Residential Real Estate News
Latin America Home Prices Steadily Rising
Colombia and Mexico leading the way in 2024
According to Knight Frank's latest Global House Price Index for Q3, 2024, property prices are steadily rising across most Latin American nations in 2024, with Colombia and Mexico showing significant growth over the past year.
Colombia saw a notable 10.9% rise in property values, while Mexico experienced a slightly lower increase of 9.4%.
Colombia's real estate market has been particularly dynamic, with over 12,000 housing units sold in August, marking a 5% year-on-year increase.
Interest rate cuts have been a key factor in this trend. As central banks in both Colombia and Mexico continue to lower rates, property prices are expected to rise further, with inflationary pressures driving these increases..
Other countries in Latin America are witnessing mixed trends. Brazil ranked 19th globally, with property prices increasing by 6% during the same period. In Peru, the increase was below 3%.
In contrast, Chile saw a decline in property values, reflecting local economic conditions, government policies, and specific market factors.
Globally, real estate prices grew by 3.3% over the past year, with a 1.9% rise in the second quarter of 2024 alone.
