COLOMBIA – According to Camacol, Colombia’s Construction Chamber, last year 174,000 new homes were sold in the 17 major cities/regions of the country, a 3% growth compared to 2014. This level represented household investments of COP 30.2 billion.

The best performing regions in 2015 were: Antioquia with new home sales for COP 4.8 billion and 30% growth, Bolívar with COP 1.5 billion in new home sales and 14% growth, Valle with COP 2.6 billion and 20% growth and Atlantico with new home sales for COP 2.5 billion and 6% growth. For Colombia’s capital, Bogota, investments in new housing totaled COP 8 billion, 12% less than those recorded in 2014.

For the Executive Chairman of Camacol, Sandra Ramirez Forero, this result is the sign of the dynamism of the sector and the confidence of households in the new housing market. “Even against economic uncertainty seen in 2015, households invested and boosted the real estate market in most regions of the country,” said the Executive.

The expectation for 2016 is to achieve 12% growth in new housing investment. “We understand that the risks should be discounted for the sector generated by slower economic growth this year, however we see that this projection is well founded, as the social housing programs and incentives for the purchase of housing for the middle class recently launched will provide about 40% of this goal”, said Ramirez Forero.

Another factor for growth of housing construction in 2016 will be the implementation of urban projects and housing programs in Bogota, agreed and announced by the National and City Governments. On this issue, the Executive Chairman concluded “In the past 5 years the market for new housing in the country grew 50% and dropped in the capital city by 27%. Now with the goals set by this Central Government-City agreement, time has come to regain the dynamism of the sector, renew household confidence and reap the positive effects that investment in new housing has on employment and economic growth of Bogota.”

According to Camacol’s estimates, the goal of building 156,000 units of affordable housing in Bogota and neighboring region between 2016 and 2019, will create about 100,000 direct jobs, investments of 14.5 billion pesos and demand for building supplies and materials for 7 billion pesos.