Real Estate in Medellin, Colombia
Last updated on Mar 08, 2023
Summary: The average cost of a nice 2 bedroom home in Medellin, Colombia is around $150,000 USD, while a nice 3 bedroom home is around $200,000 USD. These properties typically include modern amenities such as air conditioning, high-speed internet, and a fully equipped kitchen. Some properties may also include a swimming pool, terrace, and/or a garden. Foreigners are allowed to purchase property in Medellin, however, they must obtain a foreign investment certificate from the Colombian government. When searching for a home to buy in Medellin, it is important to research the area and the local market. It is also important to work with a reputable real estate agent who is familiar with the area and can provide advice on the best neighborhoods and properties. The most desirable neighborhoods in Medellin include El Poblado, Laureles, Envigado, and Belen. These neighborhoods are known for their safety, convenience, and access to amenities.
How do I find a place to live in Medellin?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Found Medellin from a friend - climate is perfect 75 days, 65 nights for sleeping(other cities climate can be much colder), good infrastucture equal to USA (drinkable water - no bottled water, low cost hydroelectric, same voltage - no convertor, natural gas in ground) and products / services (from USA, we are very accustomed to finding everything we want) and the people are very friendly / helpful Find a good English speaking real estate agent (Andrew - Apartments Medellin) because they will generally understand also more of your needs. The local agents tend to help their friends and do not show what you will want (no MLS services here). Look for US designed and constructed housing or you will miss all your conveniences (from experience)," remarked one member in Medellin.
"One of the best ways to find a place to live in Medellin is to use online resources such as Airbnb, Craigslist, and local real estate websites. Additionally, you can also contact local real estate agents who can help you find a place that meets your needs. Additionally, you can also ask friends and family who live in the area for recommendations. Finally, you can also look for postings in local newspapers and bulletin boards," explained one expat living in Medellin, Colombia.
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Click connect to have our partner contact you via e-mail and/or phone.
What is a typical expat home or apartment like in Medellin?
"Expat homes and apartments in Medellin are typically modern and comfortable, with plenty of natural light and airy spaces. Many of the apartments come with balconies or terraces, offering stunning views of the city and surrounding mountains. The apartments are usually equipped with all the necessary amenities, such as air conditioning, high-speed internet, and modern appliances. The neighborhoods are usually safe and secure, with plenty of restaurants, cafes, and shops nearby," remarked one member in Medellin.
"Look for US designed and constructed condos - real estate values here are appreciating rapidily (similar to Panama 10-15 years ago) and dollar is falling so NOW is a good time to invest here (do not waste money on rent) US style housing is NOT common here - typical housing is more european (my 1st apartment) with smaller box rooms and closed in feeling, miss the US kitchen and bath design including appliances in typical housing here (my new condo is US design and is good), much construction here is NOT equal to US standards (no inspection process) and could require much money for repairs," explained one expat living in Medellin, Colombia.
What is the average cost of housing in Medellin?
If you are thinking about moving to Medellin, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Costs are MUCH lower as average wages are US$300 / month. With $500 / month, you can live like a king - Utilities $100 (no heating or cooling required), health $50 max with insurance and co-pay, food $250 (buy local grown/made products), other $100 for restaurants ($5 dinner), taxi $5 or bus / metro $0.65 / trip. Housing starts at $100k for good quality US style design - do not waste money on rent as real estate is a good investment here," remarked one member in Medellin.
"The cost of housing in Medellin varies depending on the area and type of property. Generally, the average cost of a one-bedroom apartment in the city center is around $500 to $700 per month, while a three-bedroom apartment in the suburbs can cost around $800 to $1,000 per month. Prices for larger homes and luxury apartments can be significantly higher," explained one expat living in Medellin, Colombia.
Should I buy or rent a home in Medellin?
If you have not spent a lot of time in Medellin, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"We knew we had come to stay for several years or more. So we rented an unfurnished apartment. Some friends referred us to locals and the process was very easy. We bought a few things new like mattresses, TV and recliners, but all the rest of the furniture was used and we got some bargains. We had to buy lots of accessories, and those cost more than we counted on, but we have them now and they aren't going anywhere. In 3+ years, we have had 5 different homes. We could not have had all our adventures if we had purchased a home," said one person in Medellin.
"We built a beautiful country home. Again, the family helped throughout this process. From land purchase to completion of the house took a total of around 18 months," said one expat who made the move to Medellin.
What do I need to know when buying property in Medellin?
When we asked expats what advice they would give a foreigner before buying a property in Medellin, they said:
"1. It is important to research the area you are interested in buying property in, as different neighborhoods have different characteristics and prices. 2. Make sure to hire a reputable lawyer to help you with the legal aspects of the purchase. 3. Consider the cost of living in the area, as well as the availability of public transportation, schools, and other amenities. 4. Be aware of the local taxes and fees associated with buying property in Colombia. 5. Make sure to get a survey of the property to ensure that it is in good condition and that there are no outstanding debts or liens on the property. 6. Be aware of the local customs and laws regarding property ownership and rental agreements. 7. Consider the safety of the area, as well as the potential for future appreciation of the property," remarked one foreigner who made the move to Medellin.
Are foreigners allowed to own property in Medellin?
When we asked expats what advice they would give a foreigner before buying a property in Medellin, they said...
"Yes, foreigners are allowed to own property in Medellin. According to the Colombian Constitution, foreign citizens and companies are allowed to own real estate in Colombia, including in Medellin. However, there are certain restrictions in place. For example, foreigners are not allowed to own property within 50 kilometers of the border, or within 10 kilometers of the coast. Additionally, foreigners must obtain a visa in order to purchase property in Colombia," wrote one expat who made the move to Medellin.
What appliances are typically included in a rental?
We asked foreigners in Medellin what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Medellin typically include a refrigerator, stove, oven, washing machine, and dryer. Additionally, some properties may include a microwave, dishwasher, and other small kitchen appliances," said one in Medellin.
Additional Information about Searching for a Home in Medellin:
We asked foreigners in Medellin what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Medellin by looking online for real estate listings, contacting local real estate agents, and networking with other expats who have already settled in the area. Additionally, expats can attend open houses and viewings to get a better sense of the local housing market," said one in Medellin.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
Additional Information:
- Expat Guide to Medellin
- Healthcare & Health Insurance in Medellin
- Public Transportation in Medellin
- Best Neighborhoods for Single Digital Nomads Living in Medellin
- Pros & Cons of Living in Medellin
- Best International Schools and Bilingual Schools in Medellin
- 7 Weekend Getaways for Digital Nomads Living in Medellin
- Fun Classes for Expats Living in Medellin
- Best Bookstores and Libraries in Medellin
- Public Transportation in Medellin
- Best Markets in Medellin
- Retire in Medellin Guide
- 7 Tips for Living in Medellin
- Pros & Cons of Living in Medellin
- Tips for Expats Driving in Medellin
- Cost of Living in Medellin
- Health Care in Medellin
- The Insider's Guide to Medellin
- Healthcare in Medellin Colombia
- Best Places to Live in Medellin, Colombia
- Cost of Living in Medellin, Colombia
- 5 Tips For Living in Medellin, Colombia
- Healthcare & Health Insurance in Colombia
- Best Places to Live in Colombia
- Educational System in Colombia
- What It's Like Living in Medellin
- Pros and Cons of Living in Colombia 2024
- 2024 Guide to Moving to Colombia