Getting to Medellin 
Visiting Medellin
Living in Medellin  
Safety in Medellin
Map of Medellin
Photos
  
ATM & Banking
Interpreters
Health Insurance
Legal Assistance
Medical & Dental
Medellin Cell Phone
Visas
Hotels
Restaurants 
Shopping
Taxis
Personal Drivers

Home
About Us
Contact Us
Privacy Policy
Subscribe to MVG
Agents
Renting
Buying
Apartments
Houses
Fincas
Hotels
Apartments
Restaurants
Colombian Women
 
What's New
Medellin Cell Phone
SIM Card & Minutes
Medellin Turistica
Chica Gifts

Cheap Flights
Medellin Guide
  Main Menu           
Touring Guide
Service Guide  
Property Guide   
Purchase
Special Reviews     
Auto Guide     
Insurance
License
Rentals  
Sales
Medellin Property Guide
Buying
Medellin is experiencing a building boom of residential property construction.  Hundreds of high-rise Condominium and housing projects are under construction or in the proposal stage.  There is no doubt that this is the time to buy with property values appreciating.  Follow the guide below to learn more about property in Medellin.
Buying:  As an American or Foreigner Citizen you can purchase property in Colombia.

Consider what happened in Costa Rica and Panama years ago.  Residential home values appreciated at double digit rates and many individuals missed out on this housing boom.   


Price:  New Condominiums and residential homes are selling for approximately $110-$120 per square foot for the best properties in the Medellin area.  You will find lower prices in the areas bordering El Poblado and your purchase price will depend on your skills to negotiate and upgrades to the property.  Remember, MLS type listing and actual selling prices are kept secret in Colombia.  You will not know the selling price of other properties unless you know the person who bought or sold it.  The best way to find this information is through your realtor.  As in the USA, list prices are negotiable and many individuals have received a good  discount from the listed price.

Closing Procedures:  Property closings are conducted at a Notary of your choosing.  The Notary will ensure the property is free from any back taxes or outstanding debts and verify the registered owner is the seller. Your purchase contract will be in Spanish and formally recorded at the Notary.  Your attorney will review the contract, in detail, with you and provide a copy in English.

Financing:  Most properties purchased by Americans are cash transactions.  This is normally completed by a wire transfer for the entire purchase price to the sellers bank account.  There is some financing available to Foreigners and offered at high interest rates.  As Medellin's real estate market expands you should see more financing opportunities for foreigners.

Title Insurance:  Colombia has yet to offer title insurance but rest assured properties have been bought and sold for years without title issues. 

Realtor Fees:  Realtor fees are normally 3% of the purchase price and can be charged to the seller or the buyer depending on who the realtor is working for.  Make sure you understand who's responsible to pay this fee before you make an offer.

Important:  Find and use a Colombian Real Estate Firm.
  Aviod non-locals trying to sell real estate.
Home   About Us   Site Map   Disclaimer   Medellin Cell Phones
Medellin Colombia Photo
Photo Medellin Visitor Guide