Historically, not only in Colombia but around the world, incoming presidents and prime ministers typically achieve only a fraction of what is promised during their campaigns. Even if 30% of commitments are delivered, Abelardo could still disappoint some of his supporters, particularly those in Medellín who became deeply disaffected with Gustavo Petro’s administration. Ultimately, only time will tell. Much has been promised, but the pudding still has to be proven.

One major challenge will be the currency, which has moved to levels not seen in many years. The peso reached COP 3,100 against the dollar on Friday, and while many had feared a move toward COP 3,000, the surprise decision by Banco de la República to leave interest rates unchanged at 12%, despite rising inflation, quickly reversed that trajectory. COP 3,200 appears possible as the week begins.

These are extremely challenging levels for exporters and, in turn, for Abelardo, who has promised a golden age for overseas sales. Key sectors such as coffee and flowers have already publicly expressed concerns about declining competitiveness. Even if the new administration succeeds in creating a new oil boom, revenues generated at current peso levels will be significantly lower than anticipated.

The past four years have been dominated by discussions around debt and deficits, which economists understand are the cumulative result of decisions made by previous governments. These pressures are unlikely to ease if the peso remains at current levels.

Consumer confidence from Fedesarrollo remains solid. Retail sales are supporting imports of durable goods, particularly vehicles and electronics, adding more than $1 billion USD to the monthly deficit.

Other sectors likely to feel pressure include tourism and real estate, both of which have experienced significant growth in recent years. Colombia has become an increasingly fashionable destination, and many visitors have later returned to invest in houses and apartments. Today, however, those investments have slowed, while visitors are finding hotels, restaurants and excursions considerably more expensive than they were two years ago.

The reasons behind the peso’s current level are many, but a key factor has been investment flows into Colombia’s attractive local TES bond market through carry trade strategies. That said, profit-taking could soon emerge, particularly if investors begin positioning for a stronger dollar.

Let’s see how “The Tiger” addresses the challenge.

My regards,

Roops

The Gran Salón Inmobiliario, one of Colombia’s largest real estate events, will return to Bogotá’s Corferias from August 20 to 23, 2026, marking its 20th edition with an expected participation of more than 25,000 visitors and nearly 170 exhibitors.

Organized by Corferias and the Lonja de Bogotá, the fair has operated as a sector partnership since 2005, bringing together developers, financial institutions, housing organizations, and specialized service providers.

The 2026 edition will showcase more than 1,600 real estate projects across approximately 4,900 square meters of exhibition space. The offering will include VIS (vivienda de interés social, or social-interest housing) and non-VIS developments, alongside tourism projects, commercial properties, business developments, and investment opportunities.

International showcase highlights tourism and investment projects

This year’s fair will feature an international showcase, where organizers expect more than 30 exhibitors to present projects focused mainly on tourism investment and short-term rental models.

The event announcement states that participating markets include Panama, the Dominican Republic, Mexico, the United States, the United Arab Emirates, Guatemala, and Spain, with Panama serving as the edition’s guest country. The international section will feature residential, commercial, tourism, and business developments from Colombia and overseas markets.

Academic program and visitor support services

The event will also include an academic agenda focused on topics such as real estate financing, housing subsidies, market trends, sustainability, technology, and emerging investment opportunities.

The organizers also announced experiential areas designed to connect visitors with participating brands and provide additional tools for those evaluating property purchases or investment decisions.

Throughout the four-day event, attendees will have access to financing guidance, information on subsidy programs, expert discussions, and real estate options aimed at different buyer profiles and investment objectives.

According to the organizers, the Gran Salón Inmobiliario continues to focus on connecting real estate supply and demand in a specialized environment, while providing visitors with access to guidance and support throughout the event.

Above photo: View from building of Corferias in Bogota Colombia (Photo: {Rainercol@} / Wikimedia Commons)

The Gran Salón Inmobiliario, one of Colombia’s largest real estate events, will return to Bogotá’s Corferias from August 20 to 23, 2026, marking its 20th edition with an expected participation of more than 25,000 visitors and nearly 170 exhibitors.

Organized by Corferias and the Lonja de Bogotá, the fair has operated as a sector partnership since 2005, bringing together developers, financial institutions, housing organizations, and specialized service providers.

The 2026 edition will showcase more than 1,600 real estate projects across approximately 4,900 square meters of exhibition space. The offering will include VIS (vivienda de interés social, or social-interest housing) and non-VIS developments, alongside tourism projects, commercial properties, business developments, and investment opportunities.

International showcase highlights tourism and investment projects

This year’s fair will feature an international showcase, where organizers expect more than 30 exhibitors to present projects focused mainly on tourism investment and short-term rental models.

The event announcement states that participating markets include Panama, the Dominican Republic, Mexico, the United States, the United Arab Emirates, Guatemala, and Spain, with Panama serving as the edition’s guest country. The international section will feature residential, commercial, tourism, and business developments from Colombia and overseas markets.

Academic program and visitor support services

The event will also include an academic agenda focused on topics such as real estate financing, housing subsidies, market trends, sustainability, technology, and emerging investment opportunities.

The organizers also announced experiential areas designed to connect visitors with participating brands and provide additional tools for those evaluating property purchases or investment decisions.

Throughout the four-day event, attendees will have access to financing guidance, information on subsidy programs, expert discussions, and real estate options aimed at different buyer profiles and investment objectives.

According to the organizers, the Gran Salón Inmobiliario continues to focus on connecting real estate supply and demand in a specialized environment, while providing visitors with access to guidance and support throughout the event.

Above photo: View from building of Corferias in Bogota Colombia (Photo: {Rainercol@} / Wikimedia Commons)

Signed on June 9 by Housing Minister Helga María Rivas and published in the Diario Oficial (Official Gazette) on June 16, the measure sets the minimum technical guidelines that special-category and category 0, 1, 2, and 3 districts and municipalities must use to ensure that buildings whose construction licenses are properly filed include an electrical connection for charging or refueling electric vehicles.

