March 24, 2015
US$1=2,607 Colombian pesos
Dear Overseas Property Alert Reader,
The recent strength of the U.S. dollar over the Colombian peso has made property in Medellín a real bargain. I’ve just completed a detailed survey of four neighborhoods in Medellín—neighborhoods popular with expats—and found that the average price for existing properties in these neighborhoods is 2.5 million Colombian pesos (US$960) per square meter.
I’ve seen several publications in the United States use the real estate costs in El Poblado to represent the overall market in Medellín, but this is not accurate as El Poblado is the most expensive neighborhood in Medellín. There are several others that also offer a high quality of life… but with a lower property cost.
Many publications also quote prices only in U.S. dollars, which isn’t appropriate because properties in Colombia always trade in Colombian pesos. The exchange rate has changed dramatically over the past few months, which make price quotes in dollars go quickly out of date. The dollar is up about 10% in the past month and up over 30% in the past year.
How We Surveyed The Top Four Medellín Neighborhoods
We surveyed 400 existing real estate properties—sized from 70 to 100 square meters—in Medellín’s neighborhoods of El Poblado, Envigado, Laureles-Estadio, and Belén. We analyzed 100 properties in each of the four neighborhoods, chosen because they’re the most popular in Continue reading