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Home Real Estate

Property Investment In Medellin

Kathleen Peddicord by Kathleen Peddicord
May 22, 2013
in Real Estate
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Investing In Medellin, Colombia
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Steady Appreciation And Double-Digit Net Yields– Why This Is One Of Our Favorite Property Markets Worldwide

American Rich Holman made his full-time move to Medellin, Colombia, six years ago.

“Being a gringo in Medellin is sort of cool,” he reported to the group assembled for our Live and Invest in Colombia Conference in Medellin last week. “The locals here, the paisas, as they’re known, they like us. They’re friendly, accommodating, protective, considerate, warm, and engaging.

“Their city is their biggest source of pride. If you want to bring a big smile to the face of any paisa, just tell him how much you appreciate and enjoy his city and culture.

“Outside El Poblado (Medellin’s central zone), gringos are still a bit of a novelty, so we stand out. But in a friendly way.

“My best advice for any gringo interested in spending time in Medellin is to respect the culture and to be polite. Preface any conversation with a local, even in business, with ‘como estas?,’ ‘que tal,?’ ‘que mas?,’ or the like. You’ll come across as arrogant and unfriendly if you don’t.

“For me, one of the best things about living in Medellin is the weather. You have one season: springtime. We’re at 4,300 feet and near the equator, so temperatures are consistently 72 to 80 degrees Fahrenheit with low humidity. Your main dressing decision is whether to wear a short-sleeved or a long-sleeved shirt.

“At this altitude, bugs are almost nonexistent, hence no screens on windows or porches. The city is amazingly clean, even in the poor areas, no dirty bathrooms, no rotting garbage or litter in the streets, no animal feces…

“Five of the top-rated 35 hospitals in all South America are in Medellin. Plus, the cost of health care here is about one-third the cost in the States.

“Transportation is affordable and efficient. Plenty of taxis (the average fare is US$3 to US$5) and lots of buses (fares around 70 cents). The aboveground Metro, which traverses north to south and east to west, is spotless, completely sans graffiti. The cost of a ride is about US$1.20.

“Medellin has a great educational system, with more than 32 colleges and universities, almost as many as in Boston. There is a tremendous sense of community. In almost all 60 of Medellin’s barrios (neighborhoods), on any given evening or weekend, you’ll find friends and families sitting at small outdoor bars and restaurants and on their front porches enjoying themselves, always laughing and smiling.

“If you like to party, you will have trouble keeping up with the paisas. Their energy for entertainment is inexhaustible.

“I think at least some of their energy comes from their city. This place has a vibrancy about it, a great positive energy. It just feels good to be here.

“This is an emerging economy. That translates to tremendous opportunities for entrepreneurs willing to put up with some negatives and some challenges. Speaking as one who has been running a business here for a few years, I can tell you that it isn’t an easy thing. However, I believe I’m investing now to position myself for the wave of growth I see coming.

“There are reasons why the world’s largest computer manufacturer, the world’s richest man, and the United States’ largest private real estate investor all have this year announced business operations in Medellin and Colombia.

“I’m in the real estate business,” Rich continued for the crowd in the meeting rooms of the Estelar Hotel in Medellin last week. “Right now, real estate in Medellin, on a cost-per-square-meter basis, is the least expensive of any cosmopolitan city in the world. That alone is enough to get my attention. Layer on top of that critical current reality all the many other advantages and benefits of this city, and it’s not hard to understand why I’ve chosen to restart my life here.

“Colombia continues to suffer a stigma thanks to its past problems. There’s still a lot of ignorance in the international community. Which explains why foreigners still represent less than 1% of residential real estate buyers in Medellin.

“This is changing, though. And the rate of change is accelerating. Which is part of the reason property prices in this city continue to rise steadily; values are up 5% to 7% over the past 12 months, a solid and healthy rate of growth for the property owner. And rental cash flow can net you double-digit yields, if you buy right.”

Kathleen Peddicord

 

Continue Reading: El Retiro For Small-Town Living In The Hills Outside Medellin, Colombia

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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