The real estate market in Colombia is experiencing a moment of structural transformation, marked by a change in housing tenure preferences, a persistent housing deficit, and an economic recovery that promises to energize the sector in the coming years.

According to various reports, such as the BBVA Research report on the Real Estate Situation 2025, the analysis by Valora Analitik and the Portafolio article, the country stands out as the leader in Latin America in the proportion of households that live in rented housing, with 40% of families opting for this modality compared to 39.5% that own their own home. This phenomenon, combined with the growing demand for flexible housing solutions such as real estate leasing, co-living, and short rentals, poses both challenges and opportunities for the sector.

In this context, innovative platforms such as Expedit, which specializes in the tokenization of real estate assets, can play a key role by offering new long-term financing models for developers and builders, allowing them to meet the growing demand for rental housing and alternative occupancy models.

Current Overview of the Real Estate Market in Colombia

Rise of Leasing as a Dominant Model

Colombia has experienced a significant change in the dynamics of housing tenure. According to data from the National Administrative Department of Statistics (DANE) cited by Valora Analitik and Portafolio, of the more than 18 million households in the country, approximately 7.3 million live in rentals, surpassing the 7.1 million that are homeowners. This milestone, reached in 2022, reflects a trend that has been consolidated since 2018 and positions Colombia as the country in Latin America with the highest percentage of renter households, doubling the regional average of 21%.

Several factors explain this phenomenon:

- Accelerated urbanization: Migration from the countryside to the city has increased the demand for flexible housing solutions, especially in cities such as Bogotá, Medellín, and Cali, where land and construction costs make access to home ownership difficult.

- Demographic changes: Nearly 7 million Colombian households are childless, reflecting new family dynamics that prioritize smaller, lower-cost housing and greater mobility.

- Economic limitations: 88.45% of the households renting belong to strata 1, 2, and 3, showing a relationship between the lack of access to financing and the preference for renting.

- Tourist demand: The boom in short-term rentals, especially in regions such as Quindío, Magdalena, and Antioquia, has boosted investment in properties for temporary stays, with a 520% growth in tourist housing units between 2020 and 2024.

The BBVA Research report highlights that Colombians spend approximately 60 billion pesos a year on leases, which underlines the economic weight of this market. In addition, the profitability of leasing has improved due to the reduction in occupancy times and the increase in monthly royalties, attracting investors interested in residential and tourist properties.

Housing Sector Slowdown and Recovery

The Colombian real estate sector has faced a slowdown phase since 2022, characterized by low sales, high abandonments, and an increase in inventories of unsold finished homes. According to BBVA Research, new home sales fell from 13.7 per 1,000 households in 2022 to 8.5 in 2024, with an even steeper drop in the Vivienda de Interés Social (VIS) segment, from 33 to 18 units per 1,000 poor households.

However, since the end of 2024, there are signs of recovery, especially in the Non-VIS segment, driven by:

- Lower interest rates: Mortgage rates have returned to historically low levels, improving households' ability to access financing. BBVA Research projects 9% growth in new home sales in 2025 and 11.5% in 2026.

- Subsidies for low-income housing: The certainty of subsidies for low-income housing has been key to maintaining the dynamics in this segment, although the recovery will be slow and gradual.

- Sustained demand: Despite the slowdown, construction still accounts for 4.3% of GDP and generates 1.55 million jobs, reflecting its economic relevance.

However, the sector faces challenges such as the housing deficit, which is more qualitative than quantitative. Between 2000 and 2025, 9.1 million new households were created, but only 5.9 million formal housing units were built, forcing many families to resort to renting or informal solutions.

Pricing and Market Dynamics

Housing prices have shown heterogeneous behavior. According to BBVA Research, growth in the value of new housing has been moderate, generally below inflation, except Medellín, where the price per square meter grew by 6.1% nominal (0.9% real). In contrast, Bogota and Cali have registered real price declines, with -2.1% in Cali and nominal growth of only 3.7% around Bogota.

In the rental market, rents have increased, driven by high demand and the limited supply of new housing. DANE reported that in March 2025, the housing item (which includes leases) was the main driver of monthly inflation, with an impact of 0.17% on the general index.

