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Buy or rent in Bogotá?
In Bogotá, buying an apartment costs about the same as 14 years of renting the same apartment, from today's listings: a square meter sells for COP 7,050,000 and rents for COP 43,400 a month (7.4% a year). A 70 m² apartment would cost about COP 493,380,000 to buy or COP 3,040,000 a month to rent.
Medians of today's listings (asking price ÷ area, unfurnished apartments of 40 to 200 m²). Excludes down payment, interest, fees, property tax and appreciation. Not financial advice.
Where buying costs fewer years of rent
- Chico Norte Ii: 7 years (13.4% a year)
- Norte: 8 years (12.5% a year)
- El Salitre: 9 years (11.1% a year)
- Polo Club: 9 years (10.9% a year)
Where renting makes more sense
- Bosque Izquierdo: 24 years (4.2% a year)
- Restrepo: 23 years (4.3% a year)
- Salitre: 21 years (4.8% a year)
- La Estancia: 20 years (5.0% a year)
FAQ
Is it better to buy or rent in Bogotá?
In Bogotá, buying an apartment costs about the same as 14 years of renting the same apartment, from today's listings: a square meter sells for COP 7,050,000 and rents for COP 43,400 a month (7.4% a year). A 70 m² apartment would cost about COP 493,380,000 to buy or COP 3,040,000 a month to rent. Renting is usually cheaper month to month when buying costs many years of rent; buying builds equity and protects you from rent increases. It depends on how long you'll stay, your down payment and mortgage rates. Not financial advice.
Where in Bogotá is buying relatively cheaper?
Where rent is high relative to price: Chico Norte Ii (7 years), Norte (8 years), El Salitre (9 years), Polo Club (9 years).