Unpurchasable Housing in Medellín: Why New Homes Are Out of Reach. In this video, we delve into the escalating housing crisis in Medellín, focusing on why new homes have become unaffordable for many residents. Areas like El Poblado, Laureles, and Belén have seen housing prices soar, largely due to rising construction costs and high interest rates. Despite a slight decrease in loan costs with lower inflation, the price of new housing has skyrocketed by 13.26% in the first quarter alone. We'll explore the reasons behind these price hikes, including significant increases in material costs and financing rates. Additionally, we'll discuss how land scarcity and high demand in prime areas have exacerbated the issue, making it more profitable for builders to focus on tourist accommodations rather than residential homes. This situation has led to the lowest home sales in 15 years, creating significant financial challenges for families. Join us as we break down the factors contributing to this housing crisis in Medellín.
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