After the COVID-19 crisis, the economy has faced lots of challenges. However, the real estate sector was one of the least impacted industries during the pandemic. The real estate industry has an essential role in the upbringing of the economy around the globe. This particular sector has proven to be unaffected even during the most unfavourable times, making it a good investment.
Medellin has been growing and constantly rising within the past few decades thanks to the decrease in crime rates and an increase in its economy.
We have you covered if you require help with anything related to Medellin. Here are some basic yet important information regarding the city that will entice you to invest in Medellin Colombia real estate sector.
The booming Medellin Colombia real estate?is the evidence of positive changes that has happened in the city for some years now. The market for real estate in Medellin is known to be the best investment sector regardless if you are a native or not. To learn more about it, you can continue reading below.
The finest deal in the United States of America may be found in Medellin, roughly. It costs more than 3.5 million Colombian pesos each month to live here. Daily expenses in Medellin are not ultra-cheap cellar prices, but they are marginally less compared to those in Panama City. Naturally, the difference is that every day, the cost of everything changes in terms of U.S. dollars.
Utility costs would be one significant cost saving from residing in Medellin. The environment makes it possible for residents to live without heating or air conditioning, which would result in extremely low utility expenses. This could result in a monthly budget reduction of up to U.S. $200.
Medellin Colombia real estate is known for its rapidly growing economy and infrastructure settings. In addition to having clean drinking water and well-kept roads, Medellin also has consistent phone service, power, and high-speed Internet. There is a tonne of places to shop, including family shops, posh boutiques, and a handful of sizable, contemporary malls. The financial institutions are reliable and robust.
The weather is ideal, with pleasant days and cold nights. The city benefits from fantastic weather throughout the entire year due to its elevation of 1,500 metres (5,000 feet). One degree of seasonal variance results in temperatures on an average day ranging from 63 degrees Fahrenheit to 79 degrees Fahrenheit. Medellin has a room temperature type of weather almost every day of the year.
You can take advantage of Medellin’s affordable cost of living, high-quality, reasonably priced residences, and the opportunity to generate non-dollar income through a rental property. Medellin Colombia real estate is where the actual cost advantage of the city lies. Medellin Advisors is one of the estate agencies that can help you find the best spot for investment as well as a place to reside in.
In the centre of the city, El Poblado, there are luxury rental and purchase options. Here, the price ranges from approximately US$ 1,000 to US$ 1,500 per square metre for resale (usually furnished) purchases and from US$1,500 to US$2,000 per square metre for new investments. It can cost you from US$1,000 to purchase a single bedroom to somewhat US$3,000 for a deluxe penthouse per month for a furnished rental.
That is the market’s peak once more. These rates can decrease by up to 50% in less well-known, more localised neighbourhoods. Right now, you might pay as low as 850,000 pesos per month to rent a single-bedroom apartment in the Laureles district. That amounts to around US$227.33 at the current currency rate.
Want to know a combination you can’t overlook? Reasonable prices, several luxury rentals available, and a constantly rising demand. Now, that is a combination that remains unbeatable right there.
Additionally, of all the countries in Latin America, Colombia has experienced some of the most substantial rates of growth in recent years. It also outperformed established powerhouses such as Brazil, the United States, and the Eurozone through the end of last year. This is because of various positive aspects, including the constantly declining crime rate in the nation.
Foreign investment capital is flooding in. Foreign direct investment (FDI) surged by an astounding 600% between 2001 and 2012 and by more than 200% since 2010. It is impossible to overstate how large the potential window is at this point in both Medellin and Colombia.
Here are some of the best and basic reasons you should consider investing in Medellin Colombia real estate:
- In absolute terms, property costs are modest in Medellin. A safer, more opulent, first-world lifestyle cannot be found anywhere else than Medellin. However, compared to Panama City, its most affluent area has lower real estate costs, such as Fortaleza, Brazil, or Montevideo, Uruguay.
- Real estate in Medellin could increase in value. Over the previous three years, the cost of real estate has increased by 5% to 8% annually. There is no bubble here; this is consistent, healthy growth. The Colombian Chamber also projects the overall revenue for housing developments in Colombia for 2021. The anticipated growth for this year is from 4.3% to 7.5%, with a decline of about 5% in 2020. This amounts to sales of 187,936 and 195,545 residential units, respectively.
- Real estate in Medellin yields high percentages of homes that generate revenue. In desirable areas, furnished short-term rentals can bring in 10%, while furnished long-term rentals can bring in 8% profits. In any market, these rates are practically impossible to reach any cost.
These were some but not the only reasons you should consider investing in Medellin’s real estate sector. The city has one of the best markets for investments now that it has been gaining attention from all over the world!