Fri. Apr 19th, 2019

Venezuelans deplete low price leases in Colombia, according to report

Venezuelans deplete low price leases in Colombia, according to report



The massive arrival of Venezuelans has exhausted the housing lease inventory in the lower strata of Colombia, especially in informal homes, according to a report by the Colombian Federation of Real Estate Exchange (Fedelonjas) published this Friday.

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Due to this high demand for low leases, the cost of monthly fees increased, which generated a trend among Colombian families who moved to other homes, according to a statement from Fedelonjas.

In Colombia, the houses are cataloged by strata from one to six. In those of lower strata, less is paid for services, while in the higher strata a higher canon is paid.

Faced with the situation generated by the arrival of Venezuelans, Fedelonjas noted that many Colombians, considering that the rent was practically the same, decided to change to stratum 3 and improve in location and size, although they must pay more for basic services.

About 1.2 million Venezuelans have settled in Colombia, fleeing the crisis in their country.

In addition, some 35,000 cross the common border daily, some to buy food and medicine, others to emigrate permanently.

Other families, especially those composed of single-person homes, faced the increases decided to invest the amount of the rent in asking for a loan for used housing, as they have greater purchasing power.

In this sense, the president of Fedelonjas, María Clara Luque, explained that "the next semester poses several interesting challenges" for the Colombian economy and "for the dynamics of the real estate".

"We are expecting the recovery of sales after the election period and, additionally, migration from Venezuela is generating movements in the demand and supply of real estate in the different strata," he added.

About the requests of credits, Luque affirmed that "it is a tendency that is presenting / displaying" in all Colombia "and that is generating jumps between strata so much in rentals and in sale of house".

"Therefore, the recommendation for families is not to over-indebted or pressure the ability to pay, it is preferable to start with a small asset and improve as economic capacity allows," he concluded.

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