The house market in Barranquilla and the external sector of the economy


  • Nestor Fernando Garza Puentes Universidad del Norte
  • Rafael Tovar Vanegas


Real-estate markets, international macroeconomics, international trade


This document deals with a theoretical and empirical approach to the relation between housing prices in Barranquilla and the external sector of the Colombian economy in the period 1990-2005. The free trade must exert a positive impact on prices (valorization) after the specialization and consumption substitution effects attached to it, because of the associated non-tradables valorization with free trade. The analysis allows us to consider that capital account movements are bigger than those referred to the current account, which implies that there should be a relation between housing prices per m2 and Real Exchange Rate Index. The result of a more precise assessment of this relation was no conclusive, indeed; particularly if we take into account the geographical aggregation process applied to the information.

Author Biographies

Nestor Fernando Garza Puentes, Universidad del Norte

Profesor e investigador del Instituto de Estudios Económicos del Caribe y
miembro del Grupo de Investigación en Análisis Económico (GRANECO),
Universidad del Norte, Barranquilla (Colombia).

Rafael Tovar Vanegas

Investigador en temas inmobiliarios. Arquitecto especializado en planeación
urbana y política y mercados de suelo.





Science article