Country Houses in Santafe de Antioquia

Beautiful Country Homes In Quiet Weekend Getaway 45-Min From Dowtown Medellin

Santafé de Antioquia is one of the favorite weekend getaways or 2nd home vacation hot spots in Medellin, Colombia. This small town boasts some of the largest real estate developments  in Antioquia of country homes on large fincas, residential homes, condos and more.

La Quinta is one of the well known real estate projects in Medellin

Santafe de Antioquia Medellin

Country Houses in Santafé de Antioquia Medellin is a post from: Medellin Colombia | Real Estate and Tourism Information
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Villa Suramericana Medellin

Subsidies to purchase real estate in Medellin

People living in Medellin will be able to participate in the Real Estate Housing Subsidies Fair taking place from May 13-15, 2010. Entrance is free for everybody and shows one of the growing efforts taken by the city officials to improve quality of life and home ownership. We feel this is another positive step towards the creation of a “middle-class” society that seems to be non-existent here.

For the next 3 days Colombian people and families can apply for housing subsidies and if they fulfill some requirements and the application is approved they will have access the subsidies offered by Medellin Mayor’s Office, so more and more people in Medellin can have their own homes.

This Housing Subsidies Fair is organized by the Social Housing Institute (Instituto Social de Vivienda), and will be held at the Pontificia Bolivariana University Sports Center (Polideportivo).

The object population is the lower income population in Medellin in order to solve their housing needs, the main reason why the Mayor’s Office created the Social Housing Institute.

After this 3 day application period, the Institute will evaluate all the applications and will issue a list with the beneficiaries of this housing subsidy and the construction projects that will be developed between 2010 and 2011.

This Institute offers a telephone “hot-line” for additional information to all people interested. The hot-line number is 444 20 80. There you can find Information about the steps and tips for a successful application.

Requirements for subsidies:

•    The family gross income must be equal or lower than ($ 1.030.000).

•    The householder must show his original ID cards, and copies of the ID cards of the family members.

•    Must have lived in Medellin in the past six years.

•    Must not be part of any worker’s compensation organization (caja de compensación).

•    Must not own any real estate property in Colombia.

•    Must show a letter or certificate from the bank showing ownership of the programmed housing savings account.

Benefits of subsidies:

•    Subsidies go from $9,785,000 to $11,330,000 per household depending on your income level.

•    It doesn’t matter if you are foreign resident in Medellin, as long as you fulfill all the requirements.

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Real Estate Agent in Colombia

Realtors In Colombia, How To Select One?

Being a real estate agent in Colombia does not require a real estate license as in the United States and other countries. As well, in the past there have only been a few regulations to protect both buyers and sellers both local and/or foreign.  There have been some amazing improvements in the last few years and buying real estate in Colombia can be a great experience if one takes certain precautions in selecting the right agent.

Unfortunately, anybody can be a real estate agent in Colombia. This means that companies (active Colombian Corporations) can promote, sell, and act like a professional real estate company in Colombia regardless of their level of training or previous experience.

However, there are some regulatory controls in the real estate purchase process that can protect you during the purchase process. By requesting a real estate appraisal from a certified appraisal agent, you can use that during the negotiation process. Real estate appraisals are actually mandatory if you buying through a mortgage loan, however this is almost impossible for a foreigner to acquire from local banks.

Remember, all appraisals should be done by government certified real estate appraisal agents that are members of the Corporate Appraisal Agents Registry (Registro de Avaluadores Corporativos or RAC) of the Real Estate Association. The fee for getting an appraisal is typically a fee per square meter. There can actually be several fees but they typically range from 1.5% per sq meter to 15% per sq meter, smaller area = higher percentage.

How to choose an appropriate real estate agent and/or real estate appraisal agent?

Selecting the right or qualified real estate agent or real estate appraisal agent can be challenging in Colombia due to the lack of a country wide licensing requirements or MLS system that most foreigners come to expect. However, don’t let this dissuade you from buying your dream home for we have some easy guidelines below to use during your selection process, or feel free to contact us directly for some great recommendations for each major city in Colombia.

Small but effective guidelines to selecting the right real estate agent or company;

1. Realtor Associations: Choosing a real estate company belonging to the Colombia Real Estate Association (Lonja de Propiedad Raíz). Or a legitimate association in the city where you would like to purchase or live.