Real Estate Sector Challenges

The Colombian real estate market faces several structural challenges that limit its ability to meet housing demand, especially in the rental segment and alternative models such as leasing, co-living, and short rentals:

- Housing deficit: The gap between household formation and formal housing construction has generated a deficit that mainly affects the lower strata.

- Access to financing: The lack of access to mortgage credit, especially for lower-income households, reinforces dependence on leasing.

- Market instability: Developers face difficulties in starting new projects due to economic uncertainty and high construction costs, which have led to a backlog of 65,000 units sold but not built as of December 2025.

- Insufficient regulation: Models such as institutional leasing (multifamily) and coliving lack a clear regulatory framework, which discourages investment in these formats.

- Demand for flexibility: Changes in work and family dynamics require more flexible housing solutions, such as short-term rents and co-housing, which the market has not yet fully developed.

Opportunities for New Housing Models

Despite the challenges, the Colombian real estate market offers significant opportunities for innovation in housing supply, especially in the following segments:

- Residential leasing: The high demand for leases, especially in strata 1, 2 and 3, represents an opportunity to develop large-scale institutional rental projects.

- Real estate leasing: This model, which allows tenants to rent with an option to buy, can be an alternative for households that do not qualify for traditional mortgage loans.

- Colivings: Shared spaces designed for young professionals and students are gaining popularity in cities such as Bogota, Medellin, Cali, Barranquilla, Bucaramanga, and Eje Cafetero, driven by the demand for flexibility and community.

- Short-term rentals: The tourism growth has boosted the demand for housing for temporary stays, especially in regions with a high influx of visitors.

To take advantage of these opportunities, developers and builders need access to innovative and sustainable sources of financing that will enable them to develop large-scale, long-term projects.

El Rol de Expedit en la Transformación del Mercado Inmobiliario

Expedit is positioned as an innovative solution to address the challenges of the Colombian real estate sector through Real Estate Asset Tokenization. This approach uses blockchain technology to divide the ownership of real estate assets into Security Tokens, allowing developers and builders to access new capital flows and investors to participate in the market with greater flexibility.

What is Real Estate Asset Tokenization?

Tokenization involves converting the ownership rights of a real estate asset (such as a residential building, a coliving project, or a property intended for short-term rental) into Security Tokens registered on a blockchain. Each Security Token represents a fraction of the asset, allowing:

- Democratization of investment: Retail investors can acquire stakes in real estate projects with low amounts, instead of needing large sums to purchase entire properties.

- Enhanced liquidity: Security Tokens can be traded in secondary markets, offering greater liquidity than traditional real estate investments.

- Transparency and security: Blockchain technology guarantees immutable and transparent records of transactions, reducing the risk of fraud.

- Global access: Tokenized projects can attract international investors, expanding access to capital.

Expedit Benefits for Developers and Builders

Expedit offers a platform that enables developers and builders to finance real estate projects through the issuance of Real Asset Backed Security Tokens - RWA. Key benefits include:

Long-term financing:

- Developers can raise funds for large-scale projects, such as multifamily buildings or coliving complexes, without relying exclusively on bank loans or institutional investors.

- Tokenization allows structuring long-term financing, aligned with the development and operation cycles of leasing projects, which usually generate recurring revenues.

Reduction of entry barriers:

- By dividing assets into fractions, Expedit facilitates the participation of retail and mid-market investors, increasing the amount of capital available to developers.

- This is particularly relevant for VIS projects, where margins are tight and public subsidies are not always sufficient.

Flexibility in project structuring:

- Developers can tokenize different components of a project (e.g., units intended for short-term rental, coliving spaces, or commercial areas), optimizing the allocation of resources.

- Security Tokens can be designed to offer returns based on lease income, which attracts investors interested in stable cash flows.

Attraction of international investment:

- Expedit's platform allows developers to access a global market of investors, including those interested in Colombia's growing tourism-driven short-term rental market.

Risk mitigation:

- Tokenization reduces dependence on a single investor or financial institution, diversifying risk.

