Language(s): Spanish (Official)
Area: 1,141,748 km2
Population: 46,366,364 (2012)
GDP (PPP): 2011 estimate
Total: $471.964 billion
Per capita: $10,248
The Republic of Colombia is in northwestern South America. It is bordered by Venezuela and Brazil to the east, Ecuador and Peru to the south, Caribbean Sea to the north, Panama to the northwest, and the Pacific Ocean to the west. It has the second-largest population in South America, and the 29th largest in the world.
House prices in Colombia rose strongly in 2010, boosted by a peaceful transition to a new president, and generally bright economic prospects. House prices market are expected to continue rising in 2011, aided by Colombia's investment rating upgrade in March to investment grade. In 2010, average house prices rose 9.25% (6.38% in real terms). As a result of Colombia's surging economy, there was a 3.2% rise in CPI in Q1 2011, but this was still within the central bank's 2% to 4% target.