Real Estate in Colombia Sales and Rentals
Buying or Renting Real Estate in Colombia
Purchasing real estate in Colombia is relatively straight forward.
Renting can be more challenging for long term rentals, although vacation rentals and extended stay full service rentals are easy to do.
When buying real estate in Colombia here are four basic points to remember:
• There are no restrictions on foreign buyers, whether or not they are residents;
• Real Estate gains and earnings from Colombia can be repatriated to your home country.
• A Colombian corporation can be set up fairly easily for buying and holding real estate, if you that fits your needs.
• Colombia's processes tracking property titles, recording liens and encumbrances against property titles have a solid legal structure.
Where to buy real estate in Colombia
Cartagena offers excellent opportunities for buying or renting property for a vacation or extended stays.
Located the northern Caribbean coast of Colombia, Cartagena is one of Colombia's top tourist attractions for both national and international tourists. The Old Spanish colonial walled city has been beautifully restored. Cartagena was once one of Spain's most important South American outposts and seaports, and still is a major seaport today.
The Cartagena real estate and vacation rental market has been growing significantly with new condominium projects, hotels, and malls. Cartagena is one of Colombia's premier property markets for investing along with the Medellin real estate market.
Cartagena's historic city center remains an architectural gem full of history, culture and art, along with great restaurants and nightlife. Cartagena is multicolored jewel with a population that reflects its colorful Caribbean roots rich in art, music, history and great food.
Since no new constructions is allowed in the old city, it is a prime tourist attraction and there is high demand for the limited supply of rentals and real estate in Cartagena's old city.
Cartagena is also being mentioned in many international publications that have taken notice of the city as a leading destination for tourists, and as a retirement and expat destination. With a steady increase of international visitors per year coming to Colombia, it is a great time to look at Cartagena real estate for investment.
Historic homes in the charming city center are a major tourist attraction and an excellent option for Real Estate investors or those looking for a rich cultural lifestyle in a historic setting.
The white sand Caribbean beaches are another great allure of Cartagena. The Bocagrande neighborhood offers dream retirement lifestyle or real estate investment opportunities with the modern beachfront and ocean-view condominiums on Cartagena's tropical beaches. Bocagrande is built on a narrow peninsula stretching into the Caribbean, and is home to many modern hotels and condos, which offer investment opportunities for short-term rental income with vacation rentals.
Cartagena enjoys a tropical climate, with average daytime temperatures in the low 30sC (mid-80sF) and nighttime lows in the mid-20sC (mid-70sF). Humidity averages 90%, but Caribbean breezes help moderate the humidity and temperatures. December through March are the driest and coolest months.
Cartagena Neighborhoods for Real Estate rentals and purchases
Cartagena's Old City: Also called Centro Historico, a walled city center steeped in colonial history and charm. Picturesque plazas and parks, shady streets, Spanish colonial architecture, boutique cafes, restaurants and cultural sites are everywhere in these two barrios of San Diego and Centro. The historic center of Cartagena becomes absolutely magical with the horse-drawn carriages which fill the old city streets as the sun sets and the city lights up the night sky.
The Old City offers some beautiful houses in need of renovation for sale, as well as a nice offering of fully renovated turnkey apartment and condominiums available for purchase.
Bocagrande is the neighborhood with the most modern tourist facilities, beach access and ocean views all along the malecon (embankment) and bay. Bocagrande occupies a long narrow peninsula between El Laguito and the historic old city with the Caribbean on one side and Cartagena Bay on the residential side. High-rise condo apartment buildings and hotels with ocean and bay view balconies are a big draw, both for tourists seeking vacation rentals and real estate investors. Recently new shopping malls have opened at each end of the beachfront. Five major hotels are have recently opened (Intercontinental; Sheraton; Hyatt Regency; Estelar; and the Iberostar bringing more tourist to Cartagena.
