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Property prices in Medellin

Hello everyone,

Finding affordable housing in Medellin is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in Medellin?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

My location is the beautiful city of Medellín, Colombia and, more specifically, the Poblado neighborhood.  While there are many attractive places to live in Medellín and some areas developing into the new "hot spots", the locale that still sees the most demand, especially from foreigners/expats, is the Poblado market. Demand is especially strong in the Poblado sub-markets of Parque Lleras, Provenza, La Linde and La Tomatera.

Pegging averages for this market, or any other in Medellín, is a daunting task, because prices can be a bit all over the map  This is actually made worse in the rental market, more so than even in the sales market. For example, sales in the the Poblado sub-markets mentioned tend to hover in a fairly consistent 3,500,000-4,500,000 Colombian pesos (COP) per m2 range, depending on exact location, age of building/house, condition of property and available amenities. New construction is topping over the 5,000,000 COP per m2, in these highly desirable sub-markets.

For rentals, part of what complicates the market data is length of stay statistics. Some units are used, legally, as short-term rentals, which carry with them a higher rent premium, while others are providing short-term rentals in buildings where such arrangements are not considered legal.  Short-term rentals are defined as those stays for less than 30-days.  Still, other rentals are part of the long-term rental inventory. Providing an accurate figure on a "rental rate per m2" basis depends on so many variables, that any accurate reading today will be likely invalidated tomorrow.  I have seen efforts to quote numbers in order to "seem knowledgeable", but we do not feel comfortable providing any one generalization, as accurate.

As a thumbnail, in any of the most desirable Poblado sub-markets, you are likely to pay between 1,500,000 - 2,000,000 COP per month for the short-term rental of a smaller apartment; 2,500,000 - 4,000,000 COP for a short-term rental of a medium sized apartment; and for a large apartment, depending on a dozens variables, you are likely to pay north of 4,000,000 COP/monthly, with the sky being the limit, for full amenity, luxury PHs, as an example.  You can count on longer-term rentals being negotiated down approximately 20% in lease rates for similarly sized and located units in this area.  Supply on the market at any time, as well as high-season vs. low-season variables can also play a big part in the ability to negotiate a better deal.

Other submarkets across the city of Medellín offer much more attractive options, but few, especially expats/foreigners, are willing to explore the better options that exist.  As such, the high demand for Poblado, especially the noted sub-markets, means a concentration of capital, chasing too few properties. As long as that trend continues, with Medellín becoming an ever more appealing destination for global travelers and investors, I do not see any weakening of either sales or rental prices for Poblado and its more desirable sub-markets, with further increases in valuations a more likely scenario.

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