The rule applies to new-construction, expansion, and modification licenses for residential, commercial, or mixed-use projects, and it takes effect only where a municipality has a minimum number of registered electric vehicles in its jurisdiction. Municipal categories follow the classification set by the Contaduría General de la Nación (National Accountant General’s Office). Social-interest and priority-interest housing — Vivienda de Interés Social and Vivienda de Interés Prioritario — are excluded, as are projects that generate no new private parking or that authorize only a single private parking space.

Under the resolution, the builder or license holder must run the electrical connection and supporting infrastructure from the main distribution network — which may include the public grid, solar panels, or battery banks — to a point near the private parking spaces, so that charging equipment can be connected later. The share of parking spaces that must be prepared is calculated from the total private spaces required in each license.

“The builder or holder of the construction license must foresee and provide an electricity connection for charging or refueling electric vehicles that facilitates the later installation of any of the possible charging schemes in the private parking spaces generated.” — Resolution 0337 of 2026, Ministry of Housing, City and Territory

That percentage is set annually by the Ministry of Housing in coordination with the Ministerio de Transporte (Ministry of Transport), drawing on data from the Registro Único Nacional de Tránsito (National Traffic Registry), known as RUNT, and published in the first quarter of each year. The wiring requirement applies only when the calculated percentage for a given jurisdiction reaches 2% or higher.

Installations must comply with the Reglamento Técnico de Instalaciones Eléctricas (Technical Regulation for Electrical Installations), or RETIE, and other technical standards set by the Ministerio de Minas y Energía (Ministry of Mines and Energy). Connections must allow electricity consumption to be metered individually, so that each parking-space owner bears the cost of their own charging. In buildings under a horizontal-property regime, an owner installing a charger in an individual private space need only notify the homeowners’ association in advance and assumes the full cost.

For buildings already licensed before the new guidelines took effect, owners may voluntarily adapt their installations to accommodate charging infrastructure. Curadores Urbanos (Urban Curators) — and, where they do not exist, the local licensing authority — must report the licenses issued under the measure. The Ministry of Housing has up to nine months after the resolution enters into force to establish the reporting mechanism.

The resolution builds on Ley 1964 de 2019 (Law 1964 of 2019), Colombia’s framework for promoting electric and zero-emission vehicles. The country has worked to encourage adoption through measures such as reduced import duties on electric vehicles, and the consumer market has continued to develop since Tesla’s official launch in the country.

Loren Moss, founder and publisher of Finance Colombia, spoke with Alicia Lamadrid Paysse, vice president of development sales at Cervera Real Estate, the Miami-based firm that has exclusively handled the sales and marketing of more than 120 South Florida condominium towers since the family company was founded in 1969.

Cervera is the exclusive sales and marketing team for two condominium projects developed by Lefferts Development in North Beach, a fast-growing neighborhood at the northern end of the city of Miami Beach. The first, 72 Park, was completed in 2025; the second, PALMA Miami Beach Residences, is a 14-story, LEED Gold-certified building under construction at 600 71st Street. Both are permitted for short-term rentals — a rarity on Miami Beach — allowing owners to occupy their residences and rent them out while away. PALMA’s one- and two-bedroom turnkey units start in the $630,000s USD.

For Colombian buyers, long among the most active Latin American investors in South Florida, the model pairs a US-dollar asset with rental income. According to Cervera, buyers from Colombia account for roughly 6% of sales at 72 Park. In the conversation that follows, Lamadrid Paysse discusses Miami’s transformation into a global city, the tax and lifestyle factors drawing international capital, and what sets North Beach apart. The interview has been lightly edited for clarity and formatting.

Finance Colombia: I’m here with Alicia Paysse of Cervera Real Estate. Cervera is a major real estate firm based in the Miami area, world famous. You have some very impressive developments — high-end developments, accessible developments, and we’ll get into that — throughout Miami. But your track record, if I remember correctly as a former Miami resident, goes back over 50 years. First of all, welcome to this interview. Thank you for making time for us. Really honored to have you, and welcome to Finance Colombia.

Alicia Lamadrid Paysse: Thank you so much. It’s great to be talking to you today. And it’s great that you have lived in so many places and are so familiar with Miami and our exciting market. It’s changed a lot, so having your kind of perspective, I think, helps put it into context. But yeah, you’re right.

I work with a family company that was founded by my grandmother over 50 years ago, in 1969. We’ve been working with developers, handling the sales of condominiums, since essentially the start of the company. Over the lifetime of the company, we’ve represented over 130 condominium buildings in South Florida, and probably over 72,000 condo units in pre-construction sales. So it’s a pretty big trajectory in our little pocket of South Florida, because we’re just a Miami-based company.

Finance Colombia: It’s really fascinating when I think about visiting Miami as a kid back in the ’70s, and also visiting places like Miami Beach, which was this little sleepy — I don’t want to say retirement community, but it just had this kind of funky, bohemian vibe. It was really just a laid-back, sleepy place compared to the changes it went through in the ’80s and ’90s, with the influx of immigration really giving Miami a vibrant personality.

And then there’s the Miami of today. Even down here in South America, we might say that Bogotá is the capital of Colombia and Washington is the capital of the US, but Miami is the capital of Latin America. What kind of changes have you really seen in the evolution of the market — not just from an economic standpoint, but the types of development, and the reasons and motivations behind the growth of Miami as a real estate destination, both from an investment standpoint and a residential one?

Alicia Lamadrid Paysse: We’ve seen a lot of change. The city has grown tremendously. I think the greatest accelerator to the change we’ve seen in Miami, both economically and in the types of developments, was the pandemic. The pandemic really opened a lot of people up to having more work-from-home flexibility. People started coming to Miami to see what it was like to live here, because you could be outside when everywhere else you couldn’t — it was too cold. People fell in love with the place, and that drove a huge amount of interest.