2. Referrals: If you are a foreigner, ask local friends that live in Colombia who they have used or ask for references about specific companies you are considering working with, “the word on the street”.

3. Due Diligence: conduct the same due diligence with your prospective real estate company that you would in your country. Check references, testimonials, past clients, years experience, resume, etc.

4. Get A Certified Appraisal: even though appraisals are not mandatory unless you are acquiring a mortgage, you can still request them from the seller if you are buying a property.

5. Bilingual: if you are an native English speaker its very important to hire a fluently bilingual Realtor, the language barrier could cause you a lot of grief in the future as well its vital to know exactly what the Spanish purchase contracts say before you sign them.

6. Homework: Do your homework online or through local friends before approaching a Colombia Realtor so you at least a little about how real estate works in Colombia.

Good News! The Real Estate Associations in Colombia include real estate companies and real estate appraisal companies (not individual agents) that meet specific requirements in order to be members. Each Member of the associations are companies that have been in active business for over 3 years, bear a mercantile registry (real estate corporation in Colombia), and has conducted ethical and active business with good outstanding credit and financial situation (bankrupt companies are not accepted), among others.

What is being done to regulate the real estate industry in Colombia?

Real Estate Appraisal

Colombia seeing this new trend and opportunities in real estate are once again being pro-active and creating new laws to protect both buyers and sellers local or foreign. This is just another great initiative under their belt to improve international business and reputation.

In February 2008 the Colombian Federation of Real Estate Associations, FEDELONJAS, signed an agreement with the Commerce Industry and Tourism Ministry to create a Unified Standardization for Real Estate Services (Unidad Sectorial de Normalización de Servicios Inmobiliarios or USN SI) in association with the Colombian Institute of Technical Standards and Certification, ICONTEC, in order to create the Real Estate Buying & Selling Regulations.

The USN SI is comprised by four Industry Committees which will focus in the areas in which the real estate industry will be regulated in the future. Those committees consist of:

• Real Estate Purchase and Sale Committee: Focused on creation the regulations and technical standards for the real estate purchase and sale transactions and processes in Colombia.
• Real Estate Renting Committee: Focused on creation the regulations and technical standards for renting properties in Colombia, protecting both the rentor and rentee.
• Commonhold or Condominium Real Estate Committee: Focused on creation the regulations and technical standards for the management of condominium properties in Colombia.
• Real Estate Quality Services Committee: Focused on creation the regulations and technical standards for real estate services, and the requirements for both individuals and companies offering such services.

If you want to confirm a real estate agent or company belongs to the Real Estate Association or you want to find a real estate agent registered with the Real Estate Association, please check the following links:

Bogota: www.lonjadebogota.org.co
Medellin: www.lonja.org.co
For other cities or regions around Colombia: www.fedelonjas.org.co

or feel free to visit our Real Estate website to post questions under our Community Page Here;

Post Community Question Here To Receive Answers From Local Experts!

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Buying Real Estate in Colombia

Foreigners Buying Real Estate In Colombia

As seen in part 1 of this report, a non-resident foreigner can also buy real estate in Colombia taking advantage of the benefits established in the Colombian foreign investment regulations.

Buying real estate registering the purchase as foreigner

As mentioned in part 1, a foreigner buying real estate in Colombia will have to first follow the same steps any Colombian national follows when buying real estate in Colombia and receive the same security and other benefits as a local. To read about these steps please click here.

Then, if the foreigner is non-resident in Colombia, he/she can register the purchase as foreign investment before the Central Bank to advantage of the Colombian foreign investment regulations including tax exceptions and the possibility to sell the property at any time and take the proceedings back to his/her country at a lower cost.

What are the benefits?

• If you sell your real estate property you can send back to your country all the proceedings and you will be charged only 7%. (Please note that in case you are resident or you didn’t register the purchase as foreign investment, part or all of the remittance might be taxed as non-recurrent income, meaning you might end up paying up to 35% of the remittance in taxes).
• As long as you are not profiting from your property (ie. you are not renting it) you won’t have to pay the 35% income tax (impuesto de renta) or the 1.2% estate tax (impuesto al patrimonio), although you will have to pay the real estate tax (impuesto predial) every 6 or 12 months, depending on of each city.

What do you have to do?

The steps are pretty simple and straightforward, however, we always recommend you consult with a qualified real estate attorney in Colombia before doing anything on your own. Feel free to contact us for some great recommendations on quality lawyers.

