If I had to pick just one city for year-round living in Colombia, I’d have to recommend Medellín. Despite the old stereotypes, today’s Medellín is modern and cosmopolitan…clean and safe. And it’s also a great buy right now.
Nestled high in a lush Andean valley, the weather is near-perfect. I left the windows open during my entire stay—since there are no bugs—and was comfortable day and night.
Medellín offers a First-World setting with all the big-city amenities, from trendy cafés and elegant restaurants to hot nightclubs, theaters and world-class shopping. The city has a modern metro system, two convenient airports and good nonstop service to the U.S., just three hours away.
Best of all, high-end condos in good neighborhoods start at around $80,000, and large luxury penthouses can go for under $150,000.
For years now, the news from Colombia—and specifically Medellín—has been positive. It’s even showing up as a destination in mainstream travel publications.
Yet prices are kept at bargain levels by Medellín’s lingering negative image…along with some sectors’ high inventories.
So despite the upscale lifestyle, property prices in Medellín have remained fairly flat in recent years. But current trends indicate this is changing, as international buyers continue to focus on Medellín.
The picture for rental returns continues to be good, with plenty of demand. Properties are returning between 5% and 11%, with the average around 7%. This has been the main focus for investors over the past few years.
But most importantly of all, Medellín is a great place to live. With its green, leafy streets, perfect weather, modern amenities and super restaurants and shopping, it would be good value at twice the price.
The average price of all properties I looked at here is just $79 per square foot—which is extremely low compared with anywhere else in the world market.
For example, one apartment has 1,334 square feet, in a peaceful location in green, forested El Poblado—five minutes from all the action in Parque Lleras. It has three bedrooms and two baths, a maid’s quarters and two ground-level terraces. Greenery and park-like grounds surround the building. The asking price is $122,700.
Another El Poblado apartment is spacious and open, with 1,818 square feet, two bedrooms and two baths, a maid’s quarters, and a cozy balcony nestled on the third floor with excellent views of the green canopy and El Poblado. The master bedroom suite is huge, and its bathroom has an elegant Jacuzzi. Centrally located, the asking price is $106,700.
A 975-square-foot third-floor penthouse in El Poblado makes an excellent buy with its central yet quiet location near Parque Lleras. It has two bedrooms, two baths and a comfortable moon-shaped balcony overlooking the lush, green vegetation. The asking price is $80,000.
If you’re considering a second home in Colombia, I think Medellín represents the best value and the broadest appeal for the money. It offers a great living environment and also has the properties and amenities well-suited to the North American expat or investor.
See my full report in the current issue of International Living magazine. Become a subscriber here and get instant access to everything in the March issue, including my Colombia article.