Colombia Remains a Growingly Popular Destination for Foreigners, from entrepreneurs and digital nomads to couples and families. Additionally, more and more retirees are choosing Medellín, Colombia as their primary retirement destination due to its low cost of living, “eternal spring” climate, and excellent healthcare. Colombia is even considered one of the best foreign retirement options by U.S News, Huffington Post and CNN Money.
One of the main reasons for Medellín’s popularity is that foreigners are allowed to buy properties in Colombia. The process of buying properties in Colombia is the same for foreigners and locals, and only a passport is needed to purchase real estate. However, it’s important to note that there is no title insurance or bond in Colombia (except for new properties). That’s why it’s crucial to hire an experienced lawyer who understands Colombian real estate law to conduct a title search and other background checks.
Another important aspect to consider is that buying real estate in Medellín may qualify for a Colombian investment visa, although it is not a requirement to have one. It’s recommended to buy real estate in Medellín only for the purpose of obtaining a visa or residency with a local ID card. It’s important to buy real estate if you consider it a good investment for you or provides you with a living place that meets your requirements.
There are many reasons why foreign investors choose to buy real estate in Medellin. Some of the most common reasons include:
- Investment property that generates monthly income
- A permanent place to live and avoid paying rent
- A temporary place to live and rent out when not in Medellin
- An old place to renovate and sell (flip) or convert into a rental property
- They want a visa for real estate investment.
When buying real estate for investment, smaller apartments in popular tourist areas (such as El Poblado or Laureles) are generally better investments. However, this type of property may not be where you want to live. Large apartments and estates in the Medellin area with many amenities can be excellent places to live, but they are generally not the best investment properties for rentals. Additionally, if you want to buy an economical property to live in an area not frequented by foreigners, this may not be a good investment property.
In conclusion, Medellin is a city that offers a high quality of life at an affordable cost. With its stunning natural beauty, vibrant nightlife, thriving arts scene, and improved security, it’s easy to see why so many people are choosing to call Medellin home. And buying property in Medellin could be a great investment opportunity, but it’s important to consider the legal aspects and the best areas to invest in. Hiring an experienced lawyer who understands Colombia’s real estate law is essential to ensure a smooth transaction.
