The city of Medellin in Colombia resides between two Andean mountain ridges and is known as The City of Eternal Spring for its captivating weather. The progressive and rapid urban development of this city in the past decade has contributed towards establishing a splendid quality of living, which gathers millions of tourists and numerous ex-pats to this town from around the world.
It is home to early monuments and historic architecture besides the marvelous nightlife, which collectively makes buying property in Medellin Colombia a gainful prospect. If you still aren’t convinced then you should read on to learn about the reasons why you should grab any real estate opportunities that are ripe for the taking, along with a few useful tips to keep you smart.
Reasons for Buying Property in Medellin Colombia
A city that was previously known to be under the shadow of a famous Drug Lord, has since come a long way to become a peaceful haven for its residents, and tourists. For all the activities and everything this city has to offer, which is frankly quite a lot, the ex-pats and local investors are already eyeing the real estate market for the following reasons:
The climate in Medellin remains pleasant throughout the year because of the mild temperature observed in most months. The months between December to February are when most tourists visit this city to enjoy the dry yet relatively cold weather which prevails after the end of October, which is considered as the very cold month of the year.
The urbanization of the city has made the city further prosperous for its residents and visitors. Their greener and sustainable planning initiative aim at making the city pollution-free with projects such as the 30 green belts where they have constructed 18 tree-lined lanes roads and 12 waterways. The lifestyle has also been made convenient with the availability of pure drinking water, high-speed internet, well-maintained roads, and other amenities.
The cultural diversity of Medellin offers many activities and festivals apart from countless events and live shows occurring around the year. There are theatres, nightclubs, folk events to celebrate art and life which allows for great entertainment and joy to the masses. The people are friendlier too which collectively only adds to the fantastic lifestyle this city has to offer.
If you’re someone who enjoys exploring cafes then you’re in for a delightful experience because the city has to offer numerous such places. Multiple sidewalk cafes and themed cafes are located in all parts of the city besides fine dining elegant restaurants that offer a creative variety of food found across the world. There are also pubs and taverns for those who prefer a rugged nightlife of both drinking and eating.
The mountains are linked with cable cars that frequently make rounds every ten minutes or so to carry people when they don’t want to use the metro, which also connects all parts of the city with each other for quicker mobility. Those who do not own a car can also travel easily by foot or by cycling because everything is within walking distance, be it shopping malls, cafes, or commercial spaces.
You can find people of different races and countries in Medellin with the majority of them being Americans among all the youngsters, singles and retired couples settling there. There are Colombians too which exist peacefully despite blending well with foreign cultures that oversee celebrating festivals such as Halloween, Super Bowl season, Christmas, and so on. The community of ex-pats is also big on which one can choose to habitat or not depending on the location one chooses to stay.
Cost Of Living
The Colombian currency isn’t weak despite not holding the same value as the US dollar and this allows for an affordable cost of living. Transport, food, utility bills, etc cost average, and the fact that the weather remains impressively pleasant allows for saving extra by less utilization of both Air conditioning and heater.
Market & Commerce
The shopping opportunities in Medellin aren’t limited either with the existence of several supermarkets as well as old-style bazaars. There are multiple high-end shopping malls too besides exclusive boutiques and individual stores which all amount to getting exclusive and amazing items and pieces of apparel.
The city of Medellin is connected with both Miami & New York with flights that take between three to five hours only which allows for easy travel to the United States and to other parts of the world. The process of obtaining residency is also quicker than compared to other countries which ultimately lets numerous people take the benefit of enjoying world-class city life at affordable prices in Medellin.
The real estate market has observed significant growth in the past decade too which makes for impressive.
Tips for Buying Property in Medellin Colombia
e investment opportunities if relocation is not the aim. But before you decide to move to the wonderful Medellin for everything it provides, these are some tips about the real estate in Medellin which you should be aware of as it will help you plenty.
- There aren’t any popular or established Multiple Listing Services which makes seeking property difficult without the help of a realtor or real estate agency.
- The absence of appraisal companies adds up to individually researching and learning about the fair market value of each property.
- Expats are told higher prices based on the fact that they aren’t local so it’s best to perform personal research about the property by asking around from the locals.
- Having the desired location established in the mind from the start can save you from aimless wandering on your hunt for a good property.
- When the property is purchased only for the purpose of obtaining a visa, make certain of the fact that the property does qualify for the respective visa requirements.
- The seller will quote a lesser price on the tax document compared to the price you’d actually pay which in the future can make it hard for you to have problems while selling the property at higher rates.