This blog is the first of two articles with real estate agent, Adriana Victoria Pelaez.
Adriana is an agent in both Colombia and in the Punta Cana region of the Dominican
Republic. This blog will be focused on Colombia. Colombia to me is a great place if
you are looking for value and an easy path to residency.
Wordly Realtor (WR): Give me the elevator pitch for why Expats should look to buy
property in Colombia for either recreation purposes, an investment property or to retire?
Adriana: Expats should consider buying property in Colombia because it offers a
perfect blend of affordability, stunning natural beauty, and a high quality of life. Whether
for recreation, investment, or retirement, Colombia’s diverse landscapes, from pristine
beaches to lush mountains, provide endless opportunities for adventure and relaxation.
The country’s warm climate, vibrant culture, and friendly locals make it an ideal place to
call home. Plus, the cost of living is significantly lower than in many Western countries,
allowing you to enjoy a luxurious lifestyle on a budget.
WR: I was reading that Colombia has a very expat friendly residency program, can you
explain how it works?
Adriana: Colombia has a very welcoming residency program for expats. There are
various visa options, such as the Retirement Visa (Pensionado), which requires proof of
a monthly pension (@ $870/month), and the Migrant Visa (M) for property investors,
which requires a minimum investment in real estate. After holding certain types of visas
for five years, you can apply for permanent residency. The process is straightforward,
and many expats find it relatively easy to navigate with the help of a local attorney or
immigration consultant.
WR: What are the healthcare options for non-Colombians?
Adriana: Colombia offers excellent healthcare options for non-Colombians. The
country’s healthcare system is ranked highly in Latin America, with modern hospitals
and clinics in major cities. Expats can access both public and private healthcare, with
private health insurance being affordable and comprehensive. Many doctors are trained
internationally and speak English, providing high-quality medical care comparable to
that in North America or Europe.
Wordly Realtor: What area of Colombia do you service? What is it like for Expats is
there a vibrant Expats community?
Adriana: I service areas in Bogotá, Medellín, and Cartagena. These cities each have
vibrant expat communities. Bogotá, the capital, is a bustling metropolis with a diverse
population. Medellín, known as the “City of Eternal Spring,” is popular among expats for
its pleasant climate and innovative public infrastructure. Cartagena, a coastal city, offers
a mix of historic charm and beachside living. Each area provides a supportive network
for expats, with social clubs, international schools, and regular community events.
WR: Where would someone buy in Colombia if:
The main interest is recreational, water sports?
Adriana: For water sports enthusiasts, the Caribbean coast, particularly Cartagena and
Santa Marta, offers ideal conditions with beautiful beaches and a range of water
activities.
WR: The buyer is an avid golfer and wants the best golf options in Colombia?
Adriana: Bogotá and Medellín have numerous golf courses and country clubs that
cater to golf enthusiasts, providing scenic courses and excellent facilities
WR: The buyer is looking for retirement property (cheapest and best)
Adriana:
Cheapest: Manizales and Pereira in the Coffee Region offer affordable living with
stunning landscapes and a mild climate.
Best: Medellín is considered one of the best places to retire due to its moderate
climate, excellent healthcare, and vibrant cultural scene.
WR: I know home prices can range greatly because as it is all about location. Try to
give the price of lowest homes for expats that have modern conveniences and at least
two bedrooms and what are the most expenses homes going for?
Adriana: Modern two-bedroom homes with conveniences can start around $80,000 to
$150,000 USD, depending on the location. Luxury homes in prime locations, such as
upscale neighborhoods in Bogotá or beachfront properties in Cartagena, can range
from $500,000 to several million USD.
WR: Same question with apartments/condos:
Adriana: Modern one-bedroom apartments can start from $50,000 to $100,000 USD.
Two beds range from $70,000 to $200,000 USD, with higher-end properties in premium
locations reaching upwards of $500,000 USD.
WR: If someone wants to rent for a year, or doesn’t have the savings to buy, are there
rental communities or do they normally rent from owners? What is the range for rental
properties?
Adriana: Renting is a popular option for expats. There are rental communities,
especially in cities like Bogotá and Medellín, but most rentals are from individual
owners. Rental prices vary:
• One Beds: $400 to $1,200 USD per month.
• Two Beds Apartments/Homes: $600 to $2,500 USD per month, depending on
location and amenities.
WR: Financing, which will be the subject of our next blog post, how does it work if they
use Colombian banks or builders financing?
Adriana: Financing through Colombian banks is available but can be complex for
foreigners. Interest rates are typically higher than in North America. It is often easier for
expats to pay in cash or secure financing from their home country. Some developers
offer financing options for their new builds, which can be more accessible for expats.
WR: Any concerns that a buyer should be aware of such as unstable government,
weather concerns or something else?
Adriana: Buyers should be aware of the following:
• Government Stability: Colombia has made significant progress in political stability,
but it is wise to stay informed about local developments.
• Weather Concerns: The climate is generally mild, but some coastal areas can be
prone to hurricanes and heavy rains.
• Other Concerns: Ensure thorough property inspections and verify titles to avoid
potential legal issues.
WR: Since you work both Colombia and Dominican Republic, if a customer is open to
both places and want to know the advantages of Colombia, what would you say?
Adriana: Colombia generally offers a lower cost of living compared to the DR.
Colombia’s variety of landscapes (mountains, beaches, jungles) provides more options
for different lifestyles. Colombia’s cities offer a rich cultural scene with festivals, music,
and a vibrant art community. Colombia’s healthcare system is often regarded as
superior, with more options for high-quality medical care.
