The number of foreign investors looking to buying a property in Colombia has increased dramatically. As tourism has increased in key cities like Cartagena and Medellin, so too has the demand (and prices) for short-term rentals. Thus, acquiring real estate in Colombia is typically considered a long-term passive investment option.
The Medellin real estate market has been on fire for the past decade. Medellin has become one of the world's most visited and fastest-growing cities thanks to its favourable climate, fantastic cuisine, rich cultural activities, and convenient flight connections.
There are a lot of great Real Estate investment options in Medellin, and the returns on those investments are far better than most foreigners are used to seeing. Although experts anticipate a slowing of this market within the next 15–20 years, the time to invest in Medellin is now.
Travelling to exciting, romantic, and adventure-filled cities like Medellin in the winter may be accomplished affordably. Here is the definitive information for anyone interested in purchasing a home in Colombia in 2023.
When Buying Property in Colombia, which Cities Provide the Biggest Potential Returns?
More than 4.5 million visitors visited Colombia before the epidemic, thanks to the increased accessibility afforded by nonstop flights from the United States and Europe. In the event of an epidemic, experts anticipate a rise in the number of visitors.
Cartagena and Medellin are the most popular starting points for tourists, who then travel the rest of the country to see sights like the Caribbean coast and the world-famous coffee zone.
These two locations are prime choices for anyone considering buying a property in Colombia to rent to visitors. Moreover, renting out such a house is easy to do at a fair price if one knows where to look.
Where Should you Look First if you Want to Buy a House or Apartment in Colombia?
Anyone who has travelled to Colombia can witness the country's gorgeous landscapes and friendly locals. Frequently, potential homeowners may pay a visit to the area as tourists before deciding to buy a home there. If you want to focus your search, it's a good idea to first think about the surrounding areas and then talk to a property concierge.
However, the Colombian internet real estate listings market is characterised by poor quality and inaccurate data. Working with a real estate specialist who can keep you updated on new listings in a competitive market like Cartagena or Medellin is in your best interest.
Suppose you've located the real estate of your wishes in Colombia but cannot be present at the time of sale. In that case, the ideal agent will be there to assist you throughout the procedure and negotiate the best bargain possible.
Is the Price of Property in Colombia on the Rise?
Property values in Cartagena and Medellin have undoubtedly increased over the past few years. Both Cartagena and Medellin benefit from a strong economy and real estate market, with prices continuing to climb gradually because of the city's popularity with tourists.
Expect to pay at least $600 million pesos ($160,000 USD) in Bocagrande in Cartagen or El Poblado in Medellin.
Still, vacation rentals are in high demand, especially during peak seasons, when you can count on paying a higher nightly cost for staying in a popular location. A return on investment of 10% or above is possible with suitable advertising and management of the property.
Retirees from the United States, Australia, and many other corners of the world travel to Colombia. They felt completely at ease there; the country is stable, and the people are warm and welcoming. Home and living expenses in Colombia are also lower than in the United States. Think carefully about the cost of living, visa and immigration rules, and where you will live before deciding if retirement in Colombia is for you.