Above: Penthouse Duplex, Bogotá, Colombia
This month, we turn the spotlight on the South American country Colombia, where two Leading Real Estate Companies of the World® (LeadingRE) members share insights on their respective markets.
Elite Inmobiliaria
Bogotá, Colombia
Fabio Rubio Lozano,
Commercial Manager,
Broker/Owner
eliteinmobiliaria.com.co
Tell us about your company.
Since our inception in 2012, quality service and continuous innovation have been the pillars of our company. We are a young company with advanced technology and are always looking to improve and optimize, but we do not lose the essence of working directly with people. We operate two offices with 40 sales associates and serve Bogotá—the capital—and surrounding cities in Cundinamarca.
How would you describe your current housing market?
Our inventory is around 400 properties: 86% for sale and 14% for lease. The average time for sale is seven months, and three months for lease. In Bogotá, the average price is COP $400,000,000 (USD $103,000). In 2021, sale prices were stable, but we project an increase for 2022. Rental prices have been increasing.
What types of properties are popular in your market?
In Bogotá and Cali, the most popular properties are apartments, which represent almost 55% of our monthly sales. Apartment buyers look for units with private security, a good location and club amenities (gym, social lounges, pool, parkland). Suburban buyers look for units with private security and good green areas.
What are some of the most important trends in your market?
Young buyers are looking for small apartments with shared social zones (co-living). Almost all buyers look for an additional space so they can work at home. It’s common to look for properties with a balcony, terrace and good natural lighting.
What are your biggest challenges/opportunities for growth?
This year, we have presidential elections, and the market is expectant of the results. Within our company, we must finish implementing our internal system that will streamline processes with clients. We still have opportunities to grow our market share in sales and rentals, and we must continue to certify our agents.
Are you seeing much foreign investment—and, if so, from which countries?
Our market was affected a lot by the pandemic, although we saw a reactivation in 2021, which we hope will continue. The main foreign investors are from the United States, Spain and South American countries.
What advice do you have for foreign buyers interested in buying in your area?
This is a great moment to invest in our country due to the favorable exchange rate. In addition to real estate advice, they should seek professional advice to understand the local taxes and capital flow issues.
What do you love most about living in your area?
The people are wonderful. They make you feel like you’re at home even if you’re a foreigner. And the quality of construction has improved significantly with international standards, including being earthquake resistant. We have a slogan: “The risk of coming to Colombia is that you want to stay.”
How does being part of Leading Real Estate Companies of the World® help advance your business?
LeadingRE brings us great international exposure, where our clients can get their property anywhere in the world, with the certainty of being attended to by a team of professionals. The training platform gives us an advantage over the local market, and the opportunity to share and meet colleagues internationally and learn from their experiences is incredibly valuable.
PRC Propriedad Raiz Colombia
Valle Del Cauca, Cali,
Colombia
Luisa Garcia
Broker/Owner
praizcol.co
Tell us about your company.
We are a real estate agency with 10 years of experience and have one office and 30 sales associates serving Cali, Colombia, and surrounding markets. We focus on delivering high standards of service to our clients. Our mission is to make our clients’ real estate dreams come true through a service commitment that differentiates us in the market. Our vision is to be a positive, productive and profitable office that inspires, develops and supports highly motivated and learning-based professionals who are totally committed to the pursuit of their success.
How would you describe your current housing market?
Our average price is COP $800,000,000 (USD $200,000), and we have 300 properties on the market. Our company primarily sells condos and townhomes.
What home features or amenities are especially popular with your buyers?
Popular amenities include pool, gym, grill area and 24-hour security.
What are some of the most important trends in your market?
The market is slow due to the upcoming presidential election. Other challenges include the current political situation, some currency devaluation and the COVID crisis. We see strong opportunity with people moving here from other areas due largely to the favorable exchange rate.
Are you seeing much foreign investment—and, if so, from which countries?
Colombia is a very good country for retirement, especially from the United States and Europe. The exchange rate of the COP vs. USD and Euro is very attractive.
What advice do you have for foreign buyers interested in buying in your area?
Colombia is a very good country in which to live. The people are very kind, and beautiful homes and land are very affordable. Colombia offers a wide variety of climate zones and plenty of natural beauty.
What do you love most about living in your area?
The people, the ability to travel with ease around the country, delicious food and wonderful culture make Cali and surrounding areas quite special.
How will being part of Leading Real Estate Companies of the World® help advance your business?
To celebrate our anniversary and start a new era with better procedures, new clients and many more opportunities, we entered a valuable strategic alliance with Leading Real Estate Companies of the World®, a world leader with more than 150,000 sales associates around the world. We will continue connecting with real estate businesses, and we especially value the great opportunity to send and receive referrals worldwide.
For more information, visit https://www.leadingre.com/.
