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Join our Travel Forum. You will find the latest visitor photos and discussions for travel to Medellin, Colombia.
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Last Updated:08/29/08
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We hear it often, "I wish I had bought Medellin property three years ago!"
If you had, you would be 24% to 30% ahead in your investment value.
Yes, Medellin is experiencing a building boom in both residential and commercial construction. As of October, 2007, there were 145 high rises under construction in Medellín, including 29 being approved, and 25 being proposed
There are more high rise construction projects underway and approved in Medellin than NY, Philadelphia and Los Angeles combined;
Both new and existing condo, home, apartment and commercial office space is in high demand.
Prices are still well below US standards. Asking prices are in the $90 to $125 per square foot price range for upper scale properties in the Poblado area. Much less in other areas. Ask to offer price is usually in the 80% to 90% range. Final sales price is based upon your negotiating skills and what you can get them to include. Sometimes sales include everything but their personal belongings.
While we do not claim to be experts on the subject, here are a few things you should be aware of before you buy;
Some FAQ's:
Can I buy property as a foreigner in Colombia? Yes!
Can I own the land as well as the structure? Yes (except in condos and apartments where common areas are co owned by all residents. Just like in the states).
How do I know if it is a good price? You have to do your homework. Look at many different places. Document price ranges per Sq. meter and get a feel for the range of prices in a particular building or neighborhood. They do not have MLS types of Comps. available. Properties in more upscale neighborhoods will be more expensive per Sq. meter. (10.761 Sq Ft.)
Can I get Title Insurance? As a rule, no. It is advised to hire a competent local English speaking Real Estate Attorney to handle all closings and ownership searches. The closing will be conducted at a local Notary office who also has the responsibility to make sure the property is unencumbered from any taxes or outstanding debts (like Condo service fees) and that the registered owner is making the sale.
Can I get financing? Again, as a general rule no! (there are a few companies in the US offering financing on new construction but the interest rates are terribly high).
If I can't get financing, how do I pay? Usually with a wire transfer to the owners bank account for the full amount of the purchase.
What are the Realtors fees? Generally 3%.
Who pays the realtors fees? Depends on whether the realtor is serving as a buyers or sellers agent. Ask first.
How much are monthly Administration fees? Normally, the more units in a complex, the lower the monthly administration fees. This is paid to cover common expenses like security, grounds maintenance, external building maintenance, taxes etc. You can epect them to increase annually.
What are the general offer to asking price ranges? Generally, offers are 0 to 20% below the asking price. Negotiations begin from there.
What will the owner leave behind? Usually you have to negotiate for everything including appliances, window treatments, light fixtures etc. We have heard of owners taking everything including light bulbs, hot water heaters, jacuzzi motors, curtains/drapes and more. Make sure the owner agrees to include an itemized list of the items you want left behind.
I don't speak Spanish. Are there any bi lingual realtors in town that could help me? Yes, there are a few.
Will the contracts be in Spanish or in English? In Spanish for the ones that get formally recorded at a local notary. Your attorney should provide you a copy in English. You can confirm the accuracy of the document translation through a local translation service if desired.
If you had, you would be 24% to 30% ahead in your investment value.
Yes, Medellin is experiencing a building boom in both residential and commercial construction. As of October, 2007, there were 145 high rises under construction in Medellín, including 29 being approved, and 25 being proposed
There are more high rise construction projects underway and approved in Medellin than NY, Philadelphia and Los Angeles combined;
Both new and existing condo, home, apartment and commercial office space is in high demand.
Prices are still well below US standards. Asking prices are in the $90 to $125 per square foot price range for upper scale properties in the Poblado area. Much less in other areas. Ask to offer price is usually in the 80% to 90% range. Final sales price is based upon your negotiating skills and what you can get them to include. Sometimes sales include everything but their personal belongings.
While we do not claim to be experts on the subject, here are a few things you should be aware of before you buy;
Some FAQ's:
Can I buy property as a foreigner in Colombia? Yes!