El Laguito (or "Little Lake") is a smaller popular tourist and residential area. home to the Cartagena Hilton Hotel and the Hotel Caribe El Laguito. This area also offers lower apartment rental and purchase prices than Bocagrande. El Laguito has some new apartment buildings and vacation rentals, which offer excellent value. El Laguito, with its older water-front and bay-front buildings with excellent views, offers opportunities to buy apartments for affordable prices that only need some remodeling and renovation resulting in very nice short-term and vacation rental properties. This small district has good restaurants, nightlife and shopping, and it's only a 10-15 minute taxi ride to the Old City.
Castillogrande and Manga are the top upscale residential neighborhoods, with many impressive new high-rise apartment complexes along both the bayfront side of Castillogrande and beachfront side of this long narrow peninsula which is 12 blocks long and only 2-3 blocks wide.
Just across Cartagena Bay is Manga, lined with marinas all the way to the cruise ship and container port, with new high-rise apartment buildings along the bayfront, offering unbelievable views across the bay to Bocagrande / Castillogrande.
The North Zone is located to the north of Cartagena's historic city is a very popular area for a vacation beach home for many Colombian owners from colder Medellin and Bogota who love their beach holidays. Going north of Cartagena's historic Old City toward the airport town of Crespo, along the oceanfront you pass Cabrero and Marbella all three are affordable residential neighborhoods. The rapidly developing beach front area of La Boquilla has dozens of new residential high-rise apartment complexes, plus the new Radisson Hotel, the Holiday Inn, the Sonesta Hotel, and the large Las Americas Beach Resort with new tower and convention center, La Boquilla is only about 10-15 minutes by taxi to the Old City and about 20 minutes to Bocagrande.
Vacation Rentals in Cartagena, Colombia
Cartagena, Colombia is becoming increasingly popular tourist destination for Europeans and North Americans, and vacation rental property is in high demand throughout the year.
Take a quick look at some of the Cartagena, Colombia's vacation rental properties available to book through our website and contact us to make your reservation today or from more information. Also take a look at our real estate sales listings for turnkey vacation rental property investment opportunities.
Figures & Facts About Cartagena:
- •Population of Cartagena: 895,400 (2007)
- •Metro Area Population: 1.24 million
- •Altitude: 2 meters (7 ft.)
- •International Airport: Rafael Núñez International Airport (CTG)
- •Currency: Colombian peso (COP)
- •Department (state): Capital city of Bolivar
- •Time Zone: UTC-5 hours (equivalent to EST in North America)
- •Average Temperature: 82F (28C)
- •Driest Months: Oct.–Nov
- •Rainiest Months: May–June
[Source: Colombia Government Website on Cartagena - http://www.cartagena.gov.co/] (Spanish)
History of Cartagena
Cartagena de Indias (the full name of old the historic city) was founded on an area that had been inhabited by indigenous peoples since 4000 B.C., with tombs left filled with gold artifacts, which were plundered by Spanish settlers. It was founded by Spain in June 1, 1533 and the area of Cartagena became a major trade center for gold and silver from South America, and African slaves.
Cartagena's wealth made it an attractive target for pirates, and its position made it vulnerable to attack. The English pirate Sir Francis Drake took the city in 1586 and the Spanish governor had to pay ransom to get it back. After that the Spanish crown began to invest heavily in protecting it and fortifying the city. In the late 17thi Century Cartagena was captured twice more, prompting the Spanish to spend the next 200 years building the fortifications that remain visible and prominent today.
Cartagena became wealthy under Spanish rule, through the trade in gold and silver mined in South America. Cartagena also had an active slave trade. Cartagena was one of the most prominent cities in the Spanish empire as the home to royalty and viceroys charged with administering the colonial empire. Cartagena suffered years of war, blockades and sieges after declaring independence in 1811. Without the subsidies of the Spanish crown to help it rebuild, the city declined dramatically in wealth and population. In the 1880s, the city began a slow recovery. Colonial Cartagena designated a World Heritage Site by UNESCO in 1984.