“Now, wealthy international people are seeing Miami as one of the big cities in the world.” — Alicia Lamadrid Paysse, Cervera Real Estate

In Colombia, one of the things we have to explain to our international buyers who are interested in Miami real estate is that not all states have equal tax policy. This is an ‘aha!’ moment for a lot of Latin American buyers, when they realize that the highest earners in markets like Manhattan, or certain cities in California, can pay around 10% more on top of the federal income tax.

That really makes a lot of people see why there’s a natural incentive to move to Miami, and the pandemic accelerated it. We’ve seen huge industry moving here, and huge employers — and huge numbers of those employers’ workers — moving as well.

In the Miami I was born and raised in, you didn’t have the staff of a company buying $10 million USD houses. There weren’t $10 million USD houses back then; they didn’t even exist when I was growing up. The top of the market — whatever the price was — was made up of the entrepreneurs who started their businesses, or CEOs, very high-level people. These were not a 35-year-old who works at Citadel and is an employee. He might be brilliant, and I’m sure he makes a lot of money for the company, but he’s still an employee. We didn’t have those kinds of banks. We didn’t have that level of economy, with those types of jobs where people could make that much money in a job.

That shift has led to a completely different type of real estate inventory that people are looking for. The level of luxury and the price point keep elevating, because people want that turnkey service experience. The type of people being attracted to this market are more and more discerning, more and more high-level. We’re seeing a tremendous number of entrepreneurs, and people with international jobs who travel a lot for technology businesses or growth roles, also coming to Miami.

Finance Colombia: I think you’re right. Anecdotally, I can think of a couple of friends of mine who run a publicly traded company that trades in the US — they just moved from Barranquilla to Miami. And Miami is becoming more and more attractive.

The 72 Park project on Miami Beach (photo: Lefferts)

Think about Colombia, for example, and a situation with volatility. By the time this comes out, we’ll have had — on Sunday — the first round of the presidential elections. We may have four more years of what we could call a far-left ideology in power; we may not. There will probably be a runoff in June. But there is a lot of uncertainty. No matter what happens, and no matter who someone supports, there is a lot of uncertainty. The debt has exploded, and Colombia is going to see increasing demand for dollars, because it needs to pay back dollar-denominated debt in the coming years.

All of this uncertainty creates a situation where people are looking for, at minimum, a hedge. They need to say, ‘It’s not prudent to keep all of my assets in a way that can rapidly depreciate.’ And it’s generally good to diversify across borders when we talk about real estate.

You touched on taxation. In the United States, my own brother just moved to Florida from Ohio, primarily because of the tax burden — because when you’re in that top tax bracket, even in a relatively moderate state like Ohio. Look at what just happened in Washington State, where they passed a tax targeting people with substantial assets. Starbucks (NASDAQ: SBUX) announced it was moving headquarter operations to Tennessee. We’ve seen companies leave California for Texas. You mentioned Citadel — they went from New York to Miami.

I remember when Miami was not — back in the day, you had Ryder (NYSE: R), Assurant (NYSE: AIZ), and Burger King as just about the only major company headquarters in Miami. That’s changed drastically, because now, when you’re talking about ‘Silicon Beach’ and these kinds of initiatives, it really has changed the investment environment for Miami.

I know a lot of the investors — and your entire sales team is perfectly competent to work with domestic buyers, but also with the language and cultural skills to work with buyers from places far beyond Latin America. When I was in Miami, this was a surprising thing — people don’t realize I became partially fluent in Russian. You have all of these people who, if you look at the instability there, are moving, not just from an investment standpoint, but also looking for somewhere they can continue to live a good life and contribute to their local society. What are the motivations you see when you talk to the international investor? Is it a place to live? Is it an economic hedge? What are the prime movers, not to use a pun, when people look at real estate opportunities in Miami?

Alicia Lamadrid Paysse: All of this we’ve discussed has positioned Miami as a very important global city. Before, Miami was — I don’t want to say a joke, but in the ’90s no one took Miami seriously as an economic force. Even if we had a lot of international banks here, that was just a tiny grain in the beach of the US economy.

Now, when you look at the city and the environment, and you talk about the politics — I don’t want to talk about politics too much, but one of the large drivers that brings people to Miami, over and over, has been politics. Even recently, with the whole comment the mayor of New York made about the gentleman at Citadel, personally naming him — it was something so crazy that you see people feeling like they’re a target. People feel safe in Miami. So one of the big things that drives people here is safety. Another is culture.

Miami’s a place where people want to do things. Miami’s not a place where people say, ‘My gosh, can you believe the car that flashy person is driving?’ You see this person and this car, and they say, ‘Good for you.’ It could be your entire savings for a weekend of fun, or it could be your fifth car — it doesn’t really matter. People here are happy to see other people happy and having a good time, and that’s a big thing.

When you look at investment, the other day I actually heard somebody say, ‘I’m looking at diversifying in real estate, and I’m between New York, London, and Miami.’ That’s an unimaginable sentence just 10 years ago. Now, wealthy international people are seeing Miami as one of the big cities in the world, which has changed the fabric of the place I live tremendously. It’s a completely different place, and I think it has a great future ahead.

People are looking at that future and seeing how much room there is for evolution. When you look at prices in New York and London, and you still see the relative value Miami offers — with an incredible quality of life, safety, excellent climate, better taxes, and so on — people really do see a long runway for appreciation, for a city to continue to grow and become more expensive, and for more people to keep moving here. The other competitors we have in terms of industry, in our own country, are kind of attacking and alienating the job creators, and we’re saying, ‘Come here, please.’ So there’s more and more opportunity being created.

Finance Colombia: I agree, and I’ve seen the vibrancy of the city. Like I said, I’ve had lifelong ties to Miami — my dad was born there. I grew up a Dolphins fan because of him. Now I’m a Buckeye, and people at the Hurricanes don’t like that very much.