- Smart contracts on the blockchain ensure that funds are released according to specific project milestones, increasing investor confidence.

Impact on Demand for Rental Housing, Leasing, Colivings and Short Rentals

Real estate asset tokenization can transform the housing supply in Colombia by addressing the specific needs of each segment:

- Residential leasing: Expedit can finance institutional (multifamily) rental projects designed for strata 1, 2, and 3, where rental demand is highest. For example, a developer could tokenize an apartment building in Bogota, raising funds for its construction and operation, while investors receive returns based on leasing fees. This model reduces the pressure on households to purchase their housing by offering affordable and formal solutions.

- Real estate leasing: The platform can facilitate the creation of housing leasing programs, where tenants pay rent with an option to buy. Developers could tokenize units destined for this model, attracting investors interested in medium- and long-term returns. This is particularly relevant for households that do not qualify for mortgage loans but aspire to become homeowners in the future.

- Colivings: Colivings, which combine private spaces with common areas, are ideal for young professionals and students. Expedit can finance coliving projects in university cities such as Bogota, Medellin, or Manizales, tokenizing the units and offering investors shares in the income generated by the rents. This model responds to the demand for flexible and communal housing, aligning with the new family and work dynamics.

- Short-term rentals: Tokenization is particularly suited to the short-term rental market, where high profitability attracts investors. For example, a developer in Cartagena could tokenize a tourist apartment complex, allowing investors to acquire fractions of the project and benefit from revenues generated by platforms such as Airbnb. This approach also allows developers to diversify their portfolio, combining short-rent units with others intended for traditional leasing.

Practical Example: A Tokenized Project with Expedit

Imagine a developer planning to build a multifamily building in Medellín, with 100 apartments for residential rental and 20 units for short-term rental. The project requires an investment of 50 billion pesos. Through Expedit, the developer can:

1. Tokenize the asset: Divide the value of the project into 500,000 Security Tokens, each with a value of 100,000 pesos.

2. Attract investors: Offer the tokens to local and international investors through the platform, raising the necessary funds for construction.

3. Structure returns: Investors receive dividends based on rental income (estimated at 6% per year) and possible appreciation in the value of the asset.

4. Ensure transparency: Use smart contracts to ensure that funds are used as agreed and that returns are distributed automatically.

Once operational, the building generates recurring income that benefits both the investors and the developer, who can reinvest the profits in new projects. This model not only satisfies the demand for rental housing, but also boosts the local economy by generating employment and boosting the tourism sector.

Challenges and Considerations for Real Estate Tokenization

Although tokenization offers great opportunities, it also faces challenges that must be addressed for its mass adoption in Colombia:

- Regulatory framework: The tokenization of real estate assets requires a clear legal framework that regulates the issuance, negotiation, and taxation of Security Tokens. Although Colombia has made progress in the regulation of cryptoassets, there is still a lack of specific regulations for real estate tokenization.

- Market education: Developers, builders, and investors need to understand the benefits and risks of tokenization, which requires education and outreach campaigns.

- Technological infrastructure: The adoption of blockchain requires a robust and accessible technological infrastructure, as well as cybersecurity measures to protect transactions.

- Investor confidence: The perceived risk associated with new technologies may limit initial participation, especially among traditional investors.

Expedit can mitigate these challenges by collaborating with regulators, offering educational tools, and ensuring high security standards on its platform.

The Colombian real estate market is at an inflection point, where leasing has surpassed ownership as the main form of housing tenure, and alternative models such as leasing, co-living, and short rentals are gaining relevance. However, the housing deficit, financing limitations, and the lack of regulation for new formats represent significant obstacles. In this context, Expedit emerges as an innovative solution by offering developers and builders access to long-term financing through the Tokenization of Real Estate Assets.

Through its platform, Expedit not only democratizes real estate investment but also enables developers to meet the growing demand for rental housing, leasing, co-living, and short rentals. By combining blockchain technology with market needs, this platform has the potential to transform the sector, generating benefits for developers, investors, and Colombian households seeking flexible and affordable housing solutions. Contact us today!