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Renting Overtakes Homeownership in Colombia
['Josep Freixes']
Colombia One: News from Colombia and the World
Renting is becoming more popular than buying in Colombia, in a changing real estate market that is seeking to overcome the crisis.
By 2022, renting accounted for around 40.3% of households in Colombia, a percentage never before reached with such force.
Social housing policies (VIS or social housing, subsidies, mortgage loans) were aimed at promoting acquisition.
This has left regulatory gaps, weak legal protection for tenants, and few incentives to structure a solid and professional rental market.
The real estate market is changing as society is: many young people, with hybrid work models, prefer renting in mid-sized cities with much lower prices.