Will high interest rates sink Colombia's housing market?
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For the past ten years Colombia has had an unbroken trend of house price rises, which continued in early 2016. House and apartment prices rose by 15.08% (6.88% inflation-adjusted) during the year to Q1 2016, according to the Banco de la Republica Colombia (Banrep) index, which covers second-hand houses and apartments. During the latest quarter (Q1 2016), the index rose 6.07% (2.85% inflation-adjusted) from the previous quarter.
The Banrep house price index includes nine cities (the three major cities: Bogotá (the capital, with a population of 7.96 million), Medellin (pop: 3.5 million), and Cali (pop: 2.3 million), plus Barranquilla, Bucaramanga, Cucuta, Manizales, Neiva and Villavicencio).
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