How much does it cost to buy an apartment in Medellin or Envigado

Just doing a search for 'medellin apartamentos'  will get you these hits and many more.  But you need to be on the ground to see for yourself, as not everything is on the internet.  There are apartments for most all budgets, this should give you some idea of prices:

http://www.fincaraiz.com.co/apartamento … /medellin/http://www.metrocuadrado.com/apartament … /medellin/https://www.espaciourbano.com/BR_Buscaranuncios.asphttp://inmuebles.mercadolibre.com.co/ap … s-medellinhttp://casas.mitula.com.co/casas/apartamentos-medellin

Thanks alot. I appreciate all the information you provided.

Chris

chriscam19 wrote:

a nice 2 bedroom or 3 bedroom apartment in Medellin?... I want to purchase an apartment in a secure area. I was just wondering how much one would cost as I would pay cash.

You seem to be moving awful fast, Chris.

I don't see the wisdom in a newly-arrived Expat paying 100 percent cash for a 3-bedroom apartment in his new country before experiencing whether Medellín and Colombia are right for him.

Consider renting for your first year if you want to move to Medellín.

On top of all the usual factors, Colombia has new considerations about the national electorate's rejection yesterday of the FARC peace deal .. and how the situation will play out.

I'm not predicting that violent days will return to Medellín, but who knows how instability will affect an Expat's prospects for reselling a residential property .. if he eventually decides the city or Colombia is not right for him.

cccmedia

Looking at the ads posted it looks like the answer is a nice, but cheaper apartment ranges from $50,000 to $100,000.  Does that sound about right?  My wife is from Colombia and wants to buy a place to return when she retires in a few years, so I'm not rushing into a rash decision here.  I'd like to add to the question, what is the typical down-payment and interest rate if someone is financing the purchase in Colombia?

If you do a search for 'colombia tasa interes casa' you will get a number of hits (in Spanish) that will give you an idea of interest rate (tasa de interés) and down payment (cuota inicial) for an apartment or house.  Here is a Bancolombia site that allows you to input parameters and simulate the details of the loan:

http://www.grupobancolombia.com/wps/por … obiliaria/

The numbers from Bancolombia using this site show, for instance, for an apartment in Valle del Cauca whose cost is $200,000,000 COP (a bit over $68K USD) you would need a down payment of $60,000,000 COP (only up to 70% may be financed, must put 30% down) for a loan maximum of $140,000,000 COP for 20 years, at an interest rate of 11.7% per annum, with the monthly payment about $1,456,115 COP or just under $500 USD.

The amounts can vary by the departamento in which the property is located, by the age of the borrower, length in years of the loan, etc. etc.  It also will pay to shop around and compare rates.

K1VisaKing wrote:

My wife is from Colombia and wants to buy a place to return when she retires in a few years, so I'm not rushing into a rash decision here.

Right.  Take your time.  Given the uncertain political situation, I'd buy when you or she needs a place, not years in advance.  That goes even if the government eventually gets an approved peace deal with FARC and/or ELN.

I'd also live in the target area you choose for a year before forking over a down-payment.  Among other things, Medellín is at about the same altitude as Denver, and living high up is not for everyone.

Keep in mind that apartment sales prices in Gringo-friendly Poblado can be much higher than in some barrio  part-way up the hillside where almost no Gringos live .. or even in some place in middle ground.

cccmedia