One of the things I’ve seen is how neighborhoods and areas develop. Brickell is already well developed. I see they’re going to build a new hotel out on Brickell Key, and I saw an advertisement the other day for a property in Aventura, and some of the big high-rises up along Sunny Isles Beach. One of the things you all are doing that’s really interesting is in North Beach. People outside of Florida don’t realize that Miami Beach is a separate city from Miami. North Beach hasn’t been left behind — there are some nice developments already, some very high-end residences — but it hasn’t been the flashy, internationally known area. LeBron James from Akron, Ohio, didn’t say he was going to take his talents to North Beach; he said South Beach.

But you’re doing an interesting development there. The model, and the way the property can be monetized by its owners, is compelling — and I looked at the entry price point. It’s not cheap, but it’s not the tallest condo in Brickell saying, ‘Hey, our efficiency started at $20 million USD.’ I’m really intrigued, because I looked at that and said, ‘I can afford that’ — and I’m a journalist. So tell us about the motivations behind these new developments, and why North Beach?

Alicia Lamadrid Paysse: Our developer in North Beach really had a long view. He acquired land very early on and had been involved in different areas of Miami Beach over the history of the city. They saw a great opportunity — the last area of Miami Beach really yet to be developed. And they were able to get something done that has been totally transformative: they got the area approved, with certain provisions, for short-term-rental condominiums.

Living room in 72 Park (image: Lefferts)

So you have these developments. We’ve just delivered the first one, 72 Park, and we’re in the process of selling the second, PALMA — both just two blocks from the beach, on Miami Beach proper, that allow you to rent the residences short term. You can use it when you want and rent it when you want, and essentially cover your expenses in large part, if not generate an income, depending on how much you use it. This is something that doesn’t really exist on Miami Beach.

There’s been such a strong movement by the hotel lobby to block short-term rentals that there are no real short-term-rental properties. So when they created a legal framework for the building requirements, the developer was finally able to deliver such a building. Now there’s a great opportunity.

There may be a lot of short-term-rental buildings coming online in the city of Miami itself, but there is no area with more tourism than Miami Beach. Miami is a very global city — we talked about the economic trajectory, the bright future. But there’s just something about when the ocean meets the sand and you have this beautiful beach experience that’s unlike anything else. People love the beach. That gives you the chance to have something very unique in a little pocket of a city where everybody wants to be. And that’s the other thing —

Finance Colombia: I’m sorry to interrupt — I didn’t mean to step on you, but you made me think of something. One of the other advantages North Beach has is that you’re close to the party, but you’re not in the party.

I remember working right there in the heart of South Beach. I didn’t live on Miami Beach, but the office of the company I worked for was there, and at night it’s a nonstop party. It’s one thing if you visit — if you visit, you’re going to love that. But if you’re living there, you may want to get to the party sometimes, and the nice thing about North Beach is that you’re very close to it. You can take public transportation, the bus, a scooter — you’re right there. But you can also sleep at night; there’s some peace and quiet, a reasonable amount. You’re not out in the country, you’re still in the heart of it all, but you’re not in the nightclub district.

Alicia Lamadrid Paysse: Yeah. And as everything ages — those hotels are aging too — there’s nothing like something new and fresh and clean, not full of older hotels packed with tourists. The beach is a completely different scene. You go to the beach in North Beach and it’s wider, the sand is longer, and you’re not competing with thousands of people whose hotel is right there and who just walk to the beach, so you’re completely inundated with tourists.

In the North Beach area, there aren’t many hotels; it’s a more residential area. You go to the beach and there’s space — you can have a conversation without anyone overhearing, you can relax. It’s really nice. The area is changing very dramatically, but more for long-term users, more residential. There are two rental buildings going up for people to live in full time, so the community continues to grow and have that neighborhood vibe.

And here’s a detail I think is compelling. If you look at a map of Miami Beach, it’s pretty skinny. It gets wider south of about 23rd, and wider again north of 63rd. Between roughly 25th and 60th, it’s a very skinny strip — Collins and Indian Creek — with no space to develop a neighborhood. But the North Beach area, north of 63rd up to about 79th, is wider. So you have a Publix, space for stores, yoga studios, coffee shops — a lot of pedestrian benefits you don’t get farther south. It’s a really unique location, and it’s creating this wonderful little community. We’ve already seen new restaurants open. You can totally see how, over the next couple of years, it will keep evolving and probably become one of the most popular areas on the beach.

Finance Colombia: Now tell me more specifically about the development. I believe it’s called PALMA. Let’s talk about the nuts and bolts, not to mix metaphors — the starting price, the configurations, one-bedrooms, three-bedrooms, efficiencies. Tell me about the property itself. Is it already built? Is it under construction? What’s it going to have in terms of amenities, and which market segments do you think it would be most attractive to?

Alicia Lamadrid Paysse: PALMA is a boutique building of 121 units, which I think is really nice when you’re looking at a property of this type. It’s only one- and two-bedrooms — we’ve had the most demand for that type of residence. When you’re talking about something that isn’t really a hotel, but more of a short- or medium-term stay — people who may want to come for a week, three weeks, but not forever — the building starts from just $630,000 USD today.

So you have price points that let you own a fully finished and furnished one-bedroom on Miami Beach, just steps from the beach, for $630,000 USD — which, like you were saying, is extremely attractive, especially when you consider you can rent the property when you’re not using it. By the nature of it being a short-term-rental-permitted building, you’re not really going to see end users buying there; it’s more transient-oriented. So it’s been people looking at it as a second home or an income-producing rental property.

You have wonderful amenities — and especially in our neighborhood, a very wellness-focused building, from cold plunge to infrared sauna to a gym and an outdoor area where you can grill. Across the street you basically have a wonderful tennis facility, the Miami Beach Tennis Center. Right next to the beach you have beach tennis, volleyball, and an incredible boardwalk you can run on, if you like to run when you’re not being chased — which many people here seem to like.

