Valuation check: 235 m² apartment in Bogotá, asking COP 5,658,000,000

I can either work back from three current listings, which may reflect optimistic sellers, or lean heavily on the sole completed sale, which feels too thin on its own. Neither gives me much confidence.

The property is a 235 m², 1-bed apartment in Bogotá at COP 5,658,000,000. It has strong natural light and a good location, but the finishes are dated and I would grade the overall condition as average. The broker’s yield also seems to leave out costs borne by the owner, particularly service charges and any rental-related expenses.

How would you adjust for such an unusual floor area and the refurbishment needed to match a better-finished comparable? I am also trying to identify the detail that matters most here: the completed sale’s exact building and condition, recurring charges, tenure or something else.

With only one completed comparable, I would not apply a blanket percentage for either size or condition. First calculate the subject’s asking level—about COP 24.08 million per m²—then compare the completed sale component by component rather than assuming every square metre has equal value.

The missing fact that could change my view most is the exact micro-location and building quality of that completed sale. Also, does the asking price include parking or outdoor space?

I’d put lease length and service charges ahead of micro-location if this is being valued for rental income. A long or restrictive existing lease, high recurring charges, or costs connected with rental rules could make the broker’s headline yield largely irrelevant even when the completed sale is nearby.

Is the apartment vacant, and can the broker provide an itemised owner-cost estimate rather than just the gross yield?

Both points matter, but the comparables need cleaning up before yield assumptions can settle the value. I’d make a simple table covering exact location, building, floor area, condition, parking, outdoor space, service charges and occupancy. Grade condition by the work actually required, not labels such as “average.” Keep parking and outdoor space separate from the internal per-m² comparison, and treat the three asking prices as context rather than evidence of achieved value. If the completed sale is materially different on several of those items, one sale is not enough to support a narrow adjustment range.