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Absolutely! Foreigners can buy properties with just their passports. They require a colombian bank account in order to send funds into the country.
Not all banks are easy to deal with if you're a foreigner. We suggest getting in touch with our team to assess the best banking alternative for your needs, as different brands have different requirements.
You need to consider closing costs (around 1.8% of commercial value), around $1,500 USD of legal fees, a 0.5% transfer fee (of the total transferred amount) and around $100 USD for registration fees. Commission is paid by the seller, so you don't need to worry about that.
Depends on your goals. If your goal is to make money, an investment property is the best alternative, especially short-term. Residential properties are places best suited to live in them.
If you’re an avid traveller, and you like getting to know different places around the world, you might have heard of a city in Colombia, Latin America, with perfect 75Âş weather, beautiful natural vistas with eternal blue skies, low cost of living, gorgeously warm people, a booming and safe real estate market, and best of all, an easy 3-hour flight from Miami….Â
So, what’s this “Medellin” everyone’s talking about?
Located on the North West side of Colombia, in the natural continent of Latin America, there’s an attractive city with 4 million inhabitants that is turning the heads of the leading real estate investment funds in the world, and for good reason.Â
This beautiful location, surrounded by trees and mountains, has become a tech, real estate, and innovation hub for the region, with some calling it the NEW “Silicon Valley” of South America.Â
For decades, Colombia went through massive suffering at the hands of the infamous and world renowned Pablo Escobar, Medellin drug lord, who held the reins of power for so long that the country remembers the whole decade of the 80’s as “the violence”; one of the bloodiest periods in the colombian history, due to all the constant bombings, kidnappings, political assassinations and mass murders going on on the streets day after day.Â
For many years, this horrific holocaust persisted in Medellin, until on December 2nd, 1993, Pablo Escobar, the seemingly impossible man to find, searched then by a plethora of nations, the colombian police and the interpol, was shot dead in the roof of a family Medellin house.Â
After his death, Medellin habitants (paisas), resilient, powerful, unbreakable, began to, unconsciously, make it a lifelong goal to get Medellin out of the gutter, to begin to polish the diamond in the rough that the city was at the time, and make the best with what they could out of a situation that tore millions of families apart.Â
Now, fast forward 27 years, and today, the splendorous, phoenix-like Medellin of the present, has won numerous international awards for innovation, design, green architecture, sustainable transportation, infrastructure, and this is all thanks to hard-working individuals, exciting gastronomy, touristic experiences, and betting hard on artificial intelligence, big data, block-chain, and tourism.
We have compiled the top 10 reasons why Medellin is one of the most, if not the most, interesting places to live, visit and invest in 2020:Â
1. Weather
With a perfect 75Âş Fahrenheit weather (23Âş Celsius), the valley of Aburrá, otherwise known as Medellin, has an ideal climate thanks to its geographical location and proximity to the equator. At 1,495 m (4,900 feet) above sea level, you can catch perfect afternoons with loose and breezy clothes, while walking through the streets of Provenza, Parque Lleras, Manila, or Laureles.Â
2. Lifestyle
If Medellin could be described with one word, it would be LIFESTYLE. Why? Because Medellin offers the best experience of living in the city, with nature about every corner. You see, there are so many trees in Medellin and mountains, that you can spot macaws, birds, butterflies, and all sorts of biodiversity from your window.Â
Monkeys are harder to come by around these areas, but if you’re patient, and hanging out and about in an area like “El Escobero”, you might just find a sloth casually existing on top of a lustrious tree.Â
3. People
The warmest people in the world are probably paisas. Good hearts, hard working, and willing to go the extra mile. Lost and looking for directions? Just ask a paisa… They’ll show you the way, and might even offer to take you there.Â
They have endured long periods of pain and hardship. Yet, they keep on going, resilient and full of joy inside. That’s understandable, as Colombia is the second happiest country in the world, surpassed only by the Fiji islands, according to an annual survey conducted by Gallup, WIN and the Consulting Center.Â
4. Neighborhoods
We recommend looking into the following neighborhoods for a lovely leisurely stroll, a nightcap, or a night of wine and dine:Â
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The real estate market of Medellin has been going on an upward trend for the past 30 years. With two economic recessions avoided (.com burst in 2000 and the 2008 financial debt crisis), Medellin is on track to becoming one of the top cities to invest in around the world, with significant double-digit Return on Investment and Appreciation in the commercial, short-term and hotel sectors.Â
Residential sector is in the single digit category, with appreciation and ROI leveling at a range of 4-8% per annum.Â
6. Internet connectivity
UNE/TIGO, Claro and Movistar, the three biggest ISPs in the country, will provide you with the connectivity you need. Co-workings, cafĂ©s, hotels, malls, have all jumped to the future and are providing high-speed wifi, most of the times for free. If not, you can get yourself a $2 USD coffee and enjoy a good stable connection for hours.Â
7. Safety
Medellin is like any other city in the world. There are good guys, and there are bad guys. If you go to New York, the capital of the world, and you venture into the Bronx, at 3 am, with a gold chain and your new iphone 11, talking loudly and making noise, you’re probably going to get robbed.Â
In fact, since the death of Pablo Escobar, the violence in the city has declined by 82%, bringing Medellin higher up in the “safety chart” than New Orleans. Just “don’t give papaya!”.
8. International Hub or Colombian Experience. You choose.Â
Medellin has become a very international city. You have the ability to stay in areas that are more concurred by foreigners, and english is available as a language for restaurants, cafĂ©s and shops. These areas tend to be slightly more expensive than other more local and “Colombian areas”.Â
Get lost on purpose and explore all the magnificent vistas and locations Medellin has to offer!
9. Proximity to awesomeness!
Medellin is only a car ride away from the most spectacular pueblos (small towns), with them being just a few hours away. Here’s the list of pueblos we recommend visiting!
– JardĂnÂ
– GuatapĂ©Â
– JericĂł
– RĂo Claro
– SantafĂ© de Antioquia
– El Retiro
The US Dollar is significantly stronger than the Colombian Peso (COP). For that reason, your money goes a long way, longer than it does back home. You can easily multiply your income by 3 – 3.5x, and not to mention that things are drastically less expensive than in other countries.
We hope you have enjoyed this list!
At Spring Living Medellin we are an innovative real estate company that focuses on the development of short-term rentals, airbnb-legal buildings, property management, legal and sales advice, all exclusive in the city of eternal spring, Medellin.Â
We are experts in this market, with over 7 years of experience in sales, real estate, online marketing, interior design, property development, and finance.Â
Get in touch with us if you’d like to book a place to stay or are interested in investing in the local real estate market.
You can reach us anytime at tomas@springlivingmedellin.com or at our cell phone number and Whatsapp +573116711475.Â
Speak soon!
