BOGOTA, Sept 16 (Reuters) - Colombia’s construction sector is looking to attract home buyers who hold foreign currencies and thus can take advantage of a more than 50 percent fall in value of the peso, the national construction guild said on Wednesday.
The peso has fallen 52.2 percent in the last 12 months, a weakening the government says could last for several years.
In a bid to highlight investment potential for foreigners or citizens receiving remittances from abroad, the guild will host real estate fairs in the United States and Canada, Camacol’s economic director said.
“With the effect of the depreciation, today those receiving remittances have more acquisition power that surely we can channel toward housing,” Edwin Chiribi said.
According to central bank figures, 15.5 percent of remittances are directed toward housing costs like rent and mortgages.
Sixty-five percent of remittances, which totaled $3.46 billion between January and August, come to Colombia from the United States, Spain and Panama.
Construction is one of the strongest sectors in Latin America’s fourth-largest economy, growing 8.7 percent during the second quarter. (Reporting by Nelson Bocanegra,; Writing by Julia Symmes Cobb; Editing by Christian Plumb)