ABSTRACT
Remittances sent home to Colombia by its emigrants across the globe have grown rapidly since the 1990s, reaching a record level of $4.8 billion in 2008. In the past years, a concern in policymaking circles has been that a large percentage of these transfer flows are not being invested productively, since they are earmarked for the daily consumption of family members. However, since 2004, emigrants have been purchasing real estate in Colombia, which has created a buzz regarding the possibility that remittances may be channeled into productive endeavors. Many Colombian construction companies and banks that are in the business of selling homes to emigrants living abroad have been reaching out to expatriates in order to leverage new business deals. Just as treasure seekers found the guacas (bounties) hidden in Indian tombs, Colombian businesses are finding new clients hidden in other countries. This chapter will review the sale of homes in Colombia via the use of remittances, a practice that clearly confirms emigrants' transnational ties.
