The El Poblado neighborhood continues to be one of the most sought-after areas for both purchasing and renting property. Spend just a few hours walking around the city and you will see why it is nicknamed “The City of Eternal Spring.” Due to the near-perfect climate, flowers are constantly in bloom and dot the streets with color year-round. Even though it is Colombia’s second-largest city, with a population of nearly 3 million, it really feels more like a bunch of neighborhoods all strung together. Medellín is Colombia’s fastest-growing expat destination. There are so many good towns and cities to choose from when it comes to looking for your perfect location in Colombia. You can live in a sophisticated, modern city or a cute casita in the countryside…a colonial walled city by the sea, or a sleepy Caribbean beachside town…enjoy spring-like weather high in the Andes, steamy tropics, or the “perfect” weather in between. It is the second most biodiverse country in the world, so whether you’re concerned with climate, culture, or lifestyle, you’ll find your niche in Colombia. ![]() Where to Buy Property in ColombiaĬolombia is about the size of Texas and California combined. If you are diligent you can expect to open an account within 7 to 10 business days. Most brokerage companies offer foreign clients the opportunity to transfer large sums of money into the Colombian market at a low cost and in a way that is more efficient and less time consuming than bank-to-bank transfers. Foreigners should plan on entering into a contract with cash in hand. Although a few banks now offer 20-year mortgages, most only offer five to 15-year home loans. If you succeed, the bank will require you to make a 30% to 40% down-payment and charge you around 12% interest. It is very difficult for foreigners to take out a mortgage in Colombia. Financial instruments such as adjustable-rate mortgages, interest-only loans, and second mortgages don’t exist here. To qualify for any type of loan, a Colombian must have an extensive history of good credit, money in the bank, and a steady income. So, it is very important to hire an experienced lawyer who understands real estate law in Colombia to do a title search and other background checks.Ĭolombia has a very sound and conservative banking system. ![]() In Colombia, there is no title insurance and there is no escrow (except for new construction properties). However, there are two important notes for foreigners to be aware of when buying real estate in Colombia. ![]() Residency isn’t required to buy real estate but buying real estate can qualify you for a Colombian investment visa depending on the value of the property. All you need to buy real estate in Colombia is a passport. Foreigners can buy property in either their own name or in the name of a company and have all the same rights to ownership as Colombian citizens. The purchase process is relatively straightforward when you’re buying real estate in Colombia.
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