Colombia Residential Real Estate Market Analysis 2025

Colombia's residential property market is gathering pace, amidst increasing demand and recovering residential construction activity. Nationwide house prices continue to increase modestly.

This extended overview from Global Property Guide covers key aspects of the Colombian housing market and takes a closer look at its most recent developments and long-term trends.

Table of Contents

• Housing Market Snapshot
• Demand Highlights
• Supply Highlights
• Rental Market
• Mortgage Market
• Socio-Economic Context

Housing Market Snapshot

In Q2 2025, the nationwide new house price index rose by 4.26% from a year earlier, following year-on-year increases of 4.33% in Q1 2025, 5.14% in Q4 2024, 6.16% in Q3 2024, and 7.64% in Q2 2024, based on figures from the country's central bank, Banco de la República Colombia (Banrep).

However, when adjusted for inflation, nationwide house prices actually declined slightly by 0.75% year-on-year in Q2 2025.

Quarter-on-quarter, prices on newly built houses were up by 1.35% (0.17% inflation-adjusted) in Q2 2025.

Colombia's house price annual change:

Data Source: Banco de la Republica Colombia.

Colombia's major cities follow a similar trend:

• In Bogotá, the country's capital city, new house prices were up by a modest 3.12% in Q2 2025 from the same period last year but actually fell by 1.97% in real terms. Quarterly, house prices in the capital city increased slightly by 0.6% (-0.63% inflation-adjusted) in Q2 2025.
• In Cali, nominal new house prices rose by 4.76% y-o-y in Q2 2025. When adjusted for inflation, house price growth was more muted at 0.3%. Quarterly, prices increased by 0.62% but declined by 0.33% in real terms.
• In Medellin, new house prices rose by 6.14% y-o-y in Q2 2025 (1.06% inflation-adjusted). Quarter-on-quarter, prices were up by 2.8% (1.65% inflation-adjusted) during the latest quarter.
• In the surrounding areas of Bogota, new house prices increased by a modest 2.95% y-o-y (but fell by 2.13% in real terms) over the same period. Quarterly, prices were up slightly by 0.86% in Q2 2025 but declined by 0.38% when adjusted for inflation.

Property demand is now showing signs of improvement. During 2024, the total number of new homes sold in Colombia rose by 5% y-o-y to 152,246 units, in stark contrast to the annual declines of 39.3% and 7.5% recorded in 2023 and 2022, respectively, based on figures from Camacol. The recovery continues this year, with the nationwide housing sales increasing by 4.1% y-o-y to 77,151 units in H1 2025, in contrast to the 8.8% decline registered in H1 2024.

Colombia's property market has experienced strong house price growth over the past two decades. From 2005 to 2024, nationwide existing house prices grew by a whopping 375% (93% inflation-adjusted). In fact, in 2024, existing house prices in Colombia surged by 12.69% (6.92% inflation-adjusted) - its highest y-o-y growth since 2008.

During 2024, Colombia's economy grew by an unimpressive 1.7%, a slightly better showing as compared to the meager growth of 0.7% in 2023 but far below the expansions of 7.3% in 2022 and 10.8% in 2021, based on figures from the International Monetary Fund (IMF). Last year's growth was primarily driven by private consumption and recovering investment.

Then in Q1 2025, the economy expanded by a modest 2.7% compared to a year earlier, an improvement from year-on-year growth of 2.5% in Q4 2024, 2% in Q3, 2.1% in Q2, and 0.7% in Q1.

Both the IMF and the World Bank expect Colombia's economy to post a 2.4% growth this year.

Demand Highlights:

Property demand gradually recovering

During 2024, the total number of new homes sold in Colombia rose by 5% y-o-y to 152,246 units, in stark contrast to the annual declines of 39.3% and 7.5% recorded in 2023 and 2022, respectively, based on figures from Camacol.

