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How can a Foreigner Buy and Sell Properties in Medellin, Colombia

Posted by thinkinco on August 25, 2022
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Medellin has become one of the most prosperous cities in the world, with sophisticated visitors arriving every month and demanding the highest standards in dining, travel, accommodation and tourism experiences.

Not only that, the real estate market is booming, with short-term rentals scarce, high-quality listings scarce, and demand growing every year thanks to its geographic location, socioeconomic fundamentals, and investment grade.
So, without further ado, here is the 10-step process to buying property in Medellin, Colombia:

Step 1: Come visit us (you owe it to yourself)

Medellín is amazing! The cuisine, the people, the weather, the atmosphere, the art and cultural scene, the views and everything it takes to make you fall in love with a place from the moment you step off the plane. You won’t want to leave… guaranteed.

Step 2: Walk through the neighborhoods

familiarize yourself with each place. Don’t be afraid of getting lost! Use Google Maps for directions and just follow your heart (or your nose!)

Step 3: Get a representative/broker.

Contact a real estate firm you can trust, who can get you an attorney who can represent you in all transactions.

that they have brokers, lawyers, accountants and investment managers to help make this process smooth, easy and safe.

Step 4: Investment or Residential?

Be sure to choose what is most important: an apartment for YOURSELF, where you do not want anyone but your friends and family to enter, or an apartment that will MAINLY generate monthly income and will appreciate considerably in the medium and long term.

This is important because it will determine the type of property that best suits your needs and which we will focus on. There really isn’t a right or wrong answer, just a matter of personal preference.
One is a house, a residential property. The other is an investment property, which will grow in capital over time and continue to provide cash flow for years to come.

Step 5: Open an account in a Colombian bank

The Colombian branches and the US/EU branches of the “same bank” do not cooperate or work together at all. They are TWO separate entities. What that means is that if you have a Citibank US bank account, that doesn’t necessarily mean you’ll get approved at Citibank Colombia.

They will most likely deny you, because they work with different rules and regulations, and you don’t have something called a Cédula (a type of social security identification number that is approved for residency).

This is a prerequisite to buying a property, because you MUST register any amount over $10,000 with the central bank of Colombia and explain to them the purpose of that investment so that you don’t have a problem with repatriating your funds.

Step 6: Find "the one"

We will help you find a property that our knowledge, numbers, intuition and mind will tell you is correct. On our site you will be able to see all the lots, properties, neighborhoods and we will show you all the available opportunities that we select every day for our investors.

You can find properties in places like Las Lomas, Laureles, Las Palmas, El Poblado and others. We’ll make sure you see a wide spectrum of options to choose from, so you too can begin to get a picture in your mind of the value of land and the variance of income, costs, fees, and land distributions. This is a super fun process that we love so much!

Step 7: Close

Did you find one that you totally fell in love with, it meets your budget, your criteria, your expectations, it’s perfect, you LOVE it and you really want it? Well, it’s time to snatch that property off the market! You “take the fish out of the water” by doing the following:

Pass an offer! After you’ve done your research and had a glass of wine the night before to consider this (we highly recommend it; making sure you’re sure, of course), put in an offer for the value you want to start trading. Do you want a quick tip? Do not buy retail price. Try and negotiate the value before setting a price.

You would be surprised to know at what price properties can close, and the Paisa culture (Medellín) is based on negotiation, because we are avid negotiators.

Once you agree on the price, congratulations, you’re almost there! You should have your attorneys work a title search, check the seller’s background, and review all documents to make sure the purchase is safe and you’re not running into trouble with a problem property.

so he can identify this early on to make sure you’re safe.
The lawyers will give you the green light and sign the respective contracts (either a purchase agreement or a deed) at the notary’s office, where the transfer of funds will be necessary to close completely. Contracts are signed, money is exchanged and everyone is happy and protected with the terms of the contract.

You get the keys to your dream property to raise capital or use for yourself. It’s a win-win for everyone.

Step 8: Interior Design and Details

Once closed on your property, you can start styling it however you like! You can hire in-house interior designers, look for ones with partnerships with custom furniture builders (great workmanship at a third of the cost in the US), or you can buy your own furniture from places like Falabella and Homecenter.

Step 9: Property Management

We will give you all the necessary information so that you have everything clear about the administration of the property, what happens after the sale and the last steps.

Step 10: Enjoy it and use it!

Whether it is an investment or a residential place, come and stay in your place as long as you want! Look at our property catalog, your dream home or apt can be here waiting just for you.

Last words

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Hi, I'm Joey, and I'm here to help you find the perfect place for you.

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