The World’s Best Kept Real Estate Secret – Medellin Colombia
For the past 40 years, up until 2007, the American press has ransacked Colombia and particularly, Medellin. But with the sound leadership of President Uribe (80% approval rating) Colombia has overcome many of its security issues and now offers possibly one of the greatest real estate opportunities of all time.
Medellin is a cosmopolitan city of 4 million people that rivals anywhere on earth in terms of beauty, climate and cleanliness. At 4200 ft altitude in a mountain valley near the equator Medellin virtually has a springtime climate every month. There are also very few bugs or insects. Thus there is no need for air conditioning, heaters, screens or bug spray. Even the poorest people here have million-dollar views. The city is very clean even in the poorest areas. There are more universities here than in Boston MA. The health care in Medellin is excellent and many people are now coming to Medellin for plastic surgery and dental work at 1/4th the cost in the US.
In El Poblado, Medellin’s most luxurious suburb, there is more high rise construction than in NYC, Los Angeles and Philadelphia – combined. El Poblado is sort of like Brentwood CA but with hills, views and more vegetation. The local populace, paisas, are extremely friendly and like Americans. The women of Medellin are the most beautiful in the world and friendly to boot. No attitudes here and they are warm and family orientated. There is no age discrimination and in fact it is an honor to socialize or date a “maduro”, a mature person.
Condominiums and homes in Medellin are cheaper than Costa Rica, Mexico, Panama, the Caribbean and most parts of South America. Quality construction with million dollar views can be had for $50-80 per square foot in the nicest part of Medellin and for less in other very attractive neighborhoods. On a comparative basis Medellin is the least expensive of any major cosmopolitan city in the world.
If one looks at what happened to real estate prices in Costa Rica and Panama when Americans began investing there 7-12 year ago, the prices went up more than 800%. For anyone who has visited all three places they will tell you that Medellin is superior in every respect. So when America discovers that the crime rate in Medellin is less than Atlanta, Baltimore, St Louis, Washington DC, Detroit, New Orleans, and other major US cities and continuing to drop, there will be new interest in discovering Medellin. There is a reason that National Geographic named Colombia as one of its top six tourist destinations for 2008.
But the real proof that the truth about Colombia and Medellin will soon be realized is that in the past 18 months there have been more than 130 positive articles about Colombia and Medellin in US newspapers, magazines and TV. This is more good news than in the previous 50 years combined. There are news archives available on the Internet where these articles and TV clips can be accessed. Between the good news and word of mouth, American visa requests in Colombia are at an all time high and growing.
Timing and location is everything in terms of successful real estate investing. Medellin’s location is second to none and the timing could not be better. Do your research and discover why Medellin is truly the world’s best kept real estate secret whether for investing, as a second home or to retire early and live like a king. It is truly an opportunity to “own a piece of paradise”.
By Rich Holman – Owner/Broker
First American Realty Medellin