Buying Property in Colombia

**Chesscat** · 08-24-15 23:35

It's always a great time to rent.

When the dollar is strong, like right now, the salesmen say it's a great time to buy; when it's weak they say it's a great time to buy (because they tell you the peso will keep on appreciating).

Pricing in US $ for Colombian property, except perhaps for the largest estates, is bogus. Just trying to rip us off.

Paying 1 million dollars for an apartment near Parque Lleras is ridiculous. I don't even like Parque Lleras. I much prefer La 70, and there are probably numerous other better areas I don't even know about, maybe in Sabaneta, maybe in the Santa Elena area.

Don't be a sucker.

Originally Posted by StudPlayer [View Original Post]

With the exchange rate now at 3100+ pesos per US dollar, you can buy a decent new small apartment in an outlying suburb of Medellin for about usd $30,000.

Ask me and I will show you where they are but they are generally well north or south of town.

Housing gets a little more expensive the closer you get to where you want to live.

New large apartments within a block of the one noted below are selling for USD one million and a little more.

I know of someone who just bought 3.

If you were ever serious about buying in Colombia, now is the time.

The apartment below comes with a motorcycle included.

**Hilltopper** · 08-24-15 13:47

Originally Posted by Dickhead [View Original Post]

Real estate is priced in dollars lots of places in Latin America. Argentina would be an example. Inflation is the key reason. If we agree on a price of 30 million colombian pesos and the exchange rate is 3. 000 to 1 when we agree, and the transaction takes three months to close, there is too much exchange rate risk. Plus since there are no mortgages in much of LatAm, or in the best case scenario you get a mortgage for 50% of the price, that is physically one fuck of a big pile of pesos to bring to the closing table.

My experience in Colombia suggests that those pricing their property for sale in USD at this current time are doing so with hopes of them getting the windfall from the 60% appreciation in the dollar instead of the buyer from the USA benifitting from the increased purchasing power.

I say to hell with those sellers who are pricing in dollars for an amount equal to what they would have received in dollars a year ago. Inlation has not been much in Colombia either, so that's not a key reason. Here's the key reason: greedy seller hoping to gain USD appreciation windfall from stupid gringo.

**Dickhead** · 08-22-15 18:01

Real estate is priced in dollars lots of places in Latin America. Argentina would be an example. Inflation is the key reason. If we agree on a price of 30 million colombian pesos and the exchange rate is 3. 000 to 1 when we agree, and the transaction takes three months to close, there is too much exchange rate risk. Plus since there are no mortgages in much of LatAm, or in the best case scenario you get a mortgage for 50% of the price, that is physically one fuck of a big pile of pesos to bring to the closing table.

**Dccpa** · 08-22-15 16:29

Originally Posted by StudPlayer [View Original Post]

With the exchange rate now at 3100+ pesos per US dollar, you can buy a decent new small apartment in an outlying suburb of Medellin for about usd $30,000.

Ask me and I will show you where they are but they are generally well north or south of town.

Housing gets a little more expensive the closer you get to where you want to live.

New large apartments within a block of the one noted below are selling for USD one million and a little more.

I know of someone who just bought 3.

If you were ever serious about buying in Colombia, now is the time.

The apartment below comes with a motorcycle included.

Why is everything priced in USDs?

**StudPlayer** · 08-22-15 13:47

With the exchange rate now at 3100+ pesos per US dollar, you can buy a decent new small apartment in an outlying suburb of Medellin for about usd $30,000.

Ask me and I will show you where they are but they are generally well north or south of town.

Housing gets a little more expensive the closer you get to where you want to live.

New large apartments within a block of the one noted below are selling for USD one million and a little more.

I know of someone who just bought 3.

If you were ever serious about buying in Colombia, now is the time.

The apartment below comes with a motorcycle included.

**Amigox** · 07-21-15 18:59

So what's the real estate looking like in Cartagena? I'm thinking about buying a vacation home there.

**Bimbo Boy** · 11-02-14 11:14

Originally Posted by CubaTourist [View Original Post]

Bimbo,
You need to know this sort of information firsthand. Let us say a PI finds he has a good reputation. What does that really mean to you? You and he could fight for all sorts of reasons, cultural or personal.

Hello Cuba Tourist. Thanks for your answer. I am aware of the risks. Still, it is better to have a check than zero check.

