After living in Medellin, Colombia, for a few months it struck me that I was enjoying San Diego weather at a quarter of the cost of living. Since then a friend of mine from San Diego came to visit me and loved it so much that he now lives here, too. And I ran into a visitor from San Diego recently who said to me: ”A quarter of the cost of living? More like one-eighth!”
Okay, so Medellin is not on the ocean—it’s located in the scenic Aburra Valley of the Andes Mountains.
But Medellin is often called ”La Ciudad de La Eterna Primavera” (The City of the Eternal Spring). With average temperatures ranging from the low 60s F to the low 80s F 365 days per year, the climate is near perfect year round. You’ll rarely need either heat or air conditioning. Paisas—as the locals are called—are welcoming and friendly people.
Medellin has undergone an incredible transformation over the past 20 years. It recently beat out New York City as the Wall Street Journal’s ”Innovative City of the Year.”
Medellin was already emerging from the shadows of its past before the Colombian peso (COP) started its nosedive last year. The exchange rate has plummeted from roughly 1,800 COP per U.S. dollar about a year ago, to just over 3,000 COP as of this writing.
In other words, the same $100,000 worth 180 million COP a year ago is now worth a whopping 300 million COP. That gives you 66% more purchasing power on the strength of the dollar alone.
And some folks are wasting no time jumping on this incredible opportunity. For instance, Donald Trump recently signed a $90 million agreement to buy a hotel in Medellin.
But most of the world hasn’t yet caught on to how great Medellin is. And that’s good news because as a result, real estate is available at bargain prices.
With a vibrant scene full of restaurants, bars, parks, and shopping malls, Poblado is the most popular area for expats and tourists, and one of the upscale neighborhoods of Medellin.
Today you can buy a Poblado penthouse within walking distance (or a $3 cab ride if you prefer) of all the action for a price of less than $100 per square foot. You’d pay nearly four times that price in San Diego.
Here’s a sample of some of the properties I’m seeing in Medellin:
I found a four-bedroom, six-bathroom, 3,100-square-foot penthouse. With marble floors, three balconies, maid’s quarters, 24-hour gated security, three parking spaces, a gym in the building, a rooftop pool, and much more, this penthouse is on the market for $254,000.
Another property that I found was a two-story penthouse just steps away from Poblado’s popular ”Golden Mile”—an area of malls, restaurants and banks. It has just under 2,000 square feet of living space featuring four bedrooms, four bathrooms, granite countertops, maid’s quarters, two parking spaces, 24-hour gated security, and much more. The asking price has already been reduced from $123,650 to $115,500.
These are just two of the many bargains available in the Medellin real estate market. You need to come down and see for yourself the great value real estate on offer here.
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