The Money of Housing
How to compare housing projects beyond the price per square meter
When two apartments look alike, the temptation is to divide the price by the square meters and go with the lowest number. It is quick, it is comparable and it is almost always incomplete.
The price per square meter is a tool, not a conclusion. It is useful to start the comparison, not to finish it. This guide offers eight questions to complete it, with 2026 data on what it costs to close and to finance.
1. Which square meters are we talking about?
A project can report two areas: the built area, which includes walls and other elements of the unit, and the private area, which is the space you can actually use. Comparing a project that publishes built area with one that publishes private area creates a difference that does not exist. Before you divide, confirm which area each one uses.
The areas in Ítaca Tower’s sales sheet show the effect. For the same price, the value per square meter changes with the basis used:
| Layout | Built area | Private area | Difference | Price per private m² vs. built m² |
|---|---|---|---|---|
| 81 m² | 81 m² | 74.5 m² | 6.5 m² | 8.7% higher |
| 100 m² | 100 m² | 90.26 m² | 9.74 m² | 10.8% higher |
| 104 m² | 104 m² | 92 m² | 12 m² | 13.0% higher |
Starting areas from Ítaca Tower’s sales sheet. Our own calculation: at the same price, the value per m² calculated on the private area rises by the ratio between the two areas. The parking space area is not added to the base. Ask an advisor for the current price list. 1 m² = 10.76 sq ft.
2. What does the price include?
Ask whether it includes parking, a storage unit or other items, and which ones are optional. Two equal prices can describe different products. If you are comparing with a project that charges for parking separately, add that amount to its price before dividing by square meters.
3. How is it paid?
The reservation deposit, the down payment, the term and when the balance is paid all change the real monthly effort. A slightly more expensive apartment with a more spread-out down payment can be easier to manage than a cheaper one with concentrated payments. Always compare it as a monthly payment, not just the total price.
4. What stage is it at?
A finished project, one under construction and one sold off-plan have different time horizons. Match the stage with your life plan: when do you need the apartment? Can you wait? And ask for evidence: dated construction progress and a schedule.
5. Who is behind it?
A developer’s backing is shown through track record, delivered projects and documented processes, not adjectives. Ask about previous projects and how the process is supported after the reservation.
6. What do the bylaws say?
The condominium bylaws (reglamento de propiedad horizontal) define the permitted uses and the rules for living together. If you have a plan for the apartment, confirm that the bylaws allow it. We explain it in our guide to condominium bylaws.
7. What does closing cost?
Beyond the price, the purchase has costs that are worth estimating from the start. In 2026 there are four separate charges:
| Item | How it is calculated | Who pays (custom) |
|---|---|---|
| Notary fees | COP 30,900 up to an amount of COP 259,300, plus 3 per thousand on the excess, plus VAT (SNR Resolution 000964-6 of 2026) | Half buyer, half seller |
| Registration fees (Public Records Office) | SNR bracket table (Resolution 001726-6 of 2026), plus a 2% systematization fee | Buyer |
| Departmental registration tax | For transactions with a stated value, Law 223 of 1995 sets between 0.5% and 1% | Buyer |
| Certificate of title (certificado de tradición y libertad) | COP 23,000 | Whoever requests it |
Example: on a sale of COP 788,300,000, notary fees come to about COP 2,395,022 before VAT, which by custom are split between buyer and seller. Always ask the notary’s office and the departmental government (Gobernación) for the detailed breakdown: fees are adjusted every year.
8. What would the loan look like?
If you are going to finance, these are the reference figures for October 2026:
- Banco de la República’s policy rate has been 12.25% since October 1, 2026.
- The weighted average for non-VIS mortgage loans was 15.18% effective annual, as of June 19, 2026 (Superfinanciera).
- The market ranged between 11.8% and 17.7% effective annual, depending on the lender.
- Rates change every week: check Superfinanciera’s current report and each bank’s rate sheet.
The payment on a fixed-payment peso loan is calculated like this: convert the effective annual rate into a monthly rate (i = (1 + rate)1/12 − 1) and then C = P × i / (1 − (1 + i)−n), where P is the amount borrowed and n the number of months. As an example, a COP 300,000,000 loan over 20 years at 15.18% effective annual would have a payment of about COP 3,777,749 a month, before insurance. Over 15 years it would be about COP 4,038,883. This is an illustrative exercise, not an offer.
If the loan is in UVR (an inflation-indexed unit), the peso payment adjusts with inflation. With annual inflation of 6.24% in August 2026, that adjustment matters. And as a general rule, lenders finance up to 70% of the value of non-VIS housing and expect the first payment not to exceed 30% of household income; confirm the terms with your bank.
A checklist to take with you
- Area used for the calculation (built or private).
- What the price includes and what it does not.
- Down payment, term, reservation deposit and payment of the balance.
- Stage, dated progress and estimated delivery date.
- Developer’s track record and the process after the reservation.
- Excerpt of the condominium bylaws.
- Closing and registration costs, estimated in writing.
- Loan: rate, term, payment and conditions, with the date of the quote.
The clearest decision is not the one with the lowest number. It is the one you can calmly explain to someone else.
Frequently asked questions
What is the difference between built area and private area?
Built area includes walls and other elements of the unit; private area is the usable space. Confirm which one each project uses before comparing.
Who pays the notary fees?
By custom, notary fees are split between buyer and seller, and the buyer pays registration. Agree on it in writing before signing.
Is a peso loan or a UVR loan better?
It depends on how comfortable you are with the payment changing with inflation. Ask your bank for both simulations and compare.
Sources
- Superintendencia de Notariado y Registro: Resolutions 000964-6 of 2026 (notary fees) and 001726-6 of 2026 (registration fees); Procedures and Services page.
- Law 223 of 1995, art. 230 (registration tax).
- Banco de la República: monetary policy minutes, September 2026.
- Superfinanciera, housing loan rate reports (2026 cut-offs), reported by La República and Infobae.
- BBVA Colombia: housing loan rate sheet in effect since Mar 27, 2026 (example of financing cap).
- Ítaca Tower sales sheet (starting areas).
