UPDATE Before moving onto Medellin real estate, please do consider that the global economy and real estate markets have changed drastically over the last two years. Therefore and naturally, perform your own due diligence thoroughly.
Medellin real estate continues to interest a lot of people and therefore,. we wish to improve our information on this topic both by doing further research and inviting you to share your insights.
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My wife and I have bought an apartment here in El Poblado where we live and are considering a second or even third apartment to rent out, but do not wish to apply for a mortgage for two reasons; interest rates are too high and prices are still at a level where buying outright is an option.
Prices vary depending on location of course but are also sensitive to administration costs and the age of the building. There is a definite liking for newer apartments and anything older than 10 years is going to be cheaper than newer neighboring buildings.
Recommended areas to consider are El Poblado, Envigado, Laureles and Belen due to safety, amenities and possibility for rental.
Depending on the area of town - sensible for buying real estate – prices vary between roughly 1 – 4 million Colombian pesos per square meter or per ca. 10.76 square feet (USD500 – 1000/m2)
As of June, 2008, newer apartments under construction are being sold for as much as 4 million Colombian pesos (COP) per m2 in El Poblado and 5-year old apartments are going for up to 3 million COP. These are bubble-like tendencies and personally, I think prices will head lower, perhaps significantly, before the financial crisis eases.
Londoño Gomez is the largest for Medellin real estate, both for sales and construction. I have purchased another two condominiums from them. They know the process of investing from abroad and the necessary steps to take, such as acquiring an investor's visa for example.Visit them at:
www.propiedad-raiz.com
Coninsa & Ramon H. are the largest company for rentals in Medellin but also very good as realtors, are well-established, familiar with the implications of dealing with overseas customers, and very professional. I bought my apartment through them, was very satisfied and plan on using them again. They are especially good at helping you find what you are looking for.
Visit them at:
www.coninsa.com.co/
Things to look for are low administration costs, parking spaces, age of building, location of course, but also in terms of noise levels – in other words, not being close to a trafficated road. Balconies are a must but remember that the sun is warm down here. Is the storage space (cuarto util) sufficiently sized, are the fittings of good quality, do you like the view? There are a number of wonderful apartments here and this is not New York, so you have time to look around and make a careful and well deliberated decision.
Stay tuned as more updates and information on real estate in Medellin is coming.
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Living in Colombia
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The best place to buy a home or apartment in Colombia is Medellin Envigado, this will be in a couple of months when the united states weak dollar bounces ...
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