Expat Community > Colombia

ColombiaGringo
Joined 2010
Posts: 264

Buying Preconstruction in Colombia

11 years ago

Everyone share your experiences please. I would just like everyone to understand that pre-construction projects are much more risky in Colombia than in developed countries.

Often referred to as buy plans here. One thing about Colombia is you dont have much oversight of building projects as you do for example in the USA. The other problem are of course the bribes builders pay officials. After this you have to understand every project has a developer and an actual construction company. Many times builders or developers have dirty hands associated with criminal organizations such as money laundering and drug dealing. Sometimes its just a builder than doesnt budget the project well and it flops. Maybe its the elevator guy that disappears with 200k USD into the mountains of Colombia. Several of my friends bought apartments in Belen and the elevator money disappeared. Imagine that, the building had no elevator for several years!

Recently Telemedellin did a story on scam and illegal building projects in Medellin. With the boom in building plenty of criminals are taking advantage of people. There currently over 60 illegal projects in Medellin at the moment. I am writing this note on the 2nd of June 2013. Secondly in this same broadcast the governors office is warning of a real estate bubble. So, what does that mean if your buying preconstruction you run a high risk that your building may not be finished if the real estate sector suffers a correction.

If your looking for a new place buy something that is 90% finished. I mean all the floors are done AND PEOPLE ARE LIVING IN THE BUILDING, with few apartments to be finished.

remember new here does not mean free of headaches. i have been living in a new place that had to have all the toilets, sinks and 1 of the showers pipes ripped up and replaced. I live in El Poblado Medellin. This apartment was appraised at 200 k USD. so you can see price means nothing as far as quality is concerned.

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