IMF paper explores sustainability of price rises in Colombia
House prices have increased more than 110% in real terms in major cities; houses just 13% overvalued
Colombian house prices have increased by around 110% in real terms in Colombia’s three main cities – Bogota Cali and Medellin. But the prices are just 13% above the equilibrium, a recent paper finds.
Housing Finance and Real Estate Markets in Colombia, by Francisco Roch, finds prices have hit historically high levels. The housing affordability ratio, the ratio of house prices to rent, and mortgage debt have likewise reached fresh highs. “These developments generate questions about the
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