Why Colombia Real Estate?
Growing numbers of expats and tourists are attracted by the high-quality, inexpensive lifestyle possible in Colombia, as well as its beautiful scenery and welcoming, friendly people. Not to mention very affordable Colombia real estate prices. (Scroll down to see Colombia real estate listings.)
- Mountainous, subtropical Medellin gives you weather that has been called “Eternal Spring”.
- Tropical coastal Cartagena attract those seeking warm weather, beaches, islands, and boating.
- Highly developed and well-connected, Bogota attracts business investors.
- Colombia’s Investment Visa is an easy and relatively inexpensive route to permanent residency.
Colombia Real Estate Market
We have expert Colombia real estate brokers in Medellin and Cartagena. Please contact them for prices of real estate for sale in Colombia, property for rent, as well as current rental rates.
While the economy has grown steadily at around 4% a year, home and apartment prices have risen rapidly since 2006.
Cartagena and Medellin has seen highest increases, while Bogota prices have risen most, according to Colombia’s Banco de la República.
[Source: Banco de la Republica- http://www.banrep.gov.co/en]
Colombia Property Investment, Taxes and Doing Business
- Buyer’s costs run approximately 1.7 to 3.2%
- Total real estate transactions costs: 6.8-8%
- International investors can buy and sell property investments on the same basis as Colombians.
- Both rental income and capital gains are taxed as ordinary income, at a 33% flat rate for nonresidents.
- Property taxes are assessed on the value determined by the municipality at locally determined rates from 0.4% to 1.2%.
- Standard rental contracts are for one year, renewable for the same.
- Both landlord and tenant must give three months notice to terminate a contract before its end.
- The terminating party must pay the other the equivalent of three months rent to terminate.
- Laws tend to favor the landlord if eviction is necessary, but legal proceedings can take more than a year.
Colombian Property Investment Visa
- For property investments, Colombia requires an investment that is more than 350 times the current legal minimum monthly salary in Colombia.
- In Q1 2017, that means property purchased for more than 215,600,000 Colombian pesos, or just US$125,000 at 2,900 pesos per USD.
- The investor visa is issued for one year, permits multiple entries into Colombia and can be converted to a resident visa after five years.
Real Estate Markets and Market Information in Colombia
- Bogota Property Market – National capital and largest city (population 8.7 million). At 2,640 meters (8,660 ft) above sea level, temperatures are cool and weather often cloudy and rainy and the altitude requires physical adjustment. Modern, first-world amenities include the international airport that make it a convenient connecting point and place to do business.
- Medellin Real Estate – Second largest city with nearly 3.7 million people, warm temperatures moderated by the altitude of 1500 meters (4,921 feet). Built in a valley bisected by a river with mountainside neighborhoods, the city is a business hub with beautiful views and tropical vegetation. The condos, houses, and apartments are very well priced in Medellin. Please see more information about and listings for real estate in Medellin.
- Cartagena Real Estate – Caribbean port city 1 million inhabitants, whose colonial charm and government tourism promotions attract international tourists at a rate that has increased by an estimated 15% or more in recent years. Resort condos and apartments are very attractively priced here making for an excellent vacation rental investment market. Please see more information about and listings for real estate in Cartagena.
- Colombia Real Estate Investments – There are a variety of ways to invest in Colombia real estate. From condos in Medellin, to vacation rentals in Cartagena, to agricultural and farmland investments across the country. Such as this Colombia farm investment in cattle, coconuts, and timber.
Living in Colombia
Colombia today has changed dramatically from the years when political and drug-related violence made it dangerous for foreigners and Colombians alike.
The cities are largely safe and clean, with upscale neighborhoods and beautifully restored historic and public areas.
Foreigners steer clear of the less accessible areas of the country, where the violence continues to be a problem, and enjoy a high quality of life in or near major cities and occasionally in the coffee growing region.
Location and Geography
Colombia is the northwestern-most country in South America, and the only one with both Pacific Ocean and Caribbean coastlines.
The Andes mountain range runs north and south , dividing into three ranges that comprise the central and most populated region of the country. The coastal lowlands are humid and tropical, while the highlands range from temperate to cool.
- Central: Andes region, with most populated cities and development.
- North: Caribbean coastal region, home to several major ports.
- West: Pacific coastal region, much less populated except for the port of Buenaventura.
- East: Fertile plains used for cattle ranching, ricing farming, and mineral, oil and gas extraction.
- Southern: Part of the Amazon River jungle, lightly inhabited and largely inaccessible with little infrastructure.
[Source: For More Information – Wikipedia Colombia]
What to do next if you are interested in Colombia Real Estate
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Feel free to browse through our Colombia real estate listings below, or for more information about investment property in Colombia contact us now.