You also have a growing restaurant scene in the area. You have Bal Harbour just a few minutes away, with incredible shopping. And then other malls — Aventura Mall isn’t far, because we’re in North Beach, and the Design District is basically just across the causeway. So it’s a really exciting location. Excluding our penthouse, our price ranges run from about $630,000 USD to just under $2 million USD.

Finance Colombia: Wow. Like I said, I was surprised when I saw that, because I know what Miami real estate prices are like. I almost thought it was a typo, so it’s really encouraging.

And also the legal structure you mentioned around short-term rentals — because a lot of people do that informally, but we’ve seen a backlash, with condo and homeowners associations, and cities that want tax revenue. To have the safety of doing it the right way is important, because you don’t want to mess around and do things under the table when you’re talking about a property that might be over $1 million USD within a few years of buying it. So that’s encouraging.

Now, the last thing I want to touch on is another thing that surprised me. As I was preparing for this, I saw in your statistics that something like 6% of the buyers you already have are from Colombia. Colombia already has a strong presence in South Florida, especially throughout the metro area — we always like to be out in Doral and Sweetwater, but really everywhere. Why do you think this property, or what is it, has caught the attention of buyers and investors with ties to Colombia?

Alicia Lamadrid Paysse: I think the ability to rent it out short term is a big part of it. The Colombian buyer has a lot of experience in Miami — for the most part, they’ve been buying here for decades, and have owned different types of properties, or have friends and family who have. So having the flexibility of not just a second home, but also something that can generate rental income, has been very popular with Colombian buyers who see it as a quasi-investment, and not something they’re going to move into directly.

I don’t know if it’s timing or the stars aligning, but there seems to be a lot of interest from Colombia recently. We’ve had some really successful trips over there in the past six months. So it’s an interesting time. And we’re expecting many, many Colombians to visit us soon with the World Cup — so hopefully that will be a new wave of Colombian buyers, on the days between games, coming to buy themselves a place here in South Florida.

Finance Colombia: Absolutely. Is there anything you wanted to touch on that I neglected to mention or ask about?

Alicia Lamadrid Paysse: When you mentioned the neighborhood evolution, and when we started talking about North Beach — Miami is really becoming a city of neighborhoods. I think there probably isn’t another neighborhood, and I know them pretty well, that has such a great combination of proximity. You’re really close to everything: not far from the airport, close to the city, extremely close to the beach and to amenities, because this neighborhood has really built-in amenities. I mentioned the tennis center, the beach volleyball, the beach tennis. That’s not something to be taken lightly.

It also has a community center on Normandy, about 15 minutes away walking, and a public golf course. So you have a lot of access to things — and access in Miami is, every day, more and more difficult. To give you that kind of resort lifestyle at PALMA without having to pay resort prices is something I think will give people a reason to come back, both guests and owners who want to use it as a second home. Having that access to all of those benefits, so close to their doorstep, really gives them the best of the Miami lifestyle, in a neighborhood with a great future for further valuation long term as well.

Finance Colombia: Now, you’re a full-service brokerage. So even aside from PALMA — people might want to see PALMA, or somebody might say, ‘That’s great, but if I came back to Miami, I like Weston,’ which is kind of way out there. That’s what some people like about it. I’m not trying to go party anymore; I did that back in the ’90s.

So people can contact you all, because you have competence throughout the entire South Florida area. Is that correct — not just on the beach, or a particular condo property?

Alicia Lamadrid Paysse: That’s right. We have just under 400 agents in our company, and over seven branch offices in different markets, so we have agents all around the city. We work with people with different goals all the time. Obviously, we have a huge focus on development sales.

When people are looking at condominiums, especially today, new is a huge advantage, because of some of the condo law that came in reforming things after the tragedy in Surfside. Buildings now have to fund reserves and have the financial wherewithal to make major renovations when necessary, as opposed to deferring improvements because of cost-cutting. Buying into a building that has all of that financial planning from day one is a huge advantage, and it’s why, when people are looking at condominiums, they’re mostly looking at new developments. So PALMA is really, I think, one of the best options out there.

But for people who have different needs — maybe they want a house, or a different area, like you mentioned — we absolutely are available and happy to help.

Finance Colombia: How can interested buyers or investors — potential residents or buyers — get in touch with you or with the organization if they want to gather more information?

Alicia Lamadrid Paysse: We have a very robust website with access to a list of all of our agents, and people can filter by language. So if you need someone who speaks a particular language, you can filter and see which agents can help. Our main office is in Brickell, with a robust group of agents. If you call our main office with a particular niche you’re looking for help with, they can point you in the right direction. And of course, I’m always happy to help with the matchmaking, if necessary, between a member of our company and a potential buyer. So there are multiple ways.

Finance Colombia: Absolutely. And of course, we’ll include your contact information. You’ve been very generous with your time — I really appreciate it. It’s an honor to speak with you. Like I said, I’ve known about the organization going back 20 years, from my time in Miami, and you have a sterling reputation. That’s important, because, sadly, there are so many flim-flam artists running around South Florida — any place with an attractive lifestyle tends to see that, whether it’s Las Vegas, Los Angeles, or Miami. So it’s important to work with reputable people, and an organization with a reputation. I haven’t had personal dealings with you, but your reputation speaks for itself. Thank you so much for your time. We’ll certainly stay in touch.

Alicia Lamadrid Paysse: Thank you so much for your time, and for inviting us to speak with you today. You take care.

Palma Miami Beach Residences rendering (credit Lefferts)

As Colombia heads into its June 21, 2026 presidential runoff, some companies are writing a contractual escape hatch into their deals — a provision the construction trade group Camacol Antioquia calls the “Cláusula Cepeda,” or “Cepeda clause” — that would let them pause or unwind agreements if leftist candidate Iván Cepeda wins, according to Teleantioquia and a televised news report. The accounts come from business representatives describing market sentiment; the prevalence of the clauses has not been independently quantified.

