Property for sale in Bogotá

Bogotá has become one of the major cities in Latin America with a lot international taste. It is the primal destination for foreigners for obvious reasons. The country still has a very centralized structure, so if you want to reach a national scope you have to settle down in Bogotá.

After a period of high increase in prices in the year 2002 to 2004 prices in Bogotá are starting to adjust.

The relative importance of the construction sector in the Colombian economy shows that housing and public works have accounted for about 5 to 7 percent of GDP in recent decades. More recently, and as a result of the 1998-1999 housing crisis, the construction sector’s share of GDP has declined to 5.2 percent despite the 2002-2004 recovery; the sector has posted real growth rates of 6 to 9 percent annually. The property for sale sector represents only about 3 percent of GDP, approximately half of the share usually observed in many developed economies. Property for sale sector jobs in Bobota account for 5 to 6 percent of total employment, and the sector has considerable potential to absorb unskilled workers. While it has a low-level wage structure, the property for sale sector nonetheless benefits from a very flexible labor market.

Colombia’s quantitative housing shortage was around 22 percent in the 1990s, which was low by Latin American standards. Considered in tandem with the qualitative housing shortage of around 26.5 percent and the overcrowding rate of nearly 15 percent, the conclusion is that about 45 percent of the population lives in unhealthy housing (see Table 5). Interestingly enough, this figure is not much different from that reported by expert urbanists, who have indicated that the “effective” shortage of adequate housing in Bogotá was close to 41 percent in 1995.