First-time Bogotá buyers surge as affordable housing prices stabilize

First-time buyer searches for apartments priced under 280 million pesos increased 19 percent in the six weeks to 30 June compared with the same period last year, according to internal data compiled by the Bogotá real estate portal Properati.

The surge coincides with a modest stabilisation in asking prices after two years of steady gains, making the threshold for entry-level ownership more attainable for households earning between 4 million and 6 million pesos a month. Mortgage approvals for buyers under 35 have also edged higher at three major banks since April, when the central bank held its benchmark rate steady at 9.25 percent.

Target neighbourhoods draw early interest

Agents report the strongest foot traffic in Teusaquillo and the western edge of Chapinero, where studios and one-bedroom units in buildings constructed between 1995 and 2008 now list between 210 million and 265 million pesos. Several projects along Carrera 24 near Parque de los Hippies have recorded multiple offers within the first week of listing, while similar stock in Suba’s San Carlos neighbourhood is moving after an average of 18 days on the market.

Local branch offices of the Mi Casa Ya subsidy programme have processed 340 applications from first-time buyers in those two localities alone since the start of May. Staff at the Teusaquillo municipal housing office noted that 62 percent of applicants this quarter are using the subsidy to cover the 30 percent down-payment requirement on units under 250 million pesos.

Market data points to sustained momentum

Average sale prices for apartments between 40 and 60 square metres in the city’s north and northwest corridors stood at 4.8 million pesos per square metre on 8 July, down 2 percent from the January peak, according to the latest monthly report issued by the Cámara Colombiana de la Construcción regional office. First-home transactions accounted for 27 percent of all registered deeds in Bogotá during May, the highest share recorded since October 2023.

Buyers who secure pre-approval letters before the end of August are likely to lock in current rates before any further policy adjustments, local mortgage brokers advise. Those still saving for deposits are being directed to check updated eligibility on the Mi Casa Ya portal and to visit open houses scheduled for the coming weekends in Teusaquillo and western Chapinero.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.