By major city:

• In Bogotá and Cundinamarca, demand remains weak. In 2024, new home sales dropped slightly by 1.2% y-o-y to 57,142 units, after falling by a huge 31.8% in 2023 and by 4% in 2022. This is in stark contrast to the strong increases of 17.8% seen in 2021 and 12.6% in 2020.
• In Valle, housing sales increased by 14.3% to 13,656 units in 2024 from a year earlier, an improvement from annual decreases of 63.7% in 2023 and 11.9% in 2022.
• In Antioquia, new home sales were down by 10.7% y-o-y to 17,602 units last year, following annual contractions of 28% in 2023 and 12.9% in 2022.
• In Atlántico, the total number of housing units sold rose by 23.7% to 12,824 units last year, following a huge decline of 58.5% in 2023 and a meager growth of 0.2% in 2022.
• In Bolívar, home sales increased by 9.7% y-o-y to 8,745 units in 2024, following an annual drop of 32.1% in 2023 and a modest increase of 2.9% in 2022.

Demand continues to recover this year. In the first half of 2025, nationwide housing sales were up by 4.1% y-o-y to 77,151 units, in contrast to the 8.8% decline registered in H1 2024, based on Camacol figures.

"New housing sales began showing signs of recovery at the end of 2024, especially in the No VIS segment, while VIS housing remains lagging," said BBVA Research in its Colombia Real Estate Market Outlook 2025 report.

"New housing sales are projected to grow 9.0% in 2025 and 11.5% in 2026, with stronger performance in the No VIS segment," added the BBVA Research report.

Social housing accounts for about 70% of new home sales in Colombia annually.

"The residential sector is concentrated in social housing, which is where most structural demand exists and is supported by public subsidies," noted BBVA Research in an earlier report.

Top investment locations

The city of Cartagena (pop: 972,000), one of the country's oldest colonial cities, is the city of most interest to many foreign buyers. Founded in 1533 by Spaniards, Cartagena was a trading port and a slave port where Africans were sold and shipped to other Latin American countries.

Cartagena is a large and intact colonial town of great beauty. The city has a port, fortresses, and monuments on the UNESCO World Heritage List. The revival of Cartagena's historic center occurred in the early 2000s when wealthy expatriate Colombians began to buy and restore run-down colonial buildings. This eventually drove prices up by as much as 300% to 600% (in some cases) from 2004 to 2009, according to Patrick Enste, general manager of the real estate company La Heroica.

Cartagena's property market started to heat up around 20 years ago, as colonial houses and mansions were restored, or transformed into luxury hotels or boutiques, according to Paul Juan, owner of the brokerage Paul Juan Realty.

"Nowadays, there are as many foreign buyers and investors looking for already-renovated properties as for properties to renovate," said Verónica Dávila, director of Julio Corredor Christie's International Real Estate Colombia. According to Davila, Colonial and Republican-style properties are priced between US$1 million to US$10 million.

Bocagrande is also becoming popular among investors because of its long beaches, shopping malls, high-rise hotels, and upscale apartment complexes. In Bocagrande, one-bedroom apartments without water views but located near the beach could cost around US$200,000, while three- to four-bedroom bayside apartments are priced at around US$1 million to US$2 million.

Colombia's capital and its largest city, Bogotá, has also been attracting foreign buyers mostly from Canada, the United States, Spain, and Latin American countries. "The expat community has been growing steadily in Colombia for the past few years, and a number of them choose to buy local properties, as they see this as a strong investment option," according to Santiago Rico Calderón, the managing director of the Bogotá office of Engel &Völkers.

Bogotá's housing market became more appealing to international buyers after the Colombian peso devalued against the US dollar by around 40% since 2015, according to Rico Calderón. The city would be an even more suitable area for housing investment in the near future, buoyed by rapid transit projects in Bogotá. As of 2024, 12 lines totaling 114.4 km run throughout the city, as part of Bogotá's Integrated Public Transport System.

House prices in upper-middle-class neighborhoods in Bogotá range from around COP 5 million (US$1,220) to COP 9 million (US$2,200) per sqm. Included in Bogota's most popular neighborhoods among foreign buyers are the economic and cultural hub Chapinero and Santa Barbara, which is known for its casino and public park.

Foreigners can freely buy property in Colombia.

Colombia has huge ecotourism potential because of its unique biodiversity and variety of natural scenery, such as the deserts in La Guajira, the Amazon and Andean regions, and the Caribbean and Pacific coasts.

