Over the past two years, we’ve been highlighting Colombia as a place where U.S.-dollar-holders have increased buying power.
Now that currency advantage has gotten a whole lot bigger…
Between a drop in oil prices (Colombia’s bread and butter) and the coronavirus threatening the economy, the Colombian peso has taken another dive against the greenback.
Just one month ago, a dollar would have gotten you about 3,400 pesos. At today’s exchange, you’re getting closer to 4,000 pesos to your buck.
For expats in Colombia earning income in U.S. dollars, that’s a nice raise…
As a property buyer, this recent devaluation can mean thousands of dollars in savings.
In one development we know in Cartagena—one of the most popular cities in Colombia for North American visitors—your three-bedroom home in a brand-new development comes with a currency discount of US$10,000…
But you’re not just getting a great deal in monetary terms…
You’re getting a great deal in a place where you could live an enviable lifestyle part or full time… or—when we’re all free to travel again—earn as much as 15% in rental yields in one of Latin America’s top tourist destinations…
I’ll give you more details on this project in a moment. But, as it’s been some time since we covered Cartagena, let’s first recap on what this Colombian city—renowned as the jewel in Colombia’s crown—has going for it…
What’s So Great About Cartagena?
Cartagena is a branded city. It’s recognized the world over and ranks among one of the world’s treasures.
In a nutshell, Cartagena…
- Is a UNESCO World Heritage Site—one of the few remaining walled cities in the world. The downtown sectors of Cartagena—those inside the wall—are in a state of preservation that’s unlike any other colonial city in Latin America. Almost 100% of the colonials have been restored and are well-maintained. People come from all over the world to admire them and enjoy the atmosphere they create.As a result, Cartagena’s tourist infrastructure is excellent, with small boutique hotels, plenty of luxury lodgings, interesting shops, cheerful sidewalk cafés, and loads of fine dining. No surprise then that this city is one of the most visited spots in Colombia.
- Is part of the Caribbean.Cartagena stands out from the rest of Colombia. It’s more like being at an exotic Caribbean beach resort destination than in part of South America. Here you can enjoy numerous water activities, from boating and jet skis to scuba diving and deep-sea fishing.
- Has a First World environment.Cartagena has dependable phone service, electricity, and high-speed internet. You’ll find plenty of shopping options from mom-and-pop stores to upscale boutiques… as well as several large, modern shopping malls. The banks and financial services here are solid and dependable.
- Is ideal for snowbirds.As a major tourist attraction, Cartagena has a substantial transient expat community. But the city also has a growing snowbird set who flock to the city to escape the snow during winter months back home. Though it was the first city in Colombia to attract North American expats, today the permanent expat community is smaller here than you’d find in the much larger cities of Bogotá and Medellín.
- Comes with easy access to the United States.There are currently several daily direct flights to Cartagena from Atlanta, Fort Lauderdale, Miami, and New York (JFK).
- Has a real estate market that is active and undervalued.There’s a well-organized real estate industry in Cartagena with a fairly generous inventory of quality properties. Construction standards are high—even in older buildings—yet prices are lower than you’ll find in many Caribbean markets… an amazing value when compared to Cartagena’s quality of life and amenities.
Now, let’s get down to how you can own—and profit from—a property in this romantic city…
Welcome To Guacamayas—A Master-Planned Community In Colombia’s Caribbean
Less than five miles out from the center of Cartagena, you’ll find the Guacamayas community. It consists of just 27 properties, but is part of a larger master-planned project from a developer we’ve worked with for many years.
At Guacamayas, you’re getting a high-end home with a lawn in an attractive neighborhood. This quiet community borders the area’s best country club, and when finished, it will have its own swimming pool, walking paths, a nature trail, and bike routes.
One month ago, a 125-square-meter house here would have cost you US$148,390… but, thanks to the fall of the peso, it comes to you today for just US$138,557… that’s a saving of more than US$9,800 (which would cover more than a few flights down to Cartagena)…
This, by the way, is an exclusive pre-construction price for LIOS readers… giving you an advantage over the average buyer…
A further benefit of investing in this market is that you’re not depending on international tourism. Colombia’s growing middle class is attracted to Cartagena. Families come here to vacation. And young professionals want to live and work in this city that offers a vibrant social life. These locals don’t want to pay the gringo prices that dominate the hotel and rental game here…
Our Colombian developer has stepped in to target this local demographic. As an investor, you stand to profit.
Renting out your home will be hassle-free… The developer will provide turn-key property management using the same proven setup they use for their other properties.
And, again, projected rental income is 15% net per year.
Ten of the units have already been sold… so, at time of writing, just 17 remain. And, with the currency saving of US$9,800 on offer right now, I expect they won’t last long.
Lynn Mulvihill
