If you are about to buy or sell real estate in Medellin Colombia, it is advisable that the first thing to do is surfing the internet looking for some classifieds sites ( Ex: propiedad-raz.com, elinmueble.com.co, inmuebleguia.com or casas.net.co). These are in LA Spanish, but you can get online translation.
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 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 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.com thinks that cheaper real estate will have the best revenue if it is for rental purposes and taking into account the easy and fast way to sell these properties if it were necessary. Many of the cheaper properties are offered with three bedrooms in just 42-55 m2. It is possible to get $5.000.000/month ($2.500 USD/month) from the rent of 10 apartments that costs in total $650.000.000 ($325.000 USD), but one luxury apartment of $650.000.000 could be rented only for $2.600.000/month (less than 1.300 USD). Besides, with 10 low cost apartments there is a risk non concentrated and monthly fees and utility bills will be much lower in case the property is not rented for a while. It is not probably to have more than 3 homes from 10 non rented per month at the same time, so investors will have incomes every month, against the luxury way for just one home with higher risk.
For investing in the secondary market, the best sources are the major Colombian newspaper classifieds, such as El Colombiano (elcolombiano.com), El Mundo (elmundo.com), and qhubo, among others for Medellin. Online Classifieds sites like propiedad-raiz.com are very good sources.
Foreigners have the same rights as Colombians in purchasing properties, but financing could be a little trouble for them. You must know that Colombian interest rates are 8.9% annual in Colombia (2013). Most foreigners do 100% cash transactions for this reason. Investors can obtain financial advising from Propiedad-Raiz.com on real estate investment and Andres Marquez Gamboa who has got 18 year experience in 5 of the most important banks in Colombia, lately as an important bank branch manager in Medellin. 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.
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).
How much does it cost to own real estate in Medellin Colombia? Here you have the most important expenses: 1). Government taxes (Predial Tax): Are based on real estate value appraisal. Compared to other countries like U.S.A, are significant lower in Colombia. For example, real estate valued at $260,000,000 pesos will cost approximately 140,000 pesos per month in taxes ($75 USD/month). These are paid tri-monthly. 2). Utility bills: Are based on the 'strata' rating given to the property and can go from 1 (low end) to 6 (high end). 3). Administration: Only for properties into an apartment block or gated community. These may incur an administration fee that covers maintenance and security costs. So, the total costs for owning real estate in Colombia, valued at $260,000,000 colombian pesos (145.000 USD), are approximately $600,000 pesos/month in 2013 ($290 US dollars/month).
Finally, If you are Colombian and you live abroad in USA, Spain or UK, you can buy real estate in Colombia and arrange local financing if that home is where your family in Colombia would live. We invite you to contact Andres Marquez Gamboa for getting local financing either through mortgage credit, housing leasing or real estate leasing for commercial property. For more details visit propiedad-raiz.com.
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 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 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.com thinks that cheaper real estate will have the best revenue if it is for rental purposes and taking into account the easy and fast way to sell these properties if it were necessary. Many of the cheaper properties are offered with three bedrooms in just 42-55 m2. It is possible to get $5.000.000/month ($2.500 USD/month) from the rent of 10 apartments that costs in total $650.000.000 ($325.000 USD), but one luxury apartment of $650.000.000 could be rented only for $2.600.000/month (less than 1.300 USD). Besides, with 10 low cost apartments there is a risk non concentrated and monthly fees and utility bills will be much lower in case the property is not rented for a while. It is not probably to have more than 3 homes from 10 non rented per month at the same time, so investors will have incomes every month, against the luxury way for just one home with higher risk.
For investing in the secondary market, the best sources are the major Colombian newspaper classifieds, such as El Colombiano (elcolombiano.com), El Mundo (elmundo.com), and qhubo, among others for Medellin. Online Classifieds sites like propiedad-raiz.com are very good sources.
Foreigners have the same rights as Colombians in purchasing properties, but financing could be a little trouble for them. You must know that Colombian interest rates are 8.9% annual in Colombia (2013). Most foreigners do 100% cash transactions for this reason. Investors can obtain financial advising from Propiedad-Raiz.com on real estate investment and Andres Marquez Gamboa who has got 18 year experience in 5 of the most important banks in Colombia, lately as an important bank branch manager in Medellin. 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.
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).
How much does it cost to own real estate in Medellin Colombia? Here you have the most important expenses: 1). Government taxes (Predial Tax): Are based on real estate value appraisal. Compared to other countries like U.S.A, are significant lower in Colombia. For example, real estate valued at $260,000,000 pesos will cost approximately 140,000 pesos per month in taxes ($75 USD/month). These are paid tri-monthly. 2). Utility bills: Are based on the 'strata' rating given to the property and can go from 1 (low end) to 6 (high end). 3). Administration: Only for properties into an apartment block or gated community. These may incur an administration fee that covers maintenance and security costs. So, the total costs for owning real estate in Colombia, valued at $260,000,000 colombian pesos (145.000 USD), are approximately $600,000 pesos/month in 2013 ($290 US dollars/month).
Finally, If you are Colombian and you live abroad in USA, Spain or UK, you can buy real estate in Colombia and arrange local financing if that home is where your family in Colombia would live. We invite you to contact Andres Marquez Gamboa for getting local financing either through mortgage credit, housing leasing or real estate leasing for commercial property. For more details visit propiedad-raiz.com.
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.
0 comments:
Post a Comment