Supply Highlights:

Following a weak 2024, construction activity begins to pick up in early-2025

During 2024, the total area of residential construction permits in Colombia plummeted by 23.7% y-o-y to 15.02 million square meters (sqm), following an annual decline of 28.4% in 2023 and increases of 34.4% in 2022 and 36.3% in 2021, according to the National Administrative Department of Statistics (DANE). Likewise, the number of residential permits also fell sharply by 23.4% y-o-y to 33,749 last year, after declining by 10.5% in 2023 and 2.9% in 2022, and surging by 43.5% in 2021.

Similarly, the total number of housing units approved for construction plunged by 22% y-o-y to 170,522 units in 2024, following an annual decline of 32.6% in 2023 and increases of 46.1% in 2022 and 27.7% in 2021.

By property type:

• For houses, the total approved units fell sharply by 33.4% y-o-y to 26,854 in 2024 while the total area plummeted by 31.7% to 3.94 million sqm.
• For apartments, the total number and area of units approved for construction decreased by 10.8% and 14.3% to 62,749 units and 6.07 million sqm, respectively.
• For socialized housing, better known as VIS houses (Vivienda de Interés Social), the number of approved units fell by 8% y-o-y to 15,260 last year, and the construction area dropped 17.8% to 876,607 sqm.
• For VIS apartments, the number of approved units for construction declined sharply by 28.2% y-o-y to 65,659 units in 2024, and the total area dropped by 28.4% y-o-y to 4.13 million sqm.

Though there are some signs of improvement this year. In the first five months of 2025, the total number of housing units approved rose by 17.8% y-o-y to 71,206, and the total area approved was also up by 18.2% to 6.65 million sqm, based on figures released by DANE. In fact, even the total number of residential construction permits also increased by 18.4% y-o-y to 14,601 in the same period.

Based on the latest estimates, there were over 16 million housing units in Colombia. Of these, about 40% were located in the five major cities of Barranquilla, Bogotá, Cali, Cartagena, and Medellín.

Government programs to address the affordable housing shortage

Like many third-world countries, Colombia measures its "housing deficit", i.e., the proportion of households either poorly housed or not housed at all. Colombia's housing deficit has fallen to only around 1,647,093 units in 2012, or around 27% of households, according to research conducted by the Banco Bilbao Vizcaya Argentaria (BBVA). However, data from Camacol's 2024 Encuesta de Calidad de Vida (ECV) indicates that the housing deficit remained persistently high last year, affecting about 26.8% of households, or roughly 4.9 million households nationwide.

"Colombia needs to provide affordable housing to a diverse population: youth, the elderly, displaced persons and migrants, the homeless, female heads of family, and Afro and Indigenous populations. Households with low and/or informal incomes have to be particularly targeted," said the Organisation for Economic Cooperation and Development (OECD) in its National Housing Policy Review of Colombia.

During former President Juan Manuel Santos's first term, several housing initiatives were launched, aiming to build 1 million houses from 2010 to 2014. Much was achieved through subsidizing low-income families' home purchases.

The two main programs were:

• Priority Interest Housing (Vivienda de InterésPrioritario, VIP), introduced in 2012, provided 100,000 free homes to the poorest.
• Social Interest Housing (Vivienda de Interés Social, VIS), which offers subsidies to low-income families. To qualify for VIS, families' monthly incomes must not exceed four times the minimum wage (or around US$1,360). Houses for the VIS program are built by private developers.

Other government housing programs included:

• Vivienda para Ahorradores (Homes for Savers), wherein buyers get subsidies for down payments as well as interest payments (the government decides which residential developments are eligible);
• National Savings Fund (Fondo Nacional del Ahorro, FNA), which provided access to loans; and,
• Stimulus Plan for Production and Employment (Plan de Impulso a la Productividad y el Empleo, PIPE), which subsidizes mortgaged properties priced from COP 80 million (US$19,500) to COP 198 million (US$48,200).

