Medellin Real Estate – Guide to Buy Property!

Every year, Medellin is known to attract more and more people from all around the globe. The culture and lifestyle of Columbians are one of the primary reasons people are living and loving life in Medellin. Everyone from business owners to families who spent their vacation in the city adores and loves to stay and be part of Medellin.

The low cost of living and one of the best healthcare systems are two of the prime reasons why the Medellin real estate is attracting more and more foreign investment.

Another primary reason for the fantastic popularity of this city is its rich culture and vibrant festivals as foreigners love to spend some quality time in Medellin. The heart-warming nature of the town and its traditionality blended with technology also attracts many people who are looking to get rid of the stress. No surprise why this city is called ‘The City of Eternal Spring’!

If we talk about Medellin real estate, it works very differently from the USA and other countries. Additionally, the real estate agents here do not speak English, and that makes it difficult for foreigners to deal with them. But, you can take the help of English-speaking agents for buying or renting a property in Medellin.

Here is a guide for you to buy property in Medellin.

Guide to Buy Property in Medellin

Fortunately, the city and country have lenient rules, and even foreigners can buy property in Colombia. There is no bias toward local people as purchasing property rules in the country are the same for both foreigners and locals.  The main reason behind this strategy is the importance of foreign capital. Many South American countries have improved their economy due to frequent foreign investment.

If you want to buy a property in Medellin, you need to have a passport. However, suppose you’re going to buy a residential property in Columbia. In that case, you need not be a permanent resident of the country but need to have qualified for a Columbian investment visa.

However, being a foreign investor, you must know two crucial points – One is that Columbia doesn’t have any Title Insurance concept, and there is no escrow. Escrow is required for new construction properties only.

Being a foreign investor, it is always recommended to you to have an experienced attorney who is entirely aware of the Medellin real estate and Columbian real estate laws. So, when the need arises, your lawyer must be capable of doing background checks efficiently.

Reasons for Buying a Property in Medellin

There are loads and loads of reasons to buy a real estate property in the city of Medellin. One of the prime reasons for foreigners to invest in Medellin real estate is to get monthly income by renting their houses and casa. Some tourists buy properties in Medellin, Colombia, to live a good lifestyle without paying any rent.

Some foreigners will purchase a property in Medellin to settle down and live their retired life in this fantastic city, while other people use their purchased properties as rental homes to earn extra money. Some foreigners buy properties in the town just for trading purposes.

However, if you want to buy houses for only trading purposes, you will need to start buying numerous other properties in the city and investing in other real estates.

If you plan to spend the rest of your time here in Medellin, Colombia and want to buy a permanent residential property, do not buy it with a local ID card. Ensure that you purchase real estate and make an investment before looking for a place to live in Medellin.

Location is the key when you are investing in the real estate market. So, pick a neighbourhood that is popular among people in business and foreign tourists. Finally, this could be your best investment in the Medellin real estate market.

Things to Keep in Mind while Buying Real Estate in Medellin

Must know About the Right Location

If you are a foreigner and looking to settle down in Medellin, you need not worry about the nature of Colombian people. They are pretty friendly, and the city also has several foreigner-friendly neighbourhoods that will make your initial days comfortable, and people will help you settle down in the country.

There are numerous English-speaking areas such as El Poblado, Envigado, Belen, and many more. It won’t be a challenging task to find English-speaking locals in these areas, as mentioned earlier. However, before finalizing any location, make sure you familiarize yourself with all neighbourhoods of Medellin.

You can consult a real estate agent about the kind of atmosphere or place you are looking to live in. Always remember that a business will have its pros and cons. Hence, it is indispensable to compare and then find the best places to put your money for investment in the Medellin real estate sector.

Get yourself a Real Estate Attorney and be Relaxed

If you want every process to be finished smoothly, hiring a real estate attorney would be the right step. Additionally, you need not worry about legal processes as your attorney will handle them effortlessly.

In situations when you are going out of Medellin, your attorney will handle your property because of the Power of Attorney. If you have an attorney, then it will be easy to open an escrow account.

Take help from the local law firm to help you understand the Medellin real estate investment process better and make things easy for you. If you don’t know the Spanish language, you need not worry as you will be assigned an English-speaking attorney for accessible communication.

Medellin Real Estate Market Works is Different than National Market

The first difference between the Medellin real estate market and a particular nation’s real estate market is that agents in Medellin do not require a national licensing system that may be compulsory in your home country. This rule implies that anyone in the city can sell the property. They will charge some percentage of commission.

In this country, the standard commission for real estate agents is only 3%. This is pretty low when you compare it with North American and European countries.  Another thing you should keep in mind is that the seller has to pay the commission of a real estate agent.

Final Words

The Medellin real estate sector works quite differently compared to other nations such as the USA, Canada, and various other countries. Hence, if you are planning to buy a residential property in Medellin, Columbia, then make yourself familiar with this guide as it will help you settle well in the South American city.