), indicating a decline in VIS housing construction would offer in the future.

Nation World News Desk
Nation World News Desk
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