I have used a reputable PI. They can check on criminal records and cartel links, even peek into the Colombian Army's databases! But they are unable to get inside local business circles and test the waters concerning my guys.

Maybe a local lawyer or former politician could help?

**Cuba Tourist** · 10-30-14 17:50

Bimbo,

You need to know this sort of information firsthand. Let us say a PI finds he has a good reputation. What does that really mean to you? You and he could fight for all sorts of reasons, cultural or personal.

**Bimbo Boy** · 10-30-14 16:53

Hello friends.

I am considering entering into business with a Medellin businessman. I have checked his criminal record and potential links to bad guys through an agency, and he is OK.

Now I want to check on his reputation in business, like is he honest? Does he keep his committments? Does he treat his partners fairly? What is his real clout?

Would you know anyone that could perform this investigation for me?

Thank yo and kind regards.

BB.

**C Jack Sparrow** · 12-17-13 23:48

USA and several advanced countries uses the form REIT, Real Estate Investment Trust. In Latinamerica, USA REITs has bought mostly supermarkets-chains property in Brazil and Mexico, construction companies etc.

What about Colombia? Are USA REITs interested in the Colombian market? Does Colombian laws permit this type of arrangement, I. E. Is Colombian law compalatible to the USA laws?

**Arjay** · 04-03-13 08:06

Originally Posted by Dccpa [View Original Post]

Hi Arjay, I would like the name of the agent. I am going to a conference in Medellin in mid May and would like to make an investment similar to yours.

Thanks

Alejandra and Innes. They work together. Alejandra fluent english and licensed CPA. Innes no english but, the more knowledgable about property.

Alejandra cel. : 314 742 3264 Innes cel: 314 615 4238. They are both very nice ladies. Tell them "Ronaldo" from Hawaii" referred you. Buena Suerte!

**Dccpa** · 04-01-13 02:40

Originally Posted by Arjay [View Original Post]

Also if you are interested in buying I can highly recommend an agent who speaks english and can find what you need as well as look after your interests. The agent offered 5 million less than I offered and got the property for me! PM me for details.

Hi Arjay, I would like the name of the agent. I am going to a conference in Medellin in mid May and would like to make an investment similar to yours.

Thanks

**Arjay** · 01-25-13 23:34

Originally Posted by Almotu [View Original Post]

Do you have the rental listing with photos up already? Please share with us in the Apartment Rental/Hotel thread. How much will you be renting it for. Per night? The location being in Los Bolsos, would have to take taxis to & from the apartment, no?

The apartment will be available in March as I am using it now. It will be listed at www.theapartmentmedellin.com. Pictures will be there. They are already trying to arrange showings. Rent will be $2, 000+ per month for 3bed / 2bath / 2parking depending on season with heated pool, gym, children's playground. Sorry administration does not permit less than 1 month rentals as most of the better buildings in Medellin. You can walk to Santa Fe / Oviedo Commercial less than 9 minutes.

**Almotu** · 01-18-13 16:50

Originally Posted by Arjay [View Original Post]

I just closed on a condo in Los Bolsos. In December. New construction. I am staying in it now until March. Exchange rate at purchase was 1810=$1. Today it is 1769. 44=$1. I'm glad I did it. Agents are showing other units to Colombian buyers at 16% more than I paid. I plan to rent fully furnished at a 14% ROI gross less taxes, admin, utilities and commissions. The market is good at least 6% annual appreciation. Buyers are mostly Colombians from other cities CTG, BOG etc. IMHO the dollar will only get worse along with other developed country currencies. How else do they finance all the debt they created?

Do you have the rental listing with photos up already? Please share with us in the Apartment Rental/Hotel thread. How much will you be renting it for. Per night? The location being in Los Bolsos, would have to take taxis to & from the apartment, no?

**Arjay** · 01-18-13 16:17

Originally Posted by Vitrea [View Original Post]

This thread has been quite for a longtime. I read through all the info that is here. Anyone did any recent real estate transactions recently, buying or selling? What is the general consenses on the market and future of investment in MDE and CO in general? Any thoughts on exchange value and best guess on the future of COP? Would like to hear from expats who are living in CO and have their ear to the ground. Thanks.

Also if you are interested in buying I can highly recommend an agent who speaks english and can find what you need as well as look after your interests. The agent offered 5 million less than I offered and got the property for me! PM me for details.