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As a foreign investor, now is a great time to invest in Cartagena. Learn about current conditions such as a newly elected local government, infrastructure improvements, and new tourist attractions in the city of Cartagena.
This is an exciting time for Cartagena. Great opportunities are available for expats or foreign investors looking to live, buy property, or start a business in Cartagena. Here are the top reasons why now is the best time to invest in Cartagena.
New Government, New Opportunities
Cartagena recently held their local elections. Newly elected mayor, Dumek Turbay, offers a fresh outlook for this historic city. His action plan includes budget allocations towards infrastructure, public transportation, sports facilities, biking pathways, and added safety for tourists.
Read more about the new mayor's strategic plan://redmas.com.co/politica/Dumek-Turbay-llego-a-la-Alcaldia-de-Cartagena-esta-es-su-experiencia-y-propuestas-20231028-0007.html
The newly appointed officials include professionals with a proven track record in promoting international investment for the city of Cartagena. One example is the newly appointed Minister of Housing, Maria Camila Salas, who was the director of Invest in Cartagena for almost a decade.
Infrastructure Development in Tourist Areas
One of the largest coastal expansion projects is currently underway in Cartagena. This infrastructure development project will expand the size to the Bocagrande beaches giving beachgoers extra room to enjoy. The new and improved beaches are opening in Bocagrande offering a better experience for tourists. This, in turn, means growing opportunities for local businesses catering to tourism.
The beach infrastructure improvement is not only cosmetic, however. This project will also improve water drainage, which is of utmost importance in coastal areas, especially during the rainy season. The project aims to prevent street flooding, thus improving traffic and protecting beach-front properties from water damage.
If you are looking to invest in real estate, consider this coastal expansion project to help you choose the right property. Reduced flooding and larger beaches in this area promise to continue to increase property value in the Bocagrande area.
To follow the progress of this project and keep informed as more beaches open up, follow: www.instagram.com/consorcioproplaya.
New Tourist Attractions in Cartagena
One of Cartagena’s biggest industries is tourism. Here are the recent developments in tourism that are sure to mark growth in this industry.
New 4-Seasons Hotel
A new 4-Seasons hotel will be opening in Cartagena in the new year. The hotel is located in the Getsemani, just outside the old city wall. The 4-seasons brand is betting on the gentrification of the area, since this location is not traditionally considered upscale.
The good news for investors is that with gentrification comes profitability. This hotel project presents a great opportunity for real estate investors to get in on the market before property values skyrocket. If you are looking to invest in a commercial or residential space in the historic center, keep an eye on this development.
Disney’s “Encanto” Colombia Vacation
The 2020 Disney film Encanto became an international sensation. The movie boasts rich character development, intricate storylines, and an incredible soundtrack by Manuel Lin Miranda. The story takes place in a fictional town of Colombia that combines elements of many different regions.
To honor the popularity of the film, Disney Vacations has created a new itinerary for Colombia. Guests will be able to experience the magical essence of Encanto first hand. The plan includes visits to the coffee region, Bogota, and of course, historical Cartagena, among others. See the full itinerary: https://disneyparks.disney.go.com/blog/2023/05/inside-look-at-the-new-adventures-by-disney-colombia-adventure/
New Direct Flights into Cartagena
Gone are the days when international flights to Cartagena would fly only from Miami. As Cartagena’s popularity grows, airlines have started to expand their routes to offer direct flights into the city.
It is possible to find direct flights into Cartagena from many US hubs, such as Texas, California, New York. If you are traveling from Europe, you can try the KLM Airlines direct route from Amsterdam.
Ease of access through increased air travel routes will open up new markets for business and tourism in Cartagena.
Caribe Aventura Water Park
Caribe Aventura is a brand new thematic water park located 50min from the Cartagena airport. The park has water slides, lazy river, a wave pool, and other cultural attractions.
Each attraction is designed to highlight different regions of the northern Caribbean coast of Colombia; from the indigenous settlements of the Sierra Nevada to the roots of the Barranquilla Carnival. Caribe Aventura delivers a cultural experience along with hours of fun for the entire family
Real Estate Boom
Aside from the new tourist attractions, real estate in Cartagena has seen an exponential growth over the past year, and this trend is expected to continue.
Profits are steadily growing in both the sale and rental markets. New construction projects are underway throughout the city. Investing in residential or commercial real estate presents a lucrative opportunity for capital appreciation and rental income.
If the city life is not for you, you can also find new developments in the suburbs of Cartagena, like Zona Norte and Turbaco.
Do You Want to Live in Cartagena?
It is one thing to invest in Cartagena from abroad, and a very different one to live in this city. If you love the Caribbean heat and are looking to make the move, here’s a new visa to get you there.
About a year ago, Colombia introduced a new Digital Nomad Visa. This type of visa legally allows you to perform remote work for a foreign company while living in Colombia. Since its inception, the Digital Nomad Visa has become a preferred option for foreigners wishing to remain in the country mid-term. Consider this option if you plan to move to Cartagena in the new year.
You can apply for the Digital Nomad Visa here: www.cancilleria.gov.co/v/nomadadigital
As you can see, exciting things are happening in Cartagena. We believe the best time to invest in Cartagena is now. A savvy investor takes note of the trends and capitalizes on untapped potential. Call Double Double today to learn more about how you can get in on the action and see your investment grow in Cartagena.