Colombia's housing market is in its toughest period in 15 years, with sales down 17.7% from January to March 2024, totaling 32,017 units.
High inflation and rising interest rates have driven this steep decline. Camacol's president, Guillermo Herrera, reports this as the weakest first quarter in over a decade.
The downturn has significantly reduced new housing launches by 34% and project initiations by 26.7%.
Between 2013 and 2019, monthly sales averaged 14,701 homes; by March 2024, this figure had fallen to 10,474.
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