There has been a recent uptick in interest from overseas buyers interested in purchasing real estate in Colombia. Demand (and rates) for short-term rentals have risen in recent years as tourism has flourished in key destinations like Cartagena and Medelln. Therefore, the purchase of real estate in Colombia is currently seen as a potentially rewarding passive investment opportunity.
But what is the procedure for purchasing real estate in Colombia? It’s not just your vacation that benefits from Two Travel’s availability. If you’re an international client interested in purchasing a home (turnkey, remodel, plot) in your preferred city in Colombia and having it professionally managed, we can help.
To further enhance our real estate portfolio and expertise, we have teamed with property concierges. Our concierge staff works hand in hand with lawyers, notaries, tax and visa experts. There never has been a better time to sell property in Colombia to overseas investors.
In this article, we will show you the ropes when it comes to purchasing real estate in Colombia.
In what cities in Colombia would you recommend purchasing a home?
With direct flights from the United States and Europe, over 4.5 million people visited Colombia right before the pandemic, and as the pandemic eases, we are seeing those numbers rise again.
The majority of visitors use Cartagena and Medelln as a jumping-off point to visit other parts of Colombia, particularly the Caribbean coast and the renowned coffee zone. Both of these cities are excellent options for those considering a holiday rental property purchase in Colombia. And with services like AirBnB, it’s simple to rent out the space at a competitive rate.
Is there an upward trend in Colombian real estate prices?
Cartagena and Medellin, Colombia, both have appreciating real estate markets. Cartagena and Medellin, both renowned tourist locations, boast thriving economies and real estate markets, with prices continuing to rise steadily.
Properties in the Bocagrande and El Poblado tourist areas of Cartagena and Medelln, respectively, will set you back at least $600 million pesos ($160,000 USD). Vacation rentals, on the other hand, are in high demand, especially during peak seasons, when you may expect to receive a premium rate for staying in a popular area. If you do a good job of managing and marketing your rental property, you could see a return on investment of 10% or more.
To whom may I direct questions regarding the acquisition of real estate in Colombia?
If you’ve ever been to Colombia, you know how wonderful the people and the weather are. Many home buyers first visit a region as visitors. The best way to identify a suitable home is to first explore the neighbourhoods under consideration, and then consult with a property concierge, such as us.
Colombia’s online real estate listings platforms are subpar, with often inaccurate or out-of-date listings. If you’re looking for a home in a hot market like Cartagena or Medelln, it’s a good idea to work with a property concierge who can alert you as soon as new listings become available.
Once we’ve found the investment property of your dreams, we’ll be here to walk you through the rest of the process and negotiate the best price possible, even if you can’t be there in person.
If I want to buy a house in Colombia, do I need to know Spanish?
Although knowing Spanish can help you get ahead in the business world in Colombia, a guide and lawyer who speak both Spanish and English will be invaluable to you in your property purchase. If you are not a native Spanish speaker and an expert in Colombian property law, contracts and legal procedures can be challenging to understand. When it comes to foreign investment in real estate, the lawyers we work with are unrivalled authorities.
Is a visa required to purchase real estate in Colombia?
Actually, you don’t. However, the purchase of real estate in Colombia may qualify you for an investment visa.
Is there anything more I should know before purchasing a home in Colombia?
The buying procedure is frequently lightning fast. In as little as one week, you might be the proud owner of a new piece of real estate! Because of this, it is crucial that the necessary legal checks be made on the property titles and construction rights before breaking ground. When it comes to remodelling and renovation, we may also offer our expert opinion.
Unlike in many other nations, the buying process in Colombia is very different. Neither Escrow nor title insurance is provided. Before any contracts are signed, our attorneys will do the necessary title and background checks to ensure everything is in order under applicable real estate legislation.
When buying real estate in Colombia, you’ll have to fork over a few bucks in taxes and fees. Commonly, the costs are 1.65% of the home’s value. We promise to be transparent about all costs at all times. Contact us today to buy or sell property in Colombia fast online.
