Bogotá, Colombia – The streets whisper the stories of families waiting for a home, their dreams intertwined with hope and uncertainty. After 25 months of dwindling sales, the housing market, like the rising sun after a long night, saw a 5.7 percent growth in August. But this fragile reawakening rests on a delicate balance. Colombia’s construction industry, led by Camacol, is calling for the government to guarantee 50,000 housing subsidies, a lifeline needed to keep this dream alive.
Guillermo Herrera, president of Camacol, speaks not just of numbers but of lives. “After so many months of silence, the housing market has started to breathe again,” he shared. “But to keep this growth, to let families secure a home, the government must deliver these 50,000 subsidies. Anything less, and we risk turning these dreams into dust.”
The Tug-of-War for Colombia’s Housing Future
In a world where every brick and every beam tells a story, Helga Rivas, the newly appointed Minister of Housing, delivered a sobering truth to the nation: only 20,500 housing subsidies are secured for the coming year. The rest—the homes, the futures, the promises—are bound to the threads of budget negotiations.
“What does this mean?” It means that while the housing sector stands poised on the edge of recovery, thousands of families are left waiting, hoping that the government will act to secure the additional subsidies. Guillermo Herrera and the builders he represents know what’s at stake. It’s not just homes. It’s livelihoods, jobs, futures—an entire sector waiting for the right decisions to be made.
A Fragile Hope and the Role of Public Investment
The 5.7 percent growth in housing sales is a spark of hope. But for this flame to grow, it needs more than private investment. Public support, through government subsidies like Mi Casa Ya, is critical. “The private sector has shown its resilience, but now we need the public sector to step in and guarantee the resources we need to thrive,” Herrera urged.
The reduction in bank interest rates has certainly helped families take the first steps toward homeownership. But without subsidies, the contracts signed today could become tomorrow’s broken promises. Herrera’s words resonate deeply: “Behind every contract is a family. And behind every family is a hope that must not be abandoned.”
More Than Just Homes: The Ripple of a Single House
A home is more than four walls. It is the seed that, when planted, grows an entire economy. The impact of housing on Colombia’s industries stretches far beyond the construction site. For every vivienda de interés social (VIS), there is a ripple effect. “The demand for construction materials for each VIS home can reach up to 100 million pesos,” Herrera explained. “By comparison, while home improvement projects are important, they contribute only around 8 million pesos per project.”
In other words, new housing fuels Colombia’s economy. It drives employment, boosts material consumption, and strengthens the country’s economic backbone. And while 124,000 home improvements may be part of the government’s strategy, Camacol believes that the true path to recovery lies in the creation of new homes.
The Year’s End and the Future of a Dream
As we approach the end of 2024, there is cautious optimism. With the right investments and a maintained focus on reducing interest rates, Herrera hopes that the housing sector will end the year with 1 percent growth. And by 2025, he envisions an even greater future—a 12 percent increase in housing sales. But this is a future built on a fragile foundation, dependent on securing the 50,000 subsidies that so many families are waiting for.
Yet, this is not just a story of economic growth. This is a human story, a story of families standing at the door of their dreams, waiting for the key to unlock a future they’ve longed for. Herrera’s final words echo the sentiments of a nation: “Housing is not just about shelter. It is about hope. It is about security. It is about the future of our children and our communities. And that hope must not be forsaken.”
As Colombia’s government debates and decisions loom, the fate of 50,000 homes remains uncertain. And for those waiting, this is more than a debate. It is the question of whether hope will flourish or fade.
