America News Agency

Colombian President Petro said that the constitutional requirement is a competitive market.

Stating that the purpose of state regulation is not to index profits to a living wage, Petro said: “This must change immediately. Management fees are determined by homeowners’ associations, and building and residential site management companies must present various offers from security companies.”

Petro said that the value of housing production consists of the total of land and rental costs in addition to material and labor costs in production, and therefore the appreciation of the peso also affects the value of imported goods whose prices are declining.

Petro stated that the Ministry of Trade needs to review its tariff policy with regard to housing costs.