Colombia’s second-largest city, Medellin is a vibrant, modern city enjoying an escalation of tourism and foreign investment.
Hilly mountains with the cool temperament of the forest make it distinctive to invest in Medellin for real estates. Additionally, it offers deluxe lifestyles at affordable prices than North America, and that’s the reason, Medellin real estate market is booming.
Why buy real estate in Medellin?
Medellin has the world's best climate to live in tranquility. Best of all, it has clean water, great infrastructure, a lack of insects, 32 universities, and friendly people.
What is the best neighborhood you can think of settling?
El Poblado :
El Poblado is the second urban center popularly known as Golden Mile (Milla de Oro) because it is the epicenter of the industrial and commercial life of the second-largest economy of Colombia. Pablo has a vintage history tale that brewed in the Medellin with freshly Spanish essence. El Poblado became the place for Medellin’s wealthy residents with studded exclusive tourist area for business, night clubs, and general activities for locals and visitors. El Pablo has the highest level of education in Medellin with several private and government-owned schools and colleges. A safe choice for living or investment, El Poblado also is more expensive than other Medellin neighborhoods.
Population: 132,688
Existing properties cost: 2.921 million pesos ($1,120 USD) per square meter
New apartments cost :4,000,000 to 5,000,000 pesos ($1,534 to $1,918) per square meter.
Envigado:
Envigado is a town located 10kms south of Medellin. Envigado is home to a football (soccer) team called “Envigado Fútbol Club” which plays in the Colombian first division. Football boasts a great and modern industry, with manufacturing as its main economic activity. The rural Envigado was inhabited by wealthy Spanish families, which lived in prosperous residences that produced nourishment for Antioquia for about 150 years.
Population: 232,900
Existing properties cost :2.671 million pesos ($1,024 USD) per square meter
New apartments cost:1,300,000 pesos ($499) per square meter to over 4,000,000 pesos ($1,534).
Laureles-Estadio:
It is another popular neighborhood for foreigners living in Medellín after Wl Pablo. It is less expensive than El Pablo and contains the second-highest income level in Medellín. It is mostly residential, with businesses that are small-commercial. You’ll find everything you need to live here and it also retains a nice neighborhood.
Population: 122,972
Existing properties costs: 2.226 million pesos ($854 USD) per square meter, which is 31.2% less than El Pablo
New apartments : 2,800,000 to 4,000,000 pesos ($1,074 to $1,534) per square meter.
Belen :
Belen is a neighborhood that is slowly surging in the real estate market and becoming popular among foreigners in Medellin. It is considered a middle-class area so it is affordable to buy houses and properties. It is located in the west of the Medellin River.
Population: 197,493
Existing properties costs: 2.172 million pesos ($833 USD) per square meter
New apartments costs : 2,800,000 to 4,000,000 pesos ($1,074 to $1,534) per square meter.
Terms to apply :
International citizens are allowed to purchase property in Medellin but there is the process of buying such as a passport is compulsion in foreign investment and residency isn’t required to buy real estate but it has to qualify the Columbian investment visa.
Depends on New Or Old Infrastructure :
There are high-quality and well-located older buildings consist of large spacious bedrooms (usually three to five), lots of parking, and an abundance of storage space, but it is often amenity-poor with high administration fees which can affect the demand as a rental and some brokers of older buildings are taking minimum 6-12 month rental periods to avoid the stay of short-term. Nextly, the Newer building has a long list of amenities such as pool, gym, sauna/Turkish bath, jacuzzi, floor to ceiling views, open kitchens, modern layouts, and finishings, etc but, newer buildings come with higher rental prices as well casas lujo
Neighborhood Matters :
Also, new construction project prices vary by neighborhood. For example, new construction on average was 36.9 % lower in Sabaneta, 35.3 % lower in Belén, 22.9 % lower in Envigado, and 12.2 percent lower in Laureles-Estadio. This demonstrates pricing differences between neighborhoods.