If you are looking to buy or sell overseas property in Colombia , then you may want to read this article. Colombia is a country that has had a very troubled history. It has fought drug trafficking and terrorism for many decades now, which is why for long, most foreign investors have been wary of buying properties there.
A number of things have happened in Colombia recently, which have improved the security situation considerably. Colombia has a stable and fast growing economy and has one of the hottest real estate markets in South America. It is indeed a shining light in a continent where most countries are struggling with economic recessions and political turmoil.
Colombia’s real estate market is hot. As Rich Holman of First American Realty Medellin says, “Colombia is poised for the greatest move of any country in Central or South America. We’re going to blow Panama and Costa Rica out of the water.”
Where can you find the best properties for sale in Colombia? There are so many beautiful cities in Colombia, such as Cartagena. Cartagena has experienced rapid economic expansion, has a favorable exchange rate, a fast growing middle class and an ambitious start-up culture.
The same could be said about Bogota, the capital of Colombia. Indeed, Facebook recently organized a town hall meeting in Bogota, which was broadcast all over the world.
Real estate agents based in Colombia say that they are excited by the increasing number of enquiries for properties in that country coming from overseas. Sam Miller, a local real estate agent says, “We can see a tidal wave that’s coming”. He has every reason to be happy about what’s happening in his country.
So why buy real estate in Colombia online? Well, for one, Colombia has been out of the loop for so long that the property market here is really very cheap. Since Colombia was isolated for decades, and the property prices are tied to the peso, there are still no sudden inflows or outflows of capital. This means home prices here are very low.
It helps that the fundamentals of the Colombian economy are very strong. It’s just the perfect place for retirement homes. The climate is excellent and the cities are rich in culture. You can expect property prices in Colombia to grow at least at 4% a year for the next decade, which is excellent when you consider the slowdown in the rest of South America.
Some of the neighbourhoods in Colombia are very popular, such as El Poblado in Medellin. Sam Miller says, “It’s the Manhattan of Medellin. It’s the most developed and tourist friendly, and that’s where most people want to be.”
“If you’re an entrepreneur, it’s a city that’s starting to catch up and come up, after being held back for a long time. With a growing middle class and one of the largest English-speaking population in Latin America, there are opportunities,” Miller adds.
Barranquilla is a major financial and trade centre and Cartagena is a popular destination for local and international tourists. There is certainly a lot of excitement in Colombia, and that is good to see.