00:00New housing around the time of the pandemic in 2020, when the minimum wage was around 800,000 pesos,
00:06A new house cost 130 million pesos, 132 million pesos, if my memory serves me right.
00:12And today, with the salary we have, below 150 minimum wages, it's already costing 262 million.
00:20So, when we buy a new home, while we have to pay that 20 or 30% within 36
00:26quotas,
00:26We also have to keep in mind that when they don't deliver it, the price is higher.
00:32Some construction companies are even factoring in inflation right now.
00:36I don't know if you remember that the previous government signed a decree prohibiting construction companies from selling in
00:42minimum wages,
00:43which had been the practice for many years, but basically they could project a future value, but not adjust it to
00:49minimum wages.
00:49So, if today the limit for social housing is 162, they can say that they will deliver it in 2030 and
00:55in 280, 290,
00:57But they will no longer be able to adjust it over time.
00:59However, it is still a fairly high cost for a normal or average Colombian family in the country.
01:05In the used car market, that works in our favor, because like in 2020, before the pandemic,
01:12People received many subsidies and properties were much cheaper,
01:16Well, people did renovations, that is, they did the finishing touches.
01:19Remember that social housing is mostly delivered in a gray construction state.
01:23So, after finishing it and having bought it very cheaply,
01:27Today they are being sold on the market for 150, 160, 180 million.
01:32So, a new home that is bought for 262 million at today's figures, 2026,
01:38And we are already two months away from that change because there will be an increase in the minimum wage,
01:43Basically, you have to invest another 40 or 50 million in finishing touches.
01:48talking about plastering, stucco, painting, flooring, tiling, bathrooms, carpentry,
01:54All this kind of labor ends up costing you 310 million.
01:58And next door, in the same condominium or in the second stage or in the third stage or Citadel,
02:06You'll find properties that are already selling used or slightly used.
02:09Sometimes they haven't even used them, and they're selling them for 150, 180 million pesos.
02:14So, that's why the invitation will soon explore the topic of used housing a little more.
02:17Thank you!
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