Can I own the land as well as the structure? Yes (except in condos and apartments where common areas are co owned by all residents. Just like in the states).
How do I know if it is a good price? You have to do your homework. Look at many different places. Document price ranges per Sq. meter and get a feel for the range of prices in a particular building or neighborhood. They do not have MLS types of Comps. available. Properties in more upscale neighborhoods will be more expensive per Sq. meter. (10.761 Sq Ft.)
Can I get Title Insurance? As a rule, no. It is advised to hire a competent local English speaking Real Estate Attorney to handle all closings and ownership searches. The closing will be conducted at a local Notary office who also has the responsibility to make sure the property is unencumbered from any taxes or outstanding debts (like Condo service fees) and that the registered owner is making the sale.
Can I get financing? Again, as a general rule no! (there are a few companies in the US offering financing on new construction but the interest rates are terribly high).
If I can't get financing, how do I pay? Usually with a wire transfer to the owners bank account for the full amount of the purchase.
What are the Realtors fees? Generally 3%.
Who pays the realtors fees? Depends on whether the realtor is serving as a buyers or sellers agent. Ask first.
How much are monthly Administration fees? Normally, the more units in a complex, the lower the monthly administration fees. This is paid to cover common expenses like security, grounds maintenance, external building maintenance, taxes etc. You can epect them to increase annually.
What are the general offer to asking price ranges? Generally, offers are 0 to 20% below the asking price. Negotiations begin from there.
What will the owner leave behind? Usually you have to negotiate for everything including appliances, window treatments, light fixtures etc. We have heard of owners taking everything including light bulbs, hot water heaters, jacuzzi motors, curtains/drapes and more. Make sure the owner agrees to include an itemized list of the items you want left behind.
I don't speak Spanish. Are there any bi lingual realtors in town that could help me? Yes, there are a few.
Will the contracts be in Spanish or in English? In Spanish for the ones that get formally recorded at a local notary. Your attorney should provide you a copy in English. You can confirm the accuracy of the document translation through a local translation service if desired.
Thinking about buying property in Medellin?
English Speaking Realtors in Medellin
First American Realty Medellin
Calle 5 Sur No 25 - 181 Ste 1001 El Poblado, Medellin
US Landline 954 363 1169
Medellin Cell Phone 57 314-863-0621
Medellin Office Phone 57 4 311-6020
First American Realty Medellin
Calle 5 Sur No 25 - 181 Ste 1001 El Poblado, Medellin
US Landline 954 363 1169
Medellin Cell Phone 57 314-863-0621
Medellin Office Phone 57 4 311-6020
4Br 4 Bath Club Campestre Home
Spectacular El Penol Finca
San Jeronimo Finca
Fredonia Finca
3Br 2Ba Belen pre Construction
Poblado Penthouse with Private Roof Top Pool
Newly Remodeled Poblado Penthouse
Incredibly Priced El Poblado Penthouse
4 Bedroom 4 Bath Laureles Penthouse
2 Bedroom El Poblado Apartment
Ultra Modern El Poblado 2 Bedroom
El Poblado 2 Level 5 Bedroom Penthouse
Laureles 2 Level Penthouse - Owner Anxious
Brand New 3 Level San Remo Penthouse
Ultra Modern Turnkey Castropol 13th Floor Penthouse
Casa Clara 2 Level Parque Lleras Penthouse
2 Level 4 Bedroom Laureles Home
2 Bedroom 2 1/2 Bath El Pobldo Condo
3 Bedroom 360 Sq. Meters Medellin Penthouse Dandy
4 Bedroom Medellin Penthouse Below Market Value
The Ultimate Medellin Penthouse Bachelor Pad
3 Bedroom Castle in the Sky Medellin Penthouse
2 Br 3 Ba Large El Poblado Apartment
3 Br 3 Ba + Den Parque Lleras Apartment
3 BR 2 Ba El Poblado Penthouse
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Featured Property: Santa Marta Penthouse Breathtaker
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