According to Eduardo Loaiza Posada, manager of Camacol Antioquia, “we know that the implementation of the ‘Cepeda clause’ exists in the market.” He said the possibility of a Cepeda win “generates so much uncertainty that many businesspeople have considered that, in the event of his victory, they would unwind deals already agreed.” Loaiza Posada framed the issue as one of confidence: “When there is doubt, uncertainty follows — and uncertainty is legal insecurity,” he told Teleantioquia, adding that “legal insecurity makes investment frightened.”

The trade group says the clauses surfaced across several productive sectors — housing, construction, and the financing of hotels and logistics centers — and that some projects have been shelved outright. “Even companies that were planning to build a new institutional or corporate headquarters have told the builders: ‘Let’s get the contract ready, but if this candidate wins, we undo the deal,'” Loaiza Posada said, according to Teleantioquia. He added that the hesitation is not limited to domestic players, citing instances of international funds and hotel chains reconsidering whether to finance or lend their brand to projects.

In a separate televised report, a real estate agent confirmed that some home purchase-and-sale contracts now include a clause letting the buyer withdraw based on market expectations and on changes to government policy and housing subsidies. The agent said the provision is “very much named at the moment” and is meant to offer investors an additional guarantee against a continuation of the current government’s policies, allowing a party to exit “without any penalty.”

“When there is doubt, uncertainty follows — and uncertainty is legal insecurity.” — Eduardo Loaiza Posada, manager of Camacol Antioquia

The practice is not new, and it is not unique to Cepeda. The same reports note that a “Cláusula Petro” appeared during the 2018 and 2022 campaigns, when Gustavo Petro was a candidate, transferring political expectations onto investment decisions in the same way. Legal commentators have described these as conditional clauses that are valid under Colombian private law: as Portafolio and El Tiempo reported in 2022, a contract can lawfully be made contingent on a future event, including an election outcome, and undone if that event occurs. By that reading, the “Cepeda clause” is a recurring feature of Colombian electoral cycles — a form of risk management — rather than a novel maneuver.

It also lands in a housing market already under strain for reasons that predate the runoff. According to figures from Camacol cited in the broadcast report, more than 134,000 households abandoned plans to buy a home between 2022 and February 2026, a 130% increase in the social-interest (VIS) segment. The report attributed much of that to regulatory uncertainty and policy decisions such as cuts to housing subsidies, alongside higher costs and rising interest rates. Data from the portal Finca Raíz cited in the same report showed sale prices climbing above inflation, with increases of up to 13%, as fewer project launches tightened supply. Colombia builds a little over 100,000 homes a year, the report noted, while DANE figures suggest 230,000 to 250,000 new families form annually — a structural gap that the slowdown widens.

Cepeda’s campaign has not publicly responded to the clause, and his published platform is more measured than the business alarm implies. His roughly 118-page plan, built around the idea of an “economy for life,” does propose a larger role for the state, a stronger internal market, and an emphasis on the peasant, popular and solidarity economy. But as La Silla Vacía and El Colombiano have reported, the document is more moderate than several positions President Petro has defended: it does not call for eliminating the independence of the central bank, a constituent assembly, or forced investments, and the campaign has sought to present a more pragmatic version of the current government’s agenda.

The runoff offers voters two markedly different economic visions — Abelardo de la Espriella campaigning to shrink the state, cut taxes and lean on the private sector, and Cepeda proposing deeper state intervention and expanded social programs — which is what the contractual hedging ultimately reflects: uncertainty about which direction policy will take. Cepeda advanced to the second round after the May 31 first round, in which he took 40.9% of the vote to De la Espriella’s 43.7%. With days to go, the market is watching the result and the signals it will send for housing and investment policy.

Cenco Malls (BCS: CENCOMALLS), the shopping center arm of Chilean retail conglomerate Cencosud (NYSE: CNCO, BCS: CENCOSUD), has closed the acquisition of a 51% indirect stake in Plaza Central, one of Bogotá’s largest shopping centers, for $125 million USD. The transaction was completed June 3, 2026, following the fulfillment of all conditions established in the agreement between Cenco Malls’ Colombian subsidiary, Cencosud Col Shopping S.A.S., and Patrimonio Autónomo Estrategias Inmobiliarias (BVC: PEI), Colombia’s largest real estate investment vehicle, which retains a 49% stake in the asset.

Plaza Central, inaugurated in October 2016, is located in the Puente Aranda district of Bogotá, at the intersection of three major arterial roads — Avenida de Las Américas, Calle 13, and Avenida 68 — with direct access to mass transit. The mall serves a predominantly middle-income residential and commercial catchment area, within one of the city’s most active business corridors.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio.” — Sebastián Bellocchio, CEO, Cenco Malls

According to figures reported at year-end 2025, Plaza Central has 204,832 square meters of total built area and 76,520 square meters of gross leasable area (GLA), with occupancy of approximately 95%. The property generated revenues of 79,098 million COP in 2025. The mall holds LEED certification in both Design and Construction and Operations and Maintenance, and has approximately 1,000 solar panels installed.

“We expect this acquisition to have a favorable effect on the consolidated results of the company, incorporating a relevant asset for the region into our portfolio and strengthening the experience we offer visitors to this shopping center,” said Sebastián Bellocchio, CEO of Cenco Malls.

The deal adds a significant Colombian asset to Cenco Malls’ regional portfolio, which currently comprises 41 shopping centers and 1,450,560 square meters of GLA across Chile, Peru, and Colombia. The company was listed on the Santiago Stock Exchange in June 2019 in what was at the time the largest initial public offering in the Chilean market.

PEI, which will continue as a 49% partner in Plaza Central, is Colombia’s largest real estate investment vehicle, with stakes in more than 150 income-generating assets across more than 30 cities. Its equity securities trade on the Colombian Stock Exchange (Bolsa de Valores de Colombia) under the ticker PEI.

