If you are interested in buying a new home or apartment in Medellin Colombia, your very first "must to do" step is to surf the internet looking for some classifieds portals ( Ex: propiedad-raz.com, elinmueble.com.co, inmobiliario.com.co, concasa.com.co, inmuebleguia.com), These are in Spanish, but you can use some web translation services.
If you are located in Medellin, you can pick up the free magazines listing all the new constructions on offer, that contains second hand properties classifieds too, or consult the on line versions ( Ex: propiedades, informeinmobiliario, inmuebleguia, guiainmobiliario) for Medellin and Antioquia areas, These are available at real estate fairs, bank branches and hypermarkets like Exito.
Other way is to physically attend a real estate agency. There are no laws restricting foreigners from owning real estate in Colombia and it is possible to get revenue up to 1% per month for renting properties, mainly in VIS homes (properties valued up to $79.6 million pesos in 2013 or 40.000 USD).
Prices in Medellin Antioquia are from $45 million pesos ($22,500 USD on 2013) for subsidized units to over $400 colombian million pesos ( $200,000 USD ) for luxury real estate in one of the best neighborhoods, with $150 million pesos for one in a medium or upper medium class neighborhood (75.000 USD). For new VIS properties, units would be offered unfinished, which means concrete floors and walls with lack of closets and any garage. For over VIS units will be finished normally, and may be garage included in the price, no communal parking spots. Parking spots are typically included in properties over $112 colombian million pesos, and additional ones can cost $13 million pesos ($6500 USD) or a little more. Finally, closing costs can be estimated more or less in three million pesos ($1450 USD). In addition, could be applicable some monthly community fees, which will probably run 64.000-340.000 pesos/month (32 USD to 170 USD/ month).
For investing, Propiedad-Raiz thinks that cheaper apartment will have the best return if you think of it for rental purposes. Not only taking into account the amount for what they can be rented, but the easy and fast way to sell them if it were necessary. Many of the cheaper apartments may claim to have three bedrooms even though the total floor space is only 40-55 square meters, but there are furniture that fit these areas. Studio / bachelor apartments are the least common and are not recommendable for investing which is something you have to keep in mind if you want to put the unit on the rental market. I mean, you can get easily $4.500.000/month from the rent of 10 apartments that costs in total $600.000.000 (finished ready to live in) but if you buy just 1 luxury apartment of $600.000.000 (300.000 USD) it could be rented only for $2.700.000/month. Besides, with 10 low cost apartments you have your risk non concentrated and monthly fees will be much lower in case the property is not rented for a while. You will not probably have more than 2 apartments from 10, non rented per month at the same time, so you will have incomes every month against the luxury way for just one home.
If you are mainly interested in the secondary market, the best sources are the major Colombian newspaper classifieds, such as El Colombiano (elcolombiano.com), El Espectador (espectador.com.co) and El Tiempo (eltiempo.com). On line Classifieds portals like propiedad-raiz.com are very good sources as well, taking into account that most of real estate buyers look for the internet property listings before make any decision.
As mentioned earlier, foreigners enjoy the same rights as native Colombians in purchasing properties, but financing could be a problem. It is not possible to finance a property through a bank in the homeland, and no Colombian bank will lend any money unless buyers have a credit history in Colombia or have an active Colombian bank account which shows off incomes. Note that opening a Colombian bank account requires to have a "passport" and "cedula de extranjeria" that you can get in a few days for foreigners that live in Colombia or "cedula" as it is the national identity card. If you do arrange local financing, know that interest rates are 9% annual in Colombia (year 2013). Most foreigners do 100% cash transactions, and they resort to wiring funds directly to the real estate agency and / or seller from their bank abroad. Needless to say, be sure everything is airtight before handing anybody vast sums of money! You can have financial advising from Propiedad-Raiz.com on real estate investment and Andres Marquez Gamboa who has 18 year experience in banking in Bogota and Medellin Colombia, lately as branch manager of and important bank.
