The Colombia Real Estate and Property Market
The market for real estate in Colombia is mature, active, and undervalued. There’s a well-organized real estate industry here, with a generous inventory of quality properties. Construction standards are high—even in older buildings—yet prices are lower than you’ll find in most markets in the hemisphere… an amazing value when compare to the quality of life offered. Prices for Colombia real estate are still an absolute global bargain. Costs of getting in are low, and demand is growing at an accelerating rate. The rental market is active and profitable, and you don’t even have to be a resident in order to purchase property here.
Real estate in Colombia this country is priced in pesos, meaning you have to contend with the exchange rate, which fluctuates daily. Also note that a number of bureaucratic restrictions are in place. As an expat in Colombia, you would need to be prepared to navigate the system.
Colombian real estate is subject to municipal taxation, which is usually levied at rates within a band based on the value of property without regard to the number of owners or the taxpayer’s personal wealth.
Foreigners cannot own within 2 kilometers of international borders or within 2 kilometers of the coast.
Where to buy Real Estate in Colombia
When buying Colombian real estate, there are a certain locations which present the best opportunities for lifestyle, investment, and rental income. Here are a few recommendations:
Bogota has a subtropical, spring-like climate with dry warm summers and winters that are mild. Sitting high along a plateau of the Andes, the average annual temperature is 58 °F (14.5 °C). Bogota, expected to reach a population of 25 million by 2038, is the fastest-growing major city in Latin America. The city is divided into 20 districts, with the higher-end real estate options centered in the north and northeast, and middle-class housing concentrated in the west, northwest, and center.
Medellin, often referred to as the city of eternal spring because of its pleasant, springlike climate, has an average annual temperature of 72°F (22°C). Medellin is a particularly fantastic investment for a second-home buyer, especially now that expats are bypassing the well-worn snowbird haunts like Arizona and Florida, for the romance, excitement, and affordable high-end lifestyle in Colombia.
Santa Marta has a tropical climate year-round. Cool evening breezes from the sea and breathtaking sunsets make Santa Marta a very attractive option for anyone looking to own a second-home or live in Colombia. The ares of Bavaria, Buenavista, and Jardin are home to much of the Santa Marta housing development, both high-end and residential.