Headline Photo: Plaza Central in Bogotá (courtesy Cenco Malls)

Tecnoglass, Inc. (NYSE: TGLS) reported first-quarter 2026 revenue of $249.0 million USD, a 12.0% year-over-year increase and a first-quarter record for the Barranquilla, Colombia-based window and architectural glass manufacturer. Despite the top-line growth, net income fell to $31.9 million USD, or $0.71 per diluted share, from $42.2 million USD, or $0.90 per diluted share, in the same period of 2025, as elevated US aluminum costs linked to import tariffs, mandatory minimum wage increases in Colombia, and a strengthening Colombian peso combined to compress gross margins by 540 basis points to 38.5%.

Multi-family and commercial revenues rose 20.4% year-over-year, driven by continued activity across key markets including geographies beyond Florida, which has historically dominated the company’s US revenue mix. Single-family residential revenues were relatively flat on a year-over-year basis, with management attributing the result to the timing of order conversion into revenue rather than underlying demand, noting that order growth in the segment remained positive into April 2026. On a geographic basis, the US accounted for $237.1 million USD, or approximately 95% of total revenues, up 11.6%. Colombia generated $7.5 million USD, up 17.2%, and other international markets contributed $4.4 million USD, up 27.3%.

Gross profit declined to $95.8 million USD from $97.5 million USD in Q1 2025 despite the higher revenue base. The company cited an unfavorable revenue mix driven by a greater proportion of installation-related revenue, higher raw material costs — with US aluminum tariffs representing an incremental headwind of approximately $6.4 million USD in the quarter — higher salary expenses resulting from annual minimum wage adjustments in Colombia, and the effect of a stronger Colombian peso on costs incurred locally. Pricing actions and operating leverage on higher volume partly offset these pressures.

“We see a clear path to fully offsetting the impact of tariffs in 2027, when full-year pricing across both businesses and incremental automation savings are expected to be realized.” — Santiago Giraldo, Chief Financial Officer, Tecnoglass

Selling, general, and administrative expenses rose to $50.9 million USD, or 20.4% of revenues, from $42.5 million USD, or 19.1%, in Q1 2025. The increase reflected higher personnel costs from annual salary adjustments, peso appreciation, and higher transportation and commission costs tied to revenue growth. The period also included a one-time charge of $2.9 million USD related to Colombia’s *impuesto al patrimonio*, a government-imposed wealth tax levied on large corporations to fund measures addressing recent climate-related events in the country.

Adjusted EBITDA — which excludes non-cash foreign exchange gains and losses, the bad-debt provision, non-recurring charges, and equity-method adjustments related to the company’s joint venture in Vidrio Andino with Saint-Gobain (EPA: SGO) — came in at $61.5 million USD, or 24.7% of total revenues, compared to $70.2 million USD, or 31.6%, in Q1 2025. Adjusted net income was $34.6 million USD, or $0.78 per diluted share, versus $43.1 million USD, or $0.92, in the prior-year quarter.

Cash provided by operating activities was $6.7 million USD, a significant decline from $46.9 million USD in Q1 2025, driven in part by a deliberate build-up of US-sourced aluminum inventories — up $34.3 million USD in the quarter — as part of the company’s tariff mitigation strategy. Capital expenditures of $17.3 million USD reflected scheduled payments tied to previously announced capacity and automation projects. During the quarter, Tecnoglass returned $16.5 million USD to shareholders through share repurchases and paid $6.7 million USD in cash dividends. As of May 7, 2026, approximately $92.5 million USD remained available under the current share repurchase program. The company ended the quarter with total liquidity of approximately $425.0 million USD, comprising $91.1 million USD in cash and cash equivalents and more than $330.0 million USD in revolving credit facility availability, against total debt of $200.3 million USD.

The company’s order backlog reached a record $1.36 billion USD at quarter-end, up 19.1% year-over-year, extending multi-family and commercial pipeline visibility into 2027. Tecnoglass cited continued expansion of its dealer network and showroom footprint as supporting geographic diversification and market share gains, with vinyl product lines identified as an incremental growth driver broadening the company’s addressable market.

José Manuel Daes, chief executive officer, commented on the results: “First quarter results were in line with our expectations, with resilient performance across our key metrics reflecting the continued strength of our vertically integrated business model despite a dynamic cost environment. Demand for our product offerings remains strong, as demonstrated by another quarter of record backlog and healthy order activity, with momentum continuing into the second quarter. Our previously announced pricing actions are now in place, and the broad-based nature of industry cost pressures supports our confidence in executing these increases while preserving our competitive positioning.”

Christian Daes, chief operating officer, addressed the tariff response and the company’s assessment of a potential US manufacturing presence. “Our pricing initiatives and cost mitigation efforts are well underway, including logistics improvements, further automation across our operations, and ongoing supply chain optimization,” he said. “We are also advancing our assessment of a proposed US manufacturing initiative, with a well-located site identified and significant state and local incentives secured that strengthen the project’s potential economics if we decide to move forward based on market demand.”

Santiago Giraldo, chief financial officer, reaffirmed full-year 2026 guidance and outlined the company’s tariff offset timeline. “Based on our strong execution to start the year, we are reiterating our full year revenue outlook in the range of $1.06 billion to $1.13 billion USD and Adjusted EBITDA outlook in the range of $225 million to $245 million USD,” Giraldo said. “This reflects the impact of the recently implemented 10% tariff on finished aluminum window imports as previously disclosed, which is expected to be partly offset in 2026 through pricing actions effective on orders from early May forward, with additional efficiency initiatives from logistics optimization and automation underway and expected to begin contributing benefits by year end. We see a clear path to fully offsetting the impact of tariffs in 2027, when full-year pricing across both businesses and incremental automation savings are expected to be realized.”

