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Real Estate in Bogota, Colombia | Expat Exchange
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Plaza de Bolivar in Bogota

Real Estate in Bogota, Colombia

By Betsy Burlingame

Last updated on May 16, 2024

Summary: The average cost of a nice 2 bedroom home in Bogota, Colombia is around $200,000 USD, while a nice 3 bedroom home can cost around $250,000 USD. These properties typically include modern amenities such as air conditioning, high-speed internet, and updated appliances. Foreigners are allowed to purchase property in Bogota, however, they must obtain a foreign investment certificate from the Colombian government. When searching for a home to buy in Bogota, it is important to research the area and the neighborhood. It is also important to consider the safety of the area, the proximity to amenities, and the quality of the property. The most desirable neighborhoods in Bogota include La Candelaria, Chapinero, Usaquen, and Teusaquillo. These neighborhoods are known for their vibrant culture, excellent restaurants, and easy access to public transportation.

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How do I find a place to live in Bogota?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"One of the best ways to find a place to live in Bogota is to use online resources such as websites and apps. Popular websites such as Encuentra24, Fincaraiz, and VivaReal are great for finding apartments, houses, and other types of rental properties. Additionally, there are many apps such as Airbnb, Roomster, and HomeAway that can help you find short-term rentals. It is also possible to find a place to live by asking around in the local community or by using a real estate agent," said one expat who made the move to Bogota.

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What is a typical expat home or apartment like in Bogota?

"Expat homes and apartments in Bogota are typically modern and comfortable, with plenty of natural light and airy spaces. Many expats choose to live in the city center, where they can enjoy the convenience of being close to shops, restaurants, and other amenities. Apartments often come with balconies, terraces, and other outdoor spaces, allowing for plenty of outdoor living. Expats can also find homes and apartments in the suburbs, which offer more space and a quieter atmosphere," said one expat who made the move to Bogota.

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What is the average cost of housing in Bogota?

If you are thinking about moving to Bogota, cost of living in probably a key consideration. Expats commented about the cost of housing:

"The average cost of housing in Bogota is generally considered to be quite affordable compared to other major cities in the world. Prices vary depending on the size and location of the property, but a one-bedroom apartment in the city center can typically be found for around $500 to $700 per month. Outside of the city center, prices can be even lower," remarked one member in Bogota.

Should I buy or rent a home in Bogota?

If you have not spent a lot of time in Bogota, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"Buying a home in Bogota can be a great investment, as the city is growing rapidly and property values are increasing. However, it is important to consider the cost of living in Bogota, as well as the cost of purchasing a home. Renting a home in Bogota can be a more affordable option, as it allows you to live in the city without the commitment of a long-term mortgage. Additionally, renting can provide more flexibility if you are unsure of how long you will be living in Bogota. Ultimately, the decision to buy or rent a home in Bogota should be based on your individual needs and financial situation," explained one expat living in Bogota, Colombia.

What do I need to know when buying property in Bogota?

When we asked expats what advice they would give a foreigner before buying a property in Bogota, they said:

"1. It is important to research the area you are interested in buying property in, as different neighborhoods have different levels of safety and amenities. 2. It is also important to understand the local laws and regulations regarding property ownership, as well as any taxes or fees associated with the purchase. 3. It is recommended to hire a local lawyer to help you navigate the process of buying property in Bogota, as they will be able to provide you with the necessary legal advice and assistance. 4. It is also important to consider the cost of living in Bogota, as well as the availability of public transportation and other amenities. 5. Finally, it is important to be aware of any potential risks associated with buying property in Bogota, such as crime or political instability," wrote one expat who made the move to Bogota.

Are foreigners allowed to own property in Bogota?

When we asked expats what advice they would give a foreigner before buying a property in Bogota, they said...

"Yes, foreigners are allowed to own property in Bogota. The Colombian government has established a legal framework that allows foreign citizens to purchase and own real estate in the country. Foreigners can purchase property in their own name, or through a Colombian corporation. In order to purchase property, foreigners must obtain a visa and register with the Colombian government. Additionally, foreign citizens must obtain a tax identification number and open a bank account in Colombia," explained one expat in Bogota.

What appliances are typically included in a rental?

We asked foreigners in Bogota 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 Bogota typically include a refrigerator, stove, oven, washing machine, and dryer. Additionally, some properties may include a microwave, dishwasher, and air conditioning unit," explained one person living in Bogota, Colombia.

Additional Information about Searching for a Home in Bogota:

We asked foreigners in Bogota 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 Bogota by looking online for real estate websites that specialize in the area. They can also contact local real estate agents who can provide information about available properties. Additionally, expats can search for rental listings on websites such as Craigslist or Facebook Marketplace. Finally, expats can also ask friends and family who live in Bogota for recommendations," said one person in Bogota.

About the Author

Betsy Burlingame 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.

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