Aside from these, two other programs that provide housing subsidies were launched in 2018. The Programa Semillero de propietarios (Seedbed of Owners), launched in August 2018, supports the rental of VIP and VIS-type homes and, at the same time, gives beneficiaries an option to purchase. Meanwhile, Casa Digna Vida Digna (Decent House Decent Life), another program launched in November 2018, aims to reduce the country's qualitative housing deficit by implementing a series of interventions needed to improve one's home or neighborhood.

Earlier in December 2014, another program called "Mi Casa Ya" (My House Now) was launched to help low-income households and to provide a monetary subsidy for purchasing new homes, priced between 130 and 150 times the legal monthly minimum wage. Mi Casa Ya also offers homebuyers a hedge on credit interest rates. Thousands of families benefited from this program in previous years, according to Colombia's Ministry of Housing, City, and Territory.

Then in 2023, the government of newly elected Colombian President Gustavo Petro announced changes to Mi Casa Ya, which included the following:

• Colombians interested in purchasing a new house in urban and rural areas may avail themselves of the program, provided that the beneficiary has not previously received a housing subsidy or interest rate coverage,
• Individuals who already own a property within the country are ineligible to apply for the said program; and,
• The house to be purchased must be registered with the Identification System for the Potential Beneficiaries of Social Programs (Sisben IV) and have the D11 qualification for houses with the urban area of D20 for the rural area.

"Our goal is that the subsidies benefit the poorest and most vulnerable households and that they reach all the municipalities of the country," said the minister of housing, city, and territory, Catalina Velasco.

Mi Casa Ya program suspended

In December 2024, Colombia's government suspended the Mi Casa Ya housing subsidy program due to a serious fiscal shortfall following the collapse of its proposed tax reform. The Ministry of Housing and Fonvivienda issued a circular on December 16, 2024, announcing that no new applications or pre‑assignments for social housing subsidies (VIP/VIS) would be accepted, and the interest rate coverage quotas were fully depleted. Only households already in a "Interested - Meets Requirements" status could proceed, albeit without guaranteed funding.

The construction sector warned that approximately 40,000 households would lose access to subsidized interest rates, risking sharply higher monthly mortgage payments. Analysts estimate this could raise consumer costs by up to 30% to 40%, undermining one of Colombia's most successful social housing tools.

Rental Market:

Rental yields are good

Gross rental yields in Bogota, Colombia - the return earned on the purchase price of a rental property, before taxation, vacancy costs, and other costs - are quite attractive. Smaller properties tend to have higher rental yields than bigger properties. In Q2 2025, the average gross rental yield in Colombia stood at 7.03%, slightly down from 7.24% in Q1 2024, according to a recent research conducted by the Global Property Guide.

Colombia's rent price index:

Data Source: OECD.

In Bogota, gross rental yields ranged from 6% to 9.47% in Q2 2025, with a city average of 8.25%. Given that the cost of managing a property can typically be estimated to be around 2% of the yield, this still means that property in Bogota is reasonably valued, and will yield a reasonable to good return to the investor.

Rental yields for other cities in Colombia are more or less similar to Bogota:

• Medellín produces strong rental yields of 5.93% to 8.36% in Q2 2025, with a city average of 7.78%;
• In Cali, you can expect rental yields ranging from 4.84% to 9.94%, with a city average of 7.31%;
• In Barranquilla, you can expect rental yields of around 6.65% to 7.71%, with an average of 7%;
• Cartagena apartment rental yields fall between 3.56% and 7.5%, with an average of 5.71%;
• Pereira apartments produce rental yields ranging from 6% to 8.4%, with a city average of 7.27%;
• In Bello, the rental yields of apartments ranged from 6.6% to 7.59% in Q2 2025, with a city average of 6.99%; and,
• Santa Marta apartments can earn yields between 5% and 6.65%, with a city average of 5.9%.

Round-trip transaction costs are low in Colombia (i.e., the total costs of buying and selling a property).

Mortgage Market:

Interest rates falling, mortgage market is still underdeveloped

During its June 2025 meeting, Colombia's central bank, Banco de la República Colombia (Banrep), left its benchmark policy rate unchanged at 9.25%, following ten consecutive rate cuts since December 2023. This resulted in a cumulative 400-basis-point rate cut in the past one and a half years, bringing borrowing costs to their lowest level since November 2022.

