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Colombia Realty Gazette #07 - Real estate market 2010 forecast
February 09, 2010
Your link to the real estate market in Colombia
The newsletter for the international community with information about the Colombian Real Estate Market and all related issues.
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“Do not go where the path may lead, go instead where there is no path and leave a trail. Ralph Waldo Emerson”.
1. Colombia real estate forecast for 2010. Real estate in Colombia will be a good investment in 2010, taking into account trend that left the year ended.
During 2009, a year of economic expectations in all sectors, including real estate, home sales topped forecasts.
According to the Lonja de Propiedad Raíz de Bogotá, the association of real estate professionals, the year closed with an average increase of 10.5 percent driven especially by sales in June and September, reaching variations of 22 and 39 percent respectively.
Consequently, this year is expected to consolidate the Social Housing (VIS for its acronym in Spanish) via government macro projects; high-end homes range start to recover; and middle housing prices keep sustained due to new resources provide by the Government to subsidy mortgages rate.
In fact, a recent survey by the Colombian Chamber of Construction (Camacol) Bogotá-Cundinamarca concluded after interviewing 1,211 households, 56 percent of them have in their plans to buy housing this year.
In the expectation of more sales in 2010, here are a few tips of what to do when choosing a home, especially now, when prices are still affordable. http://www.buycolombiarealty.com/home-buying-tips.html
2. Fractional property the new trend in real estate.
The fractional ownership is a new model that is gaining ground in the constructor and real estate markets around the world. It is a flexible system of joint ownership with owners 'partners' of the same property, where each person or family can own a property but at a fraction of the total price. Fractional property is most used in second homes or resort type of properties. However in Bogota there is a new project of apartments using this innovative model. Fractional ownership is not the same as time share or fiduciary title accounts. The benefits for those who lives abroad but need a place to stay fore more than a week or a couple of days are numerous.
Read them here http://www.buycolombiarealty.com/fractional-ownership-property.html
3. Bogota’s downtown urban renovation. An opportunity for investors.
Bogota’s expansion is limited and if it continues with the huge infrastructure investments that should perform, surely can not achieve development with the speed required. Instead, there are areas of the city that are badly damaged that can be transformed into high value interesting places.
Urban renewal requires sectors that are already surrounded by good road infrastructure and good public transport.
That's why Bogota’s administration has taken the first steps with the approval of Mayor Samuel Moreno for the construction of the Cultural Center of Spain, which will have an investment of 15 billion pesos, about 7.5 million dollars expecting to become one of the main references of the city.
The work will be located in the third street with 19 Avenue and have an area of 5,800 square meters and will include meeting rooms, exhibitions, library and audio-visual resource center, among others.
Private investors also have plans to launch cutting edge projects, like the Hotel Bacatá on Av Calle 19 a new development which will occupy the whole block at 19th avenue with 5th street. This project is meant to be the highest building of Colombia (so far) with 66 floors. The tower will have 396 apartments, 138 offices, 403 private parking, 334 public parking areas, a mall with 38 stores, a hotel with 542 rooms, two restaurants, a 1,000 m2 Lounge club, a viewpoint to the city. Projected completion is late 2012.
BuyColombiaRealty is also promoting Bogota’s urban renewal. Together with our commercial real estate specialist in Bogota, we are looking for investors for another high value commercial development in this area.
Here you can read more about it http://www.buycolombiarealty.com/investors-needeed-hight-value-development-project-in-bogota-downtown.html
4. Colombia on the News.
Major communication media continue talking about the good time of the housing market in Colombia. We want to share with you the latest New York Times article on the real estate market in Bogota http://www.nytimes.com/2010/01/29/greathomesanddestinations/29iht-rebogota.html?ref=global-home
5. Don’t forget Haiti’s people.
We tend to forget the facts even more when the media keep feeding us with layers and layers of new incidents. But Haiti’s needs remain the same as the beginning of this tragedy. There is a lot of information about how keep helping. Visit the group in Facebook and help us in adding information about effective ways for help. http://www.facebook.com/?ref=home#!/group.php?gid=256692455078
All the best,
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