If you are interested in buying or selling a home in Medellin Colombia, your very first step is to surf the internet looking for some classifieds portals ( Ex: propiedad-raz.com, inmobiliario.com.co, elinmueble.com.co, inmuebleguia.com, propiedades.net.co, casas.net.co, inmobiliaria.net.co, apartamentos.net.co, propiedades.net.co or concasa.com.co), These are in Spanish language, but it is possible to use some web translation services.
If you are located in Medellin Antioquia, you need to pick up the free property magazines on new constructions, that contains second hand properties ads too, or consult the online versions ( Ex: propiedades, informeinmobiliario, guiainmobiliario) for Medellin and Antioquia areas. These are available at real estate fairs, bank branches and hypermarkets like Exito and are quite popular.
Other way is going to property agencies. There are no laws preventing or restricting foreigners from buying real estate in Colombia and it is common to get revenue up to 1.1% per month for renting properties, mainly in VIS homes (properties valued up to $79.5 million pesos in 2013 or 39.500 USD). VIS homes have colombian government subsidies to lower income families. Medellin real estate has been getting a recent boom as the city that has won the prize as most innovating city in the world. Middle class buildings and Luxury buildings are being built at accelerated paces. The Colombian economy is pretty good, and currently Medellin is expanding even more rapidly than Bogota D.C., the capital city, with new construction at an all-time high. Some of the best neighborhoods to live in or investing, are the El Poblado, Envigado, El Retiro, Loma de Los Bernal, Laureles and Llanogrande for luxury homes. On the other hand neighborhoods like Buenos Aires, Robledo, Calazans, Los Colores and Caldas for low prized high rental revenue in middle class areas. However there are plenty of attractive opportunities in downtown as well as in the metropolitan area (Bello, Itagui; La Estrella and San Antonio de Prado), because city is expanding into the periphery and it takes only 40 minutes to get Medellin downtown from this counties by car. Property prices in Medellin (the second city in Colombia) continue to increase, and currently real estate properties in Antioquia are significant cheaper than in Bogota and Cundinamarca.
Prices in Medellin Colombia can go from as little as $42 million pesos (21,000 USD on 2013) for a subsidized unit to over $380 million pesos ( 190,000 USD ) for a luxury home in the best zone, with $165 million pesos for one in a medium or upper medium class neighborhood (82.500 USD). If you buy a new VIS property, the unit will be unfinished, which means concrete walls and floors, and not even the most basic fixtures. For over VIS the unit will be finished normally, and may be garage included in the price. Parking spots are typically included in properties over $100 million pesos, and additional ones can cost 14 million pesos ($7000) or more. Finally, your closing costs can be around two and a half million ($1500 USD). In addition, there are some monthly community fees, which will probably run 65.000-300.000 pesos per month (32,5 USD to 150 USD a month).
For investing, Propiedad-Raiz thinks that cheaper apartment will have the best return. 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.
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 we mentioned earlier, foreigners have the same rights as Colombians in purchasing properties, but financing could be a little trouble. It is not possible to finance a property located in Colombia through a bank in the homeland unless you are a Colombian citizen, 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 on behalf of you. Note that opening a Colombian bank account requires to have a "passport" and "cedula de extranjeria" for foreigners that live in Colombia or "cedula" as it is the national identity card. If you do arrange local financing, with banks like Davivienda, Bancolombia, BBVA, Caja Social, Banco de Bogota o Colpatria, know that interest rates are 9,1% annual in Colombia (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 get 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 an important bank branch manager. All credentials are available for your safe.
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 to make is that before any investment in real estate in Medellin Antioquia, come and search for advising and find professional advise that you can get for an affordable cost. We recommend you to have someone who represents you in the Colombian city you will make your investment, as Medellin as one of the best places for this purpose.
Medellin is emerging as a very good place for Real Estate investment, with its pleasant climate, scenery; cultural attractions, friendly people and economic growth prospects. It is important to say that all three major rating agencies have raised Colombia's Credit Rating to Investment-Grade and Billionaire investor Sam Zell has selected Colombia for real-estate investments as the "next best" in Latin American market. House prices in Colombia rise strongly in last few years and expected to continue rising due to the economic growth prospects (4% annual expected for 2013 over global economy prospects).
The costs you would incur as an owner of real estate in Medellin Colombia are the following: a). Government taxes (Predial Tax): Are based on your real estate value appraisal. Compared to United States, are very low in Colombia. For example, real estate valued at $220,000,000 pesos will cost approximately 110,000 pesos per month in taxes. These are paid tri-monthly. b). Administration: If real estate is into an apartment block or gated community, may incur an administration fee. This community fee covers security costs, and maintenance. This fee can go from 0.12 to 0.24 percent. c). Utility bills: Vary according to the 'strata' rating given to the home and can go from 1 (low end) to 6 (high end). So, for example, it can be say that the total costs for owning real estate in Medellin Colombia, valued at 200,000,000 pesos, are approximately 550,000 pesos per month in year 2013 (approximately $275 US dollars).