The Board acknowledged that recent macroeconomic developments have made it unlikely for Colombia to meet its 3% inflation target (±1%) by the end of 2025. They cited slower disinflation in 2024, with annual inflation falling by just 15 basis points between December and May, which has raised inflation expectations. Additionally, a worsening fiscal outlook has increased the country's risk premium. Global uncertainty, driven by geopolitical tensions and U.S. tariff policies, has also heightened external inflation risks.

"The directors agreed that the decision adopted by the Board of Directors maintains a cautious monetary policy stance that recognizes the risks to inflation's convergence to the target," added the central bank.

As a result, the average prime lending rate fell to 14% in June 2025, far lower than the 16.36% registered in June 2024 and 20.34% in June 2023.

Likewise, mortgage interest rates are also falling. The average interest rate for housing loans was 11.89% in June 2025, down from 14.64% in the previous year and 17.5% two years ago. For socialized housing (VIS houses), interest rates averaged 11.55% in June 2025, down from 13.06% in the preceding year and 15.04% two years earlier.

Mortgage borrowing in Colombia remains underdeveloped. Only 3% of the adult population have mortgages, and outstanding mortgages amounted to only 8.1% of the country's GDP in 2024. According to BBVA Research, there were about 1.63 million housing loans totaling COP138 trillion (US$33.59 billion) in the financial system in 2024, and most are for new homes, though the average credit value for used homes is higher.

Of the total number of housing loans, VIS-type homes made up the largest share at 49.2% (approximately 803,000 loans), followed by market-rate (No VIS) homes with 42.3% (691,000 loans), and VIP-type homes accounting for the remaining 8.5% (139,000 loans).

Overall, mortgage loan growth remains modest and concentrated in the subsidized housing loan segment.

Socio-Economic Context:

Colombia's economy gradually improving

During 2024, Colombia's economy grew by an unimpressive 1.7%, a slightly better showing as compared to the meager growth of 0.7% in 2023 but far below the expansions of 7.3% in 2022 and 10.8% in 2021, based on figures from the IMF. Last year's growth was primarily driven by private consumption and recovering investment.

"The Colombian economy continues to expand with some moderation in key imbalances. After slowing sharply in 2023, the economy expanded by 1.7 percent in 2024 supported by private consumption, reflecting a robust labor market and a gradual recovery in investment," said the IMF.

In Q1 2025, Colombia's economy expanded by a modest 2.7% compared to a year earlier, buoyed by household consumption, while investment slowed and sectoral performance remained mixed. Yet this is an improvement from year-on-year expansions of 2.5% in Q4 2024, 2% in Q3, 2.1% in Q2, and 0.7% in Q1.

Both the IMF and the World Bank expect Colombia's economy to post a 2.4% growth this year.

"Colombia's economy is projected to grow 2.4 percent in 2025 and reach its potential growth rate of 2.9 percent by 2027, driven by private consumption and mildly rising private investment," said the World Bank. "Uncertainty around the pace of fiscal consolidation and policy environment, as well as external trade and financing shocks, pose risks to the outlook."

The Colombian economy had been expanding by a modest annual growth of 3.5% from 2009 to 2019 before registering a huge decline of 7.2% in 2020 due to the adverse impact of the Covid-19 pandemic.

Consumer price growth is gradually decelerating. In June 2025, nationwide inflation eased to 4.82%, down from 5.05% in the previous month and 7.18% in the same period last year. In fact, it was the lowest level recorded since October 2021. However, it remains above the central bank's target range of 2% to 4%.

The country's inflation rate averaged just 3.7% from 2011 to 2021, before increasing to double-digit figures of 10.2% in 2022 and 11.7% in 2023, due to escalating commodity prices. Inflation moderated to 6.6% in 2024.

Unemployment in Colombia stood at 9% in May 2025, down from the previous year's 10.3%, according to DANE. The country's jobless rate averaged 11.3% from 2004 to 2024. Nearly 70% of the total workforce in the country is located in large cities.

After reaching a record-low exchange rate of COP4,918 = USD 1 in November 2022, the Colombian peso (COP) has generally strengthened in recent months. The domestic currency gained nearly 20% of its value against the US dollar since, reaching an average monthly exchange rate of COP4,108.4 = USD1 in June 2025.

