The real estate market in Medellin is very hot right now. With a booming industry and growing economy the city has been reaching many new highs. The city of Medellin is known to be the Silicon Valley of Latin America with its bright young talent.
Overall tips on buying property in Medellin are few and far between. In order to find a great property first one must make sure to find a good real estate agent. There are a few foreign real estate agents here in the city but it is best to always go local. The foreign real estate agents normally charge much higher fees and also increase the property values to make more commissions.
To find a local real estate agent one can walk around the best neighborhoods in the city; laureles, estadio, floresta, and even envigado, and look for “for rent” or “for sale” signs. They will say “se vende” or “se arriende”. If a property is for sale you can walk into the building and ask the door man for the keys and they will most likely allow you to go up and visit the properties.
The best neighborhoods in the city for tips on buying property in Medellin are listed above. Would recommend to avoid Poblado since it is overrun with tourists and normally is much more expensive than the rest of the city.
Many people talk about the market being a bubble. Most people in the city buy properties cash and it is very hard to get a mortgage. Interest rates on mortgage are extremely high, 10-12% a year, and the mortgages only last roughly 20 years. It is a requirement for people to put down a minimum of 10-15% on a property as well which is very significant compared to other parts of the world.
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Tips On Buying Real Estate Property In Medellin