The purchase of housing in Colombia has been in decline since 2022. For different reasons, Colombians have not been encouraged or have faced obstacles to acquire a new house or apartment. Only in April 2023, the sale of new housing fell 62 percent, according to figures from the Colombian Chamber of Construction, Camacol.
(In context: Camacol’s proposals to raise housing sales figures in Colombia).
In order for you to make and be able to brand new home, keep in mind the following real estate market values.
What are the cheapest new apartments?
In Colombia, during the first months of 2023, the purchase of new housing has fallen.
In Colombia there are three categories established for new housing: VIP, VIS and No VISwhich differ in value and allow or not allow buyers to be beneficiaries of subsidies.
Priority Interest Housing (VIP) groups the cheapest properties on the market. The total value does not exceed 90 current monthly legal minimum wages, that is, 104’400,000 for this 2023.
(We recommend: Advantages of buying a new home off plans in Colombia).
The Social Interest Housing (VIS) category is the second with the cheapest prices, since it is between 156,600,000 pesos and 174,000,000 pesos, by 2023.
What do you need for Priority Interest Housing (VIP) subsidies?
To apply for subsidies in the VIP modality, families must not own another home in Colombia and must not have previously benefited from housing subsidies. In addition, they must be registered with Sisbén and have 5 percent of the total value of the house and a pre-approved loan.
To acquire housing you can be a beneficiary of subsidies.
(Do not stop reading: Advantages of buying a lot or land to build a home).
In this way they can request the Mi Casa Ya subsidy, for which they can receive up to 30 current minimum monthly wages (34’800.00 pesos) for the initial fee and a coverage in the interest rate of the credit for seven years of five percentage points.
Therefore, If you purchase a VIP house and are a beneficiary of the 30-salary subsidy for the initial fee, you may be paying 69,900,000 pesos in total for the furniture.
You can also read:
– If you live for rent in Colombia, these obligations have the owner with you: take note.
– Who should paint a rented apartment in Colombia: the owner or the tenant?
– Piles: in these cases, tenants can terminate a lease without a penalty.
– If you live for rent, in these cases the owner can terminate the contract immediately.
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