Record-breaking tourist arrivals

During 2024, the total number of non-resident tourist arrivals in Colombia reached 6.2 million, up by about 5.6% from the prior year and higher than the government target of 6 million arrivals, according to the Ministry of Commerce, Industry and Tourism (MINCIT). In fact, last year's figure is now the highest level recorded in recent history.

"This historic figure is a reflection that the world sees us as an attractive destination for ecological, community, and sustainable tourism," said the Minister of Commerce, Industry, and Tourism, Luis Carlos Reyes Hernández.

The majority of international visitors to Colombia last year came from the United States, accounting for about 1.2 million arrivals, followed by Mexico and Ecuador with around 370,000 and 350,000 visitors, respectively. Other notable source countries included Venezuela and Peru.

Tourism continues to grow this year. In the first five months of 2025, Colombia welcomed around 1.9 million international visitors, an increase of 6.6% as compared to the same period last year.

So far this year, the top destinations for international visitors in Colombia have been Bogotá (34.84%), Antioquia (Medellín) (25.65%), Bolívar (Cartagena de Indias) (20.56%), Valle del Cauca (Cali) (4.71%), and the San Andrés and Providencia Archipelago (3.35%). Other departments like Atlantico (Barranquilla), Magdalena (Santa Marta), Norte de Santander, Risaralda, and Santander also recorded significant increases in tourist arrivals.

In April 2025, tourist accommodation occupancy rate stood at 46.8%, at par with the previous year, reflecting the sector's sustained recovery.

One of the main reasons for the strong growth of tourism in the past two years is the arrival of Emirates into Colombia, Avianca's decision to add flights to Montreal, and LATAM Airline Group's European debut from Bogotá.

"Colombia is now served by 28 airlines, connecting Colombian cities with 28 countries and 51 international cities, solidifying our position as a leading destination in terms of capacity," said Gilberto Salcedo, vice president of tourism at ProColombia. "These achievements are the result of collaboration between airports, local promotion agencies, and the Colombian government."

As a result, the country's air terminals continue to witness a surge in transit, with about 17.98 million passengers transported in the first four months of 2025, marking an increase of 3.4% compared to a year earlier and a notable growth of 21.4% two years ago.

"Colombia continues to demonstrate its resilience and the power of public-private collaboration in the travel and tourism sector," said WTTC Senior Vice President Virginia Messina. "With positive figures, it demonstrates its consolidation as a leading tourist destination on a global level."

From an annual average of less than 800,000 visitors in 2000-05, international arrivals in Colombia surged to about 3 million every year from 2006 to 2019. Tourism declined sharply in 2020 due to pandemic-related travel restrictions, with only about 1.4 million arrivals. The sector started to show improvements in the succeeding years, with 2.13 million and 4.52 million international visitors in 2021 and 2022, respectively.

Colombia's first left-wing president Gustavo Petro's approval rating plunging

In 2016, the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebels signed a historic peace accord ending more than five decades of armed conflict.

The last batch of FARC weapons was turned over in UN-supervised disarmament in August 2017, a year after the government and FARC announced their agreement to a ceasefire deal. FARC later announced its transformation into a legal political party and participated in the 2018 elections.

"With the laying down of arms ... the conflict is truly over and a new phase begins in the life of our nation," according to former president Santos.

Then, during the June 2022 national election, Senator Gustavo Petro, a former rebel fighter and mayor of Bogotá, won with a narrow margin, making him the country's first left-wing president. It marked a major change for Colombia, which had been led by conservatives and moderates for decades.

Petro came to power on the back of his promise to tackle the country's poverty and inequality through tax reform - creating funding for social programs by taxing the extractive sectors, sugary drinks, and the wealthy, among others. Said tax reform, which entered into effect in January 2023, aims to raise COP20 trillion (US$4.9 billion) annually for the next four years.

Overall, the new administration's main priorities include consolidating peace, social justice, environmental justice, and change for women.

