A Rental Market Overview Of Medellín

A Rental Market Overview Of Medellín’s Top Neighborhoods

The Latest On Furnished Rentals In Medellín

Last week, I saw a report that’s important for anyone who wants to get into Medellín, Colombia’s lucrative rental market… or anyone who wants to rent a furnished apartment for living in this popular expat destination.

The study analyzed the costs of 350 furnished rental units on the market in Medellín’s most popular sectors. It provides a good source of unbiased data.

So, with this rental data in hand, now is a good time to look at my three favorite areas in the Medellín valley to get a picture of today’s rental market.

Let’s start with the most popular sector in Medellín.

El Poblado: The Beverly Hills Of Colombia

With lush, shady streets, tumbling mountain streams, and excellent residential options, it’s no wonder that El Poblado is Medellín’s most popular area for expats, travelers, and tourists.

El Poblado is green, forested, and uncrowded at its higher elevations, getting more “citified” as you approach the valley floor. The lower parts are walkable, with everything close at hand. El Poblado is the most expensive and exclusive area in the city and is the best place to own a rental property.

The centerpiece of El Poblado is the Zona Rosa, with its restaurants, cafés, clubs, discos, and Continue reading

Arequipa Cathedral, Peru

Our 3 Favorite Mosquito Free Places To Live Overseas (And Avoid Zika Too!)

Forget Zika: Best Places For Mosquito-Free Living
Plus: Buying With Your 401k More On Daniel Ortega

If you’re paying attention to the news these days, you’ve heard plenty about the Zika virus. It’s just one of many mosquito-borne diseases, and some—like malaria, yellow fever, and dengue—can be far worse than Zika. Dengue alone accounts for 25,000 deaths per year.And Zika seems to be spreading everywhere.That is, everywhere but up.

That’s right… you can escape Zika (and all of its nasty companions) by living at an altitude greater than 6,500 feet (2,000 meters).

In the Americas, we have a lot of good options for living at this altitude, from Alaska to Chile.

And if you’re near the equator, you have an added bonus, you can enjoy year-round, spring-like temperatures with little seasonal variation. This means you can come to your home abroad at any time of the year and enjoy the same even temperatures. You’ll save plenty on heat and air-conditioning.

There are many good options for life above the Zika line. Here are three of my favorite expat venues over Continue reading

A Comparison Of Medellin Vs Cartagena.. Beach or mountain?

Medellín Vs. Cartagena: Comparing Colombia’s Best Cities

Medellín Versus Cartagena: Colombia’s Two Top Destinations
Plus: Residency In Portugal, Then Living In The EU

Medellín vs Cartagena… which is the better Colombian city for living and investing? I hear this question a lot, so today we’re going to take an in-depth look at their strengths and weaknesses.

Cartagena is an historical resort city located on the Caribbean coast. Medellín is located in a valley in the Andes Mountains, and some expats consider it the most livable city in Colombia.

Both cities have their fans.

I have lived in Medellín for over six years but I have traveled to Cartagena over 20 times for both business and pleasure. In fact, Cartagena was the first city I discovered in Colombia back in 2006.

Let’s take a look at how they compare, in 14 different categories. Continue reading

El Poblado, Medellin’s Upscale Manila Neighborhood

El Poblado, Medellin’s Upscale Manila Neighborhood

Plus: Beachfront Under US$100k… And Stashing Money In Chile

In Medellín, Colombia, Manila has long been the undiscovered treasure of the city’s upscale El Poblado sector. On its shady, tree lined streets, you’ll find a mixture of houses, mom-and-pop businesses, and more than its share of nice restaurants and cafés.

One of El Poblado’s smallest neighborhoods, the walkable Manila is one of the last barrios in El Poblado that is still dominated by single-family homes and still maintains an old-fashioned neighborhood feel.

Today however, Manila is changing rapidly. Like a number of other Medellín neighborhoods, Manila has become trendy… chic. Locals, investors, and expats are paying attention.

Manila Is One Of The Original Gastronomic Zones

Manila is home to the original Calle de la Buena Mesa (that’s “street of good food” in Spanish). It’s a street lined with around 13 small cafés and restaurants, offering Spanish, Mexican, Italian, seafood, Peruvian, German, Argentine, and Colombian food. And while this Buena Mesa idea seems to have started here in Manila, it’s certainly no longer unique… similar gastronomic streets have popped up in several other barrios, and Continue reading

Get The Most From Your Overseas Rental Property

Plus: Make Sure You Don’t Retain A State Tax Burden Abroad

June 23, 2015
Medellín, Colombia

Dear Overseas Property Alert Reader,

You’ve been hearing a lot about rental returns lately. Over the past few years, it’s where property investors have been putting most of their attention. And along with this investment shift (from capital gains to income), you’ve also heard a lot of claims about returns… claims that may sound exaggerated.

In fact, good returns are achievable in quite a few markets. But the truth is that they don’t come easily. To make a respectable rental return, you’ll need more than your checkbook and a desire for money.

I’m currently renting three rental properties, and, over the years, I’ve found a few critical factors that make the difference between good rental returns and weak or nonexistent returns.

First, however, let’s take a look at why you should even bother trying to operate a rental in a foreign country.
Benefits Of Managing A Rental Abroad

Here are a few items that I find to be key advantages.

Your property abroad is a hard asset. Less than 10% of the money that exists is physical currency. The rest of the money supply is really just a concept—an idea—with no intrinsic value. It can disappear or diminish in value, and you’ve got nothing to show for it. On the other hand, hard assets always have Continue reading

El Poblado is Medellín's high-end option, at US$1,120 per square meters at today's exchange rates

High-Quality, Lower-Cost Alternatives In Colombia’s Medellín

Plus: Renting In Uruguay And Traveling In Ecuador

March 24, 2015
Medellín, Colombia

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