On the corporate structure front, Tecnoglass’ board of directors has approved a plan to redomicile the company from the Cayman Islands to the United States, subject to shareholder approval. If approved, the redomiciliation is expected to be completed during Q2 2026. The company stated that the move is intended to simplify its organizational and regulatory structure, improve the tax efficiency of dividend distributions, and expand its potential investor base to include funds and accounts limited to US-domiciled securities. Tecnoglass will retain its Miami, Florida headquarters following the change.

Separately, the company is conducting a feasibility study for a potential new US manufacturing facility. A site meeting project specifications has been identified and substantial state and local tax credits have been secured. The proposed facility is described as highly automated and intended to support future growth while also improving lead times, reducing transportation costs for certain markets, enhancing supply chain efficiency, and enabling the company to compete for Buy America-eligible projects and rapid-turnaround contracts. Tecnoglass expects to complete the purchase of land for the potential facility during Q2 2026, at an estimated cost of $20 million to $25 million USD to be financed through available credit facilities. The company noted that the land purchase does not constitute a commitment to proceed with construction, which would occur in phases contingent on demand, market conditions, and return profiles. The company’s 5.8-million-square-foot vertically integrated manufacturing complex in Barranquilla, Colombia, would continue to serve as its primary production base.

Above photo: Tecnoglass facilities in Barranquilla

Gradual improvement in occupancy rates and rents is expected to continue beyond 2025

Retail space and shopping malls in major markets such as Mexico and Brazil are expected to maintain strong operating metrics, with rent increases at or above inflation, high collections, and stable occupancy rates. In Chile, growth is likely to be modest, reflecting a gradual recovery in private consumption as the labor market improves. In Argentina, growth is anticipated to remain subdued, though an improvement in consumption may provide an upside for mall operators.

For the regional office segment, issuers prioritize higher occupancy over rent increases. Gradual improvement in occupancy rates and rents is expected to continue beyond 2025, although the pace may be moderated by factors such as oversupply and the prevalence of hybrid work models.

Latin American real estate credit profiles exhibit low to moderate credit risk, supported by strong financial health, healthy capital access, and stable net operating income. Sector leverage remains manageable, with adequate liquidity profiles, minimal near-term debt maturities, and significant unencumbered assets, providing a stable foundation despite potential challenges.

Fitch’s Latin America Real Estate Outlook 2025 is available at www.fitchratings.com.

Headline Image: Shopping mall. Photo credit: stevepb from Pixabay.

During a routine immigration checkpoint, Colombian migration officials verified her identity and discovered that she was the subject of an Interpol Red Notice. Upon confirmation, Colombian authorities immediately notified the Metropolitan Police of Cúcuta, who took her into custody and transferred her to the Criminal Investigation Section (SIJIN) in that city.

The filing of the Interpol order involved the Dominican Republic’s Public Prosecutor’s Office, the National Police’s Division of Investigation of Money Laundering and Terrorism (DILAT), and the OCN Office of Interpol Santo Domingo. Ortiz Nova is alleged to be the principal leader of a criminal organization implicated in real estate fraud and money laundering, known as the “Guepardo Case,” which was dismantled on February 7, 2025.

The Guepardo Case involves a criminal organization that allegedly used technological tools and social media to attract victims interested in purchasing real estate in the Dominican Republic

The criminal network reportedly promoted real estate projects, attracting buyers from the Dominican Republic, Puerto Rico, the United States, and Europe. They utilized the branding of RE/MAX, one of the largest international real estate brokerages, to lend credibility to their schemes.

According to the Dominican Procuraduria (Public Prosecutor’s Office), information from the Dominican Republic’s General Directorate of Migration indicated that Ortiz Nova departed for Bogotá, Colombia, on November 13, 2024, during the ongoing investigation. She was expected to return on November 19, 2024, but failed to do so, allegedly to evade legal proceedings. Authorities later determined that she had traveled to Colombia with a stopover in Panama and had no intention of returning.

Claudio Cordero, the Dominican Anti-Money Laundering Public Prosecutor overseeing the case, stated that the Attorney General’s Office will soon provide the necessary documentation to Colombian authorities to initiate Ortiz Nova’s extradition. This process aims to have her face charges related to real estate fraud and money laundering, which have affected numerous victims.

On February 11, 2025, the La Romana Prosecutor’s Office, in collaboration with the Specialized Anti-Money Laundering and Terrorism Financing Prosecutor’s Office, arrested another suspect, Yves Alexandre Giroux. Giroux had fled during a raid on February 7, 2025, and was later apprehended in an exclusive villa in Cocotal, Punta Cana.
Additionally, suspects Marisol Nova Nolasco and Rocío del Alba Rodríguez de Moya have been detained and brought to justice. On February 18, 2025, the Judicial Office of Permanent Attention Services in La Romana imposed coercive measures on Giroux, Nova Nolasco, and Rodríguez de Moya.

The Guepardo Case involves a criminal organization that allegedly used technological tools and social media to attract victims interested in purchasing real estate in the Dominican Republic. Operating under the facade of a company named Novasco Real Estate S.R.L., they offered property projects at prices significantly below market value, enticing buyers who ultimately fell victim to fraud.

Authorities have identified at least 122 victims of this scheme, including 32 foreign nationals. Investigations suggest that the organization deceived these individuals through fraudulent online promotions, illicitly obtaining substantial sums of money. Ortiz Nova’s arrest underscores the effectiveness of international cooperation and stringent migration controls in combating organized crime. Colombian authorities acted immediately upon verifying her identity and discovering an active Interpol red notice against her. She remains in police custody in Cúcuta, Colombia, awaiting extradition proceedings to the Dominican Republic, where she will face judicial processes.

This case highlights the necessity of robust international collaboration to address transnational fraud and the importance of public awareness regarding the risks associated with online transactions involving unverified real estate entities.

Headline Image: Arrest of Loany Lismeiry Ortiz Nova. Photo credit: Colombia National Police.