9 Tips for Buying Property in Colombia

By Betsy Burlingame

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Summary: Expats in Colombia share insightful tips for buying property in Colombia. If you're thinking about buying real estate in Colombia, there is much to learn from their experiences.

Expats in Colombia - 9 Tips for Buying Property in Colombia

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About the Author

Betsy Burlingame Betsy Burlingame is the Founder of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Some of Betsy's more popular articles include 6 Best Places to Live in Costa Rica, 12 Things to Know Before Moving to The Dominican Republic and 7 Tips for Obtaining Residence in Italy. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.


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Comments

guest
Nov 16, 2016 23:20

Good information in this article. Its very important to not just buy property in your name but to be very careful on showing the path money takes to come to the country to get credit for purchases. I can recommend a couple links with information on purchasing properties, legalizing investments and obtaining investors visas: http://www.medellinlawyer.com/how-to-buy-real-estate-in-colombia/ - http://www.medellinlawyer.com/colombian-investors-visa/ - http://colombiainvestorsvisa.com/ The exchange rate is at a record high, today at 3,100 pesos per dollar. Popularity is growing fast so your money is pretty safe investing in Colombia. Besides the people are very friendly! Stop by and see us when you visit! James Lindzey Colombia Legal & Accounting 57-4-444-6634

guest
Dec 6, 2017 14:25

I bought a condo on the beach in Cartagena. Places there are very expensive but after browsing the real estate sites I stumbled across a steal. Was a beach rental for the past 20 years and has been neglected some. But luckily labor is cheap. Been going down once or twice a month working on it. Planning on early retirement and moving on down.

guest
Aug 17, 2019 19:47

My question is why buy something Colombia? Rent is cheap compared to the purchase price of most properties ... in addition to the local currency has fluctuated 50% in the last 8 years. If you bought a COP property of $ 200,000 8 years ago, it took USD 120K to buy it. Today, the same property has risen 50%, but you only need $ 90K USD to buy the same property. Still be in the hole.

guest
Aug 17, 2019 20:21

Recent property investors have lost money. Real estate firms in Colombia have been touting 12% or higher returns for investment properties used for rentals as well as property appreciation. At the Live and Invest Overseas conference in Medellín last year First American Realty Medellín was touting 5-10% rental returns plus 5-10% real estate appreciation. However due to currency risk and the weak Colombian peso lately, many property buyers who bought one or two or three years ago in Colombia have actually lost money in terms of USD. For example, the exchange rate today is 3,245 pesos to the USD and two years ago it was 1,943. Gringo real estate firms in Colombia are still touting high returns but there is still currency risk. What if the global economy implodes due to China or the price of oil drops well below $30, which several analysts are projecting? Colombia was relatively sheltered from the 2009 Global Financial Crisis in comparison to its Latin American counterparts. It was also one of the few property markets that didn´t decline in that time – but that doesn’t mean Colombia will be unscathed during the next financial crisis.

guest
Feb 5, 2020 16:23

Good day to all Expats: I recently had an appraisal of my property in Santa Marta (land only). I used an independent "Valuador" recommended by a bank I use here in Santa Marta, to do the Avaluo. Resulting estimated price was FAIR but below what i would be willing to sell for, but it is a value accepted by a bank, in case I need one.. Cost was $460,000 COP

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Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

Allianz Care International Health InsuranceInternational Health Insurance

Get a quote for health insurance from our partner, Allianz Care.
Get a Quote

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