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 Antioquia, you need to pick up the free property magazines on new constructions, that contains second hand properties ads too, or consult the online versions ( Ex: propiedades, informeinmobiliario, guiainmobiliario) for Medellin and Antioquia areas. These are available at real estate fairs, bank branches and hypermarkets like Exito and are quite popular.
Other way is going to property agencies. There are no laws preventing or restricting foreigners from buying real estate in Colombia and it is common to get revenue up to 1.1% per month for renting properties, mainly in VIS homes (properties valued up to $79.5 million pesos in 2013 or 39.500 USD). VIS homes have colombian government subsidies to lower income families. Medellin real estate has been getting a recent boom as the city that has won the prize as most innovating city in the world. Middle class buildings and Luxury buildings are being built at accelerated paces. The Colombian economy is pretty good, and currently Medellin is expanding even more rapidly than Bogota D.C., the capital city, with new construction at an all-time high. Some of the best neighborhoods to live in or investing, are the El Poblado, Envigado, El Retiro, Loma de Los Bernal, Laureles and Llanogrande for luxury homes. On the other hand neighborhoods like Buenos Aires, Robledo, Calazans, Los Colores and Caldas for low prized high rental revenue in middle class areas. However there are plenty of attractive opportunities in downtown as well as in the metropolitan area (Bello, Itagui; La Estrella and San Antonio de Prado), because city is expanding into the periphery and it takes only 40 minutes to get Medellin downtown from this counties by car. Property prices in Medellin (the second city in Colombia) continue to increase, and currently real estate properties in Antioquia are significant cheaper than in Bogota and Cundinamarca.
Prices in Medellin Colombia can go from as little as $42 million pesos (21,000 USD on 2013) for a subsidized unit to over $380 million pesos ( 190,000 USD ) for a luxury home in the best zone, with $165 million pesos for one in a medium or upper medium class neighborhood (82.500 USD). If you buy a new VIS property, the unit will be unfinished, which means concrete walls and floors, and not even the most basic fixtures. For over VIS the unit will be finished normally, and may be garage included in the price. Parking spots are typically included in properties over $100 million pesos, and additional ones can cost 14 million pesos ($7000) or more. Finally, your closing costs can be around two and a half million ($1500 USD). In addition, there are some monthly community fees, which will probably run 65.000-300.000 pesos per month (32,5 USD to 150 USD a month).
For investing, Propiedad-Raiz thinks that cheaper apartment will have the best return. 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.
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 we mentioned earlier, foreigners have the same rights as Colombians in purchasing properties, but financing could be a little trouble. It is not possible to finance a property located in Colombia through a bank in the homeland unless you are a Colombian citizen, 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 on behalf of you. Note that opening a Colombian bank account requires to have a "passport" and "cedula de extranjeria" for foreigners that live in Colombia or "cedula" as it is the national identity card. If you do arrange local financing, with banks like Davivienda, Bancolombia, BBVA, Caja Social, Banco de Bogota o Colpatria, know that interest rates are 9,1% annual in Colombia (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 get 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 an important bank branch manager. All credentials are available for your safe.
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 to make is that before any investment in real estate in Medellin Antioquia, come and search for advising and find professional advise that you can get for an affordable cost. We recommend you to have someone who represents you in the Colombian city you will make your investment, as Medellin as one of the best places for this purpose.
Medellin is emerging as a very good place for Real Estate investment, with its pleasant climate, scenery; cultural attractions, friendly people and economic growth prospects. It is important to say that all three major rating agencies have raised Colombia's Credit Rating to Investment-Grade and Billionaire investor Sam Zell has selected Colombia for real-estate investments as the "next best" in Latin American market. House prices in Colombia rise strongly in last few years and expected to continue rising due to the economic growth prospects (4% annual expected for 2013 over global economy prospects).
The costs you would incur as an owner of real estate in Medellin Colombia are the following: a). Government taxes (Predial Tax): Are based on your real estate value appraisal. Compared to United States, are very low in Colombia. For example, real estate valued at $220,000,000 pesos will cost approximately 110,000 pesos per month in taxes. These are paid tri-monthly. b). Administration: If real estate is into an apartment block or gated community, may incur an administration fee. This community fee covers security costs, and maintenance. This fee can go from 0.12 to 0.24 percent. c). Utility bills: Vary according to the 'strata' rating given to the home and can go from 1 (low end) to 6 (high end). So, for example, it can be say that the total costs for owning real estate in Medellin Colombia, valued at 200,000,000 pesos, are approximately 550,000 pesos per month in year 2013 (approximately $275 US dollars).
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.
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To really make a good real estate investment abroad you should consider having a look for apartments and houses for sell inMedellin Colombiaand for that, be sure to visit Propiedad-Raiz.com classifieds portal to find hundreds of listings related to properties available in the secondary market andColombian Real Estate today!
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