Housing sales in Colombia are falling. According to calculations by the Colombian Chamber of Construction (Camacol), in June 2023, this indicator appeared a fall of 62.1%compared to the same month last year.
In total, in the sixth month of the year, 7,678 housing units were sold.
(Read more: Home sales in Bogotá contracted 57% in the first quarter)
The data shows that in the first six months of the year, 73,265 homes were abandoned. This represents a $13.6 trillion reduction in investment in new housing by households (approximately 1 percentage point of GDP).
In the case of the Social Interest Housing segment, 16 months of reductions in the rate of sales have been completed. For June, 5,611 units of this type were placed on the market, that is, a drop of 65.4%in relation to the same period of 2022.
The outlook was no different for Non-VIS homes, which registered a 52.7% drop, to commercial 2,753 units less in the month than in June of the previous year, when sales of 5,220 units were recorded.
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Lower home sales are also hitting employment in the construction sector hard. According to Camacol figures, while in May 2022 150,293 jobs were generated, in the fifth month of the current year, 82,143 stopped being generated.
Throughout 2023, 64,266 units have been placed on the marketwhich shows a significant drop of 53.3% compared to the first six months of the previous year when 137,532 homes were sold.