However, after three years in office, Petro's left-wing administration now faces challenges on all sides. The current government is confronted with mounting political setbacks that have stalled major reforms, including the controversial healthcare, pension, and labor reforms, which faced resistance in Congress and public protests throughout 2024.

The security situation has worsened, despite Petro's "Total Peace" initiative aimed at negotiating with armed groups. Mass killings, kidnappings, and extortion surged, with several regions under growing threat from criminal organizations.

A temporary suspension of the "Mi Casa Ya" housing subsidy program in December 2024 further drew criticism, especially amid Colombia's persistent housing deficit.

Political turmoil intensified in January 2025, when escalating violence in the Catatumbo region prompted Petro to declare a state of emergency, deploy thousands of troops, and enact temporary taxes to address the crisis.

Then in February 2025, Petro sacked his entire cabinet following internal backlash over his appointment of Armando Benedetti, a scandal-ridden political operator, as chief of staff, and Laura Sarabia, his 30-year-old confidante with no foreign policy experience, as foreign minister. Both were embroiled in a campaign finance scandal, prompting several ministers to resign in protest and deepening the political crisis within his administration.

Public dissatisfaction continued to grow. By June 2024, Petro's disapproval rating had risen to around 62%, while approval hovered near 34%, reflecting growing discontent across major cities including Medellín, Bogotá, and Cali. A more recent Invamer poll in June 2025 confirmed a further decline: Petro's approval rating sank to 29%, while his disapproval rose to 64%. This is his second-worst figure since he came to power three years ago.

Sources:

• New Home Price Index (IPVNBR) (Banco de la República Colombia): https://suameca.banrep.gov.co/
• Construction in figures (Camacol): https://camacol.co/
• House Hunting in…Colombia (The New York Times): https://www.nytimes.com/
• Building Permit Statistics (ELIC) (National Administrative Department of Statistics - DANE): (https://www.dane.gov.co/
• Colombia | Real Estate Outlook. 2025 (BBVA Research): https://www.bbvaresearch.com/
• The Colombian government has suspended applications for the Mi Casa Ya program (El Pais): https://elpais.com/
• Real Estate Outlook (BBVA Research): https://www.bbvaresearch.com/
• Déficit habitacional 2024: avances y señales de alerta (Camacol): https://camacol.co/
• Box 1: Recent Housing Market Performance (Banco de la República Colombia): https://repositorio.banrep.gov.co/
• Mi Casa Ya: requirements, changes to the program, and how the concurrent subsidy looks in 2023 (Rival Times): https://rivaltimes.com/
• 'It's the worst economic news of the year for the country,' Camacol says of the suspension of Mi Casa Ya (Cambio): https://cambiocolombia.com/
• Quick View: Housing Subsidy Pause Threatens Colombia Building Construction Outlook (BMI): https://www.fitchsolutions.com/
• Gross rental yields in Colombia: Bogota and 6 other cities (Global Property Guide): https://www.globalpropertyguide.com/
• BanRep Minutes: The Board of Directors of the Bank of the Republic decided by majority to keep the monetary policy interest rate unchanged at 9.25% (Banco de la República Colombia): https://www.banrep.gov.co/
• Interest rates (Banco de la República Colombia): https://uba.banrep.gov.co/
• Colombia | Real Estate Outlook. 2025 (BBVA Research): https://www.bbvaresearch.com/.
• Large Integrated Household Survey (GEIH) Labour Market - Employment and Unemployment (National Administrative Department of Statistics - DANE): https://www.dane.gov.co/
• Colombia received its 6.2 millionth tourist, a historic figure for the country in 2024 (Ministry of Commerce, Industry and Tourism): https://www.mincit.gov.co/
• Tourism Keeps Growing in Colombia with Record Number of International Visitors (Colombia One): https://colombiaone.com/
• Colombia country profile (BBC News): https://www.bbc.com/
• Colombia's economy grew 7.5% in 2022, lower than market expectations (Reuters): https://www.reuters.com/
• Colombia's dire president gets desperate (The Economist): https://www.economist.com/
• Colombian President Petro asks cabinet members to resign (Reuters): https://www.reuters.com/
• The security crisis drags Colombia into a new wave of pessimism (El Pais): https://elpais.com/