[Source and more Information - Wikipedia Cartagena, Colombia]
Premier Casa has a real estate buyer's agent in Cartagena who can help you find the best property to suit your needs. Contact us if you have a property for sale or rent in Cartagena or Colombia we can offer full service rental management or real estate sales service.
Feel free to browse through our Cartagena and Colombia real estate listings.
Bogota, the Capital city of Colombia
Bogota sits at an elevation of about 8,650 feet in the high sierra, on a mountain-rimmed plateau. The 6.7-million residents of Bogota enjoy spring-like weather, with a seasonal temperature variation of less than 1° F.
Bogota has a broad appeal; the best areas lie to the north and east of Central. You'll find an exciting mix of small, quasi-independent municipalities with their own town centers, as well as zones of gleaming high rises surrounded by towering eucalyptus trees.
There is plenty of fine dining in renowned restaurants, chic cafes, shopping districts, and expansive parks. Usaquén, Rosales, and El Chico are some of the other popular zones surrounding Bogota.
There are real estate opportunities in all sectors of the property markets in Bogota.
Medellin sits at 5,000 feet above sea level, with an ideal climate. The days that are pleasantly warm, and nights are agreeably cool.
Medellin is a modern, bustling city that has everything from mom-and-pop stores to large shopping malls. Modern high-rises look out between towering eucalyptus trees, in lush green neighborhoods, but Medellin also offers clean, residential neighborhoods as wells the colonial-style historic center each with its own Lifestyle and ambiance.
Colombia's oldest city is Santa Marta, located where the Caribbean meets the desert. The area referred to as "Santa Marta" usually refers to the region bounded by Taganga, which is five minutes north of the city to El Rodadero, which is about 10 minutes south. Santa Marta's coastline is actually facing westward, that treat you to treated to a dazzling nightly spectacle as the sun sinks into the sea, even though you're on the Atlantic.
Doing Business in Colombia
One of Latin America's oldest democracies, Colombia has become an excellent example of a country reclaimed from conflict by dedication to the criminal justice system reforms and the rule of law.
Colombia has created stability and a much better business environment due to the desire of successive governments since the late 1990s to promote foreign investment and improve security. Law and order is a key element of society that has improved significantly making it a safer country to do business.
Economically, Colombia has seen a fivefold increase in direct foreign investment. Colombia is considered the leader of CIVET states, comprised of Colombia, Indonesia, Vietnam, Egypt and Turkey, considered five most promising emerging economies in the world.
Since 1998, beginning with Plan Colombia, Colombia has entered into successive foreign aid partnerships with the United States, an alliance which has been instrumental to reforming Colombia into a safe and economically prosperous country.
Colombia's dramatic emergence as a thriving, democratic leader in Latin America is currently leading the way to significant security gains and capitalist-friendly investment rules. This is leading to an unprecedented oil and mining boom in Colombia. Colombia is now a leading a pro-business country in Latin America. The President Juan Manuel Santos, elected by a landslide in Aug 2010 as Colombia's president, has ushered a new chapter of continued economic growth for Colombia.
Today, Colombia has an excellent business environment and is a leading growth country in Latin America, according to the World Bank.
Colombia's stock market has been performing well. The country has taken its place as the "C" in the high-growth CIVETS states.
Increased stability politically and economically and significant growth in tourism has been taking place as many overseas visitors have come to Colombia and see how beautiful the country is without the fear of drug trafficking or crime that once held it back.
More quick facts about the country of Colombia:
• Major Cities: Bogota (capital), Cartagena (Tourist center), Medellin, Cali and Barranquilla.
• Language: Spanish, but English widely spoken in city tourist centers
• Currency: Colombian Peso (COP)
• Driving: Right hand side of the road
• Calling Code: +57
• Time: GMT -5 (Eastern Standard Time in USA)
• Main Industries: agriculture including export of fruits and flowers, Textiles, and natural gas and oil, chemicals, mining (coal, gold, and emeralds), and tourism.
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