Property prices are rising steadily in most Latin American countries, with Colombia and Mexico showing strong growth over the past 12 months.
According to Knight Frank’s Global House Price Index, this growth is largely fueled by inflationary pressures.
Colombia recorded a striking 10.9% increase in property values, while Mexico saw a more modest rise of 9.4%.
Colombia’s real estate market has been particularly active, with over 12,000 housing units sold in August -a 5% increase compared to the same time last year-, Bloomberg reports.
Interest rate cuts are playing a key role in this trend. As central banks in both Colombia and Mexico continue to reduce rates, property prices are expected to climb further.
Elsewhere in Latin America, other countries are seeing varied trends. Brazil ranked 19th on the global index, with a 6% increase in property prices over the same period. In Peru, prices increased by less than 3%.
In contrast, Chile experienced a decline in values, reflecting the influence of local economic conditions, government policies, and unique market dynamics.
On a global scale, real estate prices rose by 3.3% annually, with a 1.9% increase in the second quarter of 2024 alone.
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Publish date : 2024-10-10 06:36:00
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