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Frequently Asked Questions
Why is Cartagena seen as a good place to invest? Being such a popular tourist destination, and with direct flights from the US and Europe, Cartagena has quickly grown into one of the most visited and iconic cities in the world. With growing popularity is growing demand, and over the past ten years developers can barely keep up with the increased interest of investors in the colonial city. Those investments in the country have increased dramatically over recent years, with the real estate and tourism sectors leading the way for investment opportunities and a prosperous future.
What kind of real estate opportunities are available for foreign investors? Most people are looking for a more passive type of income by buying an apartment(s) to use as a vacation rental property through Airbnb and similar platforms.
Can I purchase property in Colombia as a foreigner? What documents do I need? You need a valid passport to buy property in Colombia. As a foreigner, you don't need a visa to buy property but you may be eligible to obtain one through the purchase of a property.
How much would I expect to pay for a property in Cartagena? This varies greatly depending on which area you are buying property in and what type of property you want. You should expect to spend a minimum of 800 million COP ($205,000 USD) for something in a touristic building with newer amenities that allows vacation rentals.
What kind of returns could I expect to see from a vacation rental in Cartagena? Standard Return on Investment (ROI) can be upwards of 10% if your property is managed properly.
What's the best way to find property in Cartagena? Contact us! Colombia does not have an MLS (multiple listing service) and navigating online listing sites can be difficult- they are often not updated and properties are listed by multiple realtors at different prices. We live in Cartagena and have knowledge of the market value of properties and can be on the ground finding properties based on your needs.
Do I need to speak Spanish to buy property in Colombia? No, that's where we come in acting as your bilingual guide through each step of buying property in Cartagena. Legal processes and contracts can be difficult to understand if you don't know the language well and our bilingual concierge team and lawyers ensure you are informed throughout the entire process.
How long does a Colombia property purchase tend to take? The purchasing process moves very quickly here. From the time we find you a property to closing, it can take as little as one week!
What checks do I need to take before I agree to buy a property? The purchasing process in Colombia is completely different from most other countries. There is no title insurance and there are no Escrow accounts. Our attorneys are experts on the real estate laws and will carry out all title and background checks to ensure the paperwork is in proper order before any contracts are signed.
Are there any hidden costs that I should be aware of? Taxes, fees, etc. Nothing is hidden, but purchasing property in Colombia does involve paying certain taxes and fees. These fees usually amount to 1.65% of the property value. We inform you of all the fees involved for the closing and transfer of the deed upfront.
Do I need planning permission for a renovation or remodeling project? This depends on the building, but generally speaking, you will just need to make the building administration aware of any renovation plans.
Is the cost of property rising in Cartagena? Cartagena presents a vibrant economy and real estate continues to show strong and consistent growth, with prices rising exponentially over the past 10 years as the city becomes increasingly popular as a tourist destination.