Have you discovered Cartagena yet?
Cartagena de Indias, with its golden beaches, incredible food, and salsa heartbeat, is one of the most visited and iconic cities in Latin America. People from all over the world come to wander the colorful streets of the Old Town, admire the beautifully preserved colonial buildings, soak up the atmosphere (and the heat), and dive into a gastronomic smorgasbord of flavors.
The Old Town, a UNESCO World Heritage Site, is Cartagena's main attraction and one of the finest examples of preserved colonial architecture. It's a maze of colorful streets, filled with beautiful villas, impressive restaurants, boutique hotels, rooftop bars, churches, plazas, palaces, and so much more. Cartagena has become the destination for friends and family looking for a beautiful backdrop to any celebration and vacation.
Thanks to direct flights from the US and Europe, visitors to Colombia stood at 4.5 million annually before the pandemic and now those tourist numbers are bouncing back up. 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 Caribbean coastal 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.
Cartagena has become a desirable real estate market for foreigners looking to relocate and for investment opportunities. The city fosters thriving tourism which is driving up demand for vacation rentals and promising a lucrative passive investment for property owners.
What is the best way to find property in Cartagena?
Many investors buy property in Cartagena after visiting the city initially. Colombia does not have an MLS (multiple listing service) and online listing sites are not great. Websites are often not updated and properties are listed by multiple realtors at different prices.
How is the local real estate market? What qualities and amenities does each neighborhood have that affect property value? Which buildings have the greatest demand for vacation renters? These are things you want to understand before buying property in a foreign place and having someone on the ground with local knowledge of the market that has access to properties as they come on offer is highly advantageous. We recommend talking to a property concierge company that can give you up-to-date information and connect you with the right properties.
What are typical property prices in Cartagena?
This varies greatly depending on which area you are buying property in and what type of property you want. Expect to spend a minimum of 600 million COP ($155,000 USD) for properties in the exclusive tourist sector of Bocagrande and historical Getsemani.
But the demand for vacation rentals is also high. You can expect upwards of a 10% return on investment if your property is managed properly.
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.
Can I purchase property in Colombia as a foreigner? What do I need?
Foreigners can purchase real estate freely in Colombia. You need a valid passport and sufficient funds. You do not need a visa to buy property but you may be eligible to obtain an Investor's Visa through the purchase of a property.
You will need to pay some taxes and fees when purchasing a property. The fees usually amount to 2.9% of the property value and you should be informed of any fees upfront before signing contracts.
Do I need to speak Spanish?
Whilst speaking the language is beneficial when doing any kind of business in a foreign country, we always recommend partnering with a bilingual guide and lawyer when buying property in Colombia. Legal processes and contracts can be difficult to understand if you don't know the language well and it’s important that you are informed throughout the entire process.
Why use a property concierge?
The process of buying property in Colombia is different from most other countries. There is no title insurance and there are no Escrow accounts. It can be overwhelming and time-consuming to understand the market, especially if you aren’t familiar with the language, the laws, and the local procedures. Partnering with a real estate concierge (like us) is highly recommended.
Our property concierge, Double Double, was created to connect buyers with the right sellers and take the stress out of navigating the real estate world in Cartagena. We guide you through the entire process from start to finish ensuring the best possible real estate experience for you. Both long-standing residents of Cartagena, we know the market well and are on the ground finding properties based on your clients' needs and desires.
We work hand in hand with attorneys that are experts on the real estate laws and carry out all title and background checks to ensure paperwork is in proper order before any contracts are signed.
You can find more information about our property concierge services here on our website, or get in touch for a consultation. We look forward to speaking with you and helping to find your property in Cartagena.