Expat Community > Colombia

fecherklyn
Joined 2015
Posts: 1459

What price a "Nice" area?

1 year ago

What price a “Nice” area?

Is property cheap in Colombia? This has always been a popular question on this forum by would be pensioner expats and the answer was invariably “YES” from most respondents. From my latest experience, I do wonder if this is still true.

I have been trying to leave Colombia for some time now but punctual problems have always arisen to delay our actual relocation (back to Europe). In fact, the preparations are long realized with our Medellin house/car, etc sold, the proceeds tucked away in Europe and most of our other worldly possessions now reduced to suitcase size. As a consequence, we have been living in rented property for nearly 2 years whilst awaiting our departure and our current rental contract is due to expire shortly. There is the problem, we will still need another rental to carry us through to an eventual departure but our research so far suggests the Medellin property market has gone crazy?

Of course, rental rates are linked to property purchase prices and these seem to have been in overdrive recently. Only three years ago when I was looking to sell our Medellin house, the market prices in our neighborhood were in the 3Mn to 4Mn per m2 for used property and verging on 5Mn per m2 for new. When I look now, today’s market prices in these same neighborhoods are ranging on the 6Mn to 9Mn range for used, depending upon the relative site exclusivity. Example, an apartment building next to our rental has sale offers at 8.3 Mn per m2.

If the market sale prices look sky-high, the rental prices look even worse. All we have been able to find for ourselves is a rental price (furnished) at 25% higher than our expiring rental. In our area, Yes, a very expensive area, we can find 2, to 3 bedroom apartments for from 6 Mn per month UPWARDS, and they are very scarce. In this context, it should be noted today’s rental prices ALREADY incorporate price corrections adjusted for the current 12% Plus inflation factors.

I understand some forum members will point to the fact the figures I am discussing all relate to the “Upper Scale” (“Nice”) market, but I would suggest that all Medellin markets, rich and poor, are facing similar criteria.

A word of advice; the rental prices stated in the local agencies are very misleading. I have given up believing anything they have to offer because when you make specific enquiries, the offer that interests you suddenly disappear.

William Russell

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William Russell

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What price a "Nice" area?

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