Transferring or 'wiring' money from any country to Colombia is very easy. You will need to provide your foreign bank with: a. Details of an 'Intermediary' bank that will facilitate the transaction between the bank in Colombia and your foreign bank. b. Details of the bank located in Colombia where the money will be received. c. Details of an individual account at the bank in Colombia. Propiedad-Raiz.com can guide you through the entire process so your transfer goes pretty fine.
The best suggestion for foreigners I can make is that before you invest in real estate in Colombia, find professional advise that you can get for an affordable cost, avoiding to manage these business directly with the owner in Colombia being you abroad. It is very important that at least you have someone who represents you in the Colombian city you consider to make your investment. Besides, It is advisable for you to come and have a look of the city, 99% of visitors go back very satisfied from Medellin. It is a very safe city now.
Global and important investor Sam Zell selected Colombia for real-estate investments as the "next best" in L.A. market. Real Estate prices in Colombia are rising strongly in last few years and expected to keep on rising due to the economic growth prospects (3.8% annual expected for 2013).
The costs you would incur as an owner of real estate in Medellin Colombia are the following: 1). Government taxes (Predial Tax): Are based on your real estate value appraisal. Compared to countries like United States, are very low in Colombia. For example, real estate valued at $250,000,000 pesos will cost approximately 135,000 pesos per month in taxes. These are paid tri-monthly. 2). Administration: If real estate is into an apartment block or gated community, may incur an administration fee. This community fee covers maintenance and security costs and can go from 0.1 to 0.25 percent. 3). Utility bills: They vary according to the 'strata' rating given to the property and can go from 1 (low end) to 6 (high end). So, the total costs for owning real estate in Colombia, valued at $210,000,000 colombian pesos, are approximately $560,000 pesos/month in 2013 ($280 US dollars/month).
If you are Colombian and you live abroad, can buy properties in Colombia and arrange local financing. All process is made with international brokers that work together with many banks in Colombia. You can contact Andres Marquez Gamboa as well for advising and arrange local financing. Contact details can be found on propiedad-raiz.com as well as requirements in this case.
If you are located in Medellin, you can pick up the free magazines listing all the new constructions on offer, that contains second hand properties classifieds too, or consult the on line versions ( Ex: propiedades, informeinmobiliario, inmuebleguia, guiainmobiliario) for Medellin and Antioquia areas, These are available at real estate fairs, bank branches and hypermarkets like Exito.
Other way is to physically attend a real estate agency. There are no laws restricting foreigners from owning real estate in Colombia and it is possible to get revenue up to 1% per month for renting properties, mainly in VIS homes (properties valued up to $79.6 million pesos in 2013 or 40.000 USD).
Prices in Medellin Antioquia are from $45 million pesos ($22,500 USD on 2013) for subsidized units to over $400 colombian million pesos ( $200,000 USD ) for luxury real estate in one of the best neighborhoods, with $150 million pesos for one in a medium or upper medium class neighborhood (75.000 USD). For new VIS properties, units would be offered unfinished, which means concrete floors and walls with lack of closets and any garage. For over VIS units will be finished normally, and may be garage included in the price, no communal parking spots. Parking spots are typically included in properties over $112 colombian million pesos, and additional ones can cost $13 million pesos ($6500 USD) or a little more. Finally, closing costs can be estimated more or less in three million pesos ($1450 USD). In addition, could be applicable some monthly community fees, which will probably run 64.000-340.000 pesos/month (32 USD to 170 USD/ month).
For investing, Propiedad-Raiz thinks that cheaper apartment will have the best return if you think of it for rental purposes. Not only taking into account the amount for what they can be rented, but the easy and fast way to sell them if it were necessary. Many of the cheaper apartments may claim to have three bedrooms even though the total floor space is only 40-55 square meters, but there are furniture that fit these areas. Studio / bachelor apartments are the least common and are not recommendable for investing which is something you have to keep in mind if you want to put the unit on the rental market. I mean, you can get easily $4.500.000/month from the rent of 10 apartments that costs in total $600.000.000 (finished ready to live in) but if you buy just 1 luxury apartment of $600.000.000 (300.000 USD) it could be rented only for $2.700.000/month. Besides, with 10 low cost apartments you have your risk non concentrated and monthly fees will be much lower in case the property is not rented for a while. You will not probably have more than 2 apartments from 10, non rented per month at the same time, so you will have incomes every month against the luxury way for just one home.
