If you want to buy or sell property in Colombia, then you’re at the right place because this article provides complete information about the local real estate market.
When you’re thinking about Colombia, you probably associate the name with a troubled history rich in corruption and drugs. The country fought terrorism and corruption for many years before it finally eradicated them and created a safe and secure environment for local and foreign enterprises. Many good things happened in Colombia recently that improved the security environment and the economic sector. At present foreign investors consider Colombia a stable and fast-growing economy and are looking for investment opportunities. For real estate experts, Colombia is the shining light in the Latin continent, where other countries are still dealing with political turmoil and economic recession.
Colombia is hot as a real estate market, and everyone who invested in the country can say the same. It’s also poised for great advancement because it takes advantage of all opportunities to improve the economy and open the market to new businesses and industries. For example, it recently adopted legislation regulating and legalising the gambling industry to encourage foreign Blackjack and other casino game providers to start ventures on Latin soil. The welcoming gambling environment positively impacts the real estate market because it brings new opportunities in the commercial real estate sector. Casino providers need real estate spaces to open casinos and establish local headquarters. Even online casinos need land-based spaces to install their servers and create working spaces for support teams.
Colombian real estate agents are excited to work with overseas clients who send enquiries for local properties. They can see the tidal wave heading their way, and they are more than happy to work on a market that can help the country improve and grow.
Why do experts name Colombia the hottest real estate market in Latin America?
Because Colombia is a business-friendly place now, all regions are welcoming investors. But for the real estate market, Cartagena and Bogota are the best places to start a business because they register rapid economic expansion. Cartagena may not be the most beautiful or tourist-friendly destination in Colombia. Still, it has a fast-growing middle class, a favourable exchange rate, and an innovative start-up culture. Therefore, it makes the perfect environment for real estate investments. On the other hand, Bogota is the capital of Colombia, and thus the first choice of entrepreneurs when they’re looking for a city to start a real estate business. In fact, real estate investors aren’t the only ones interested in starting a business in the country; corporations like Facebook are also considering it a great corporate hall meeting.
Even if Colombia is now a safe and secure place to start a business, it has been out of the loop for a long time due to corruption and terrorism, the fact that prevented the real estate market from raising the prices because no one wanted to invest in a country that lacked stable economy. Therefore, the real estate market prices are still quite low, making Colombia the perfect location for ventures with low capital. Besides the recently adopted legislation, this is another factor that encourages Blackjack and casino game providers to expand their services to South America. Colombia was isolated for decades from the rest of the world, and the real estate prices are still connected to the peso, so we’re probably not going to see any sudden inflow of capital in the near future. This means that all investors looking for a property investment opportunity overseas should consider Colombia.
The latest improvements in the legislation Colombia also set the fundamentals for a strong economy that encourages foreign entrepreneurs to consider it as a potential market for their ventures. It’s the perfect place for both retirement houses and entertainment businesses because the climate is excellent and the country is rich in culture. People buy retirement properties in Colombia because they want to enjoy their retirement years in a place with nice weather and plenty of entertainment opportunities. Many people who buy property in Colombia for personal purposes prefer city areas close to the Pacific Ocean where they can spend their days on the beach sipping cocktails and evenings in a blackjack venue to socialise with the locals.
Real estate market specialists expect the property prices in Colombia to grow by at least 5% in the following 10 years, which is excellent news for those who plan to buy investment properties.
Why is Colombia a better investment option than the other Latin American countries?
Some of its neighbours are also popular among investors, mainly because they grew as tourist-friendly destinations. People want to travel to countries with rich culture and diverse geographical areas. But they pick these destinations for fun more than for business. When they choose an overseas country to start a business, they research the economic sector, legislation, and customer base. While most Latin American countries have plenty to offer to tourists, Colombia was the first to legalise casino games like ruleta, which earned it the reputation of a place open to evolution. Real estate investors want to start businesses in areas with a growing middle class and English-speaking population. Colombia is a major financial and trade centre, and therefore most Colombians are speaking English.
Even if the Colombian housing market experienced a little turbulence during the last year due to the lack of financing and leverage, most real estate owners have no mortgages on their properties, and they’ll find it easy to recover. With no mortgages to pay, they cannot fall behind with their payments, and the market registers little panic selling, so the prices stay steady. The commercial market may still struggle even in 2021 because most employees won’t come back to the office until summer. Still, experts are confident the market is solid enough to suffer no harsh consequences.
There are certainly many reasons to consider Colombia a hot real estate market, but this article put together some of the most important.