If you are mainly interested in the secondary market, the best sources are the major Colombian newspaper classifieds, such as El Colombiano (elcolombiano.com), El Espectador (espectador.com.co) and El Tiempo (eltiempo.com). On line Classifieds portals like propiedad-raiz.com are very good sources as well, taking into account that most of real estate buyers look for the internet property listings before make any decision.
As mentioned earlier, foreigners enjoy the same rights as native Colombians in purchasing properties, but financing could be a problem. It is not possible to finance a property through a bank in the homeland, and no Colombian bank will lend any money unless buyers have a credit history in Colombia or have an active Colombian bank account which shows off incomes. Note that opening a Colombian bank account requires to have a "passport" and "cedula de extranjeria" that you can get in a few days for foreigners that live in Colombia or "cedula" as it is the national identity card. If you do arrange local financing, know that interest rates are 9% annual in Colombia (year 2013). Most foreigners do 100% cash transactions, and they resort to wiring funds directly to the real estate agency and / or seller from their bank abroad. Needless to say, be sure everything is airtight before handing anybody vast sums of money! You can have financial advising from Propiedad-Raiz.com on real estate investment and Andres Marquez Gamboa who has 18 year experience in banking in Bogota and Medellin Colombia, lately as branch manager of and important bank.
Transferring or 'wiring' money from any country to Colombia is very easy. You will need to provide your foreign bank with: a. Details of an 'Intermediary' bank that will facilitate the transaction between the bank in Colombia and your foreign bank. b. Details of the bank located in Colombia where the money will be received. c. Details of an individual account at the bank in Colombia. Propiedad-Raiz.com can guide you through the entire process so your transfer goes pretty fine.
The best suggestion for foreigners I can make is that before you invest in real estate in Colombia, find professional advise that you can get for an affordable cost, avoiding to manage these business directly with the owner in Colombia being you abroad. It is very important that at least you have someone who represents you in the Colombian city you consider to make your investment. Besides, It is advisable for you to come and have a look of the city, 99% of visitors go back very satisfied from Medellin. It is a very safe city now.
Global and important investor Sam Zell selected Colombia for real-estate investments as the "next best" in L.A. market. Real Estate prices in Colombia are rising strongly in last few years and expected to keep on rising due to the economic growth prospects (3.8% annual expected for 2013).
The costs you would incur as an owner of real estate in Medellin Colombia are the following: 1). Government taxes (Predial Tax): Are based on your real estate value appraisal. Compared to countries like United States, are very low in Colombia. For example, real estate valued at $250,000,000 pesos will cost approximately 135,000 pesos per month in taxes. These are paid tri-monthly. 2). Administration: If real estate is into an apartment block or gated community, may incur an administration fee. This community fee covers maintenance and security costs and can go from 0.1 to 0.25 percent. 3). Utility bills: They vary according to the 'strata' rating given to the property and can go from 1 (low end) to 6 (high end). So, the total costs for owning real estate in Colombia, valued at $210,000,000 colombian pesos, are approximately $560,000 pesos/month in 2013 ($280 US dollars/month).
If you are Colombian and you live abroad, can buy properties in Colombia and arrange local financing. All process is made with international brokers that work together with many banks in Colombia. You can contact Andres Marquez Gamboa as well for advising and arrange local financing. Contact details can be found on propiedad-raiz.com as well as requirements in this case.
About the Author:
Looking to find the best deal on Real Estate Medelln Colombia, then visit www.propiedad-raiz.com to find the best advice on how to buy real estate in Colombia and get access to hundreds of property listings and opportunities in Medellin. Visit this Classifieds Real Estate Portal and watch from basic to luxury homes for sale in Antioquia.
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