First, you have to register the foreign investment and all the wire transfers and payments for that real estate property by delivering Central Bank Form # 4: Foreign Investment Exchange Declaration.

Please note, there are some requirements:

• The investor can’t be resident in Colombia. All those foreigners that have been within the borders of Colombia for a total of 6 months or more in a period of 12 months are considered resident.
• The installments or payments have to be made under the established regulations, and these have to in fact be destined to the investment. This means you have to show you used all the money to buy real estate (showing bank statements and the purchase agreement).
• The enforcing agencies might contact the investor and/or his bank to confirm all the information. This means that the Colombian Business Superintendence and DIAN (the Colombian IRS) can revise your investment and if you infringed any tax laws you will have to pay the due tax plus a fine of up to 200% the value of the infraction.

Second, within the next three (3) months (from the date Form #4 was delivered) the investor has to request registration before the Central Bank Foreign Exchange Department by delivering Form # 11 Foreign Investments Registration and attaching the following documents:

In case of a Pre-Existing Colombia Real Estate:

• A no-liens certificate proving the value paid and ownership under the foreigner’s name.
• If the no-liens certificate is not available yet, he/she should deliver the notarized Real Estate Sale Contract signed by the seller and buyer.

In case of an Pre-Construction Colombia Real Estate:

• A copy of the trust fund agreement, and real estate sale contract.
• Whenever the construction is finished, you will have to show a no-liens certificate.

Can a foreigner buy real estate in Colombia? (Part 2 of 2) is a post from: Medellin Colombia | Real Estate and Tourism Information
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Buying Real Estate in Colombia

Foreigners Buying Real Estate In Colombia

Yes, a foreigner resident (or non-resident) in Colombia can buy real estate in Colombia under his/her name. A real estate purchase can be registered as a foreign investment taking advantage of the benefits under the foreign investment legislation, but it all depends if the buyer is a resident in Colombia of if the buyer is non-resident in Colombia. In case the foreigner is a resident in Colombia, meaning he/she has stayed for a total of 6 months in a 12 month period, the real estate property purchase can’t be registered as a foreign investment.

Buying real estate property without registering the purchase as a foreigner

A foreigner buying real estate in Colombia will just have to first follow the same steps any Colombian national follows when buying real estate in Colombia. To read about these steps please click here.

Additionally to those steps, if the the foreigner is buying real estate property without registering the purchase as foreign investment because he/she is resident in Colombia, or doesn’t want to register it as foreign investment, he/she will only have to inform  the Central Bank where the funds are coming from.

The payment of installments or the sums agreed on the sale contract should be made under the Colombian currency exchange regulations, and should be registered by delivering Central Bank Form #5 Services, Transfers and Others Exchange Declaration.

The “buyer” can simply send wire transfer(s) from his/her country to the bank account of the real estate property “seller” in Colombia which can be an individual, construction company or even a Trust or Colombia Corporation. The purchase and deed signature is made through the “buyers” local representative, who can be an attorney, relative, friend or broker.

This method has to be used by foreigners that are resident in Colombia or foreigners that want to buy a property through a relative, friend or broker.

However, if the foreigner is non-resident in Colombia there is yet another way to buy real estate properties in Colombia by registering the purchase as a foreign investment and take advantage of the tax benefits. To know more about this other option, please click here.

Can a foreigner buy real estate in Colombia? (Part 1 of 2) is a post from: Medellin Colombia | Real Estate and Tourism Information
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Customizable Apartments in Envigado

Recently I was looking for a new apartment in Medellin I found this interesting apartment building where you can customize the living spaces of the apartments to your desire!

In Envigado, just about 1 mile from El Poblado Avenue in the Loma de las Brujas area, you will find this new real estate project offering apartments from 62 m2 (667 sq ft) to 102 m2 (1098 sq ft). What I found extremely interesting and innovative about this project is that they let you play with the spaces in the way you want, adding a new room or workroom wherever you want. They only install the bathroom(s)—1 or 2—the kitchen and that’s it, you can organize the rest of the space how you see fit.

The location has lots of tall green trees surrounding and beautiful landscape and just a few blocks away you will find a shopping mall, hospital a catholic church and easy access to downtown Envigado. On Sundays, you just have to walk two blocks to go to the ciclovia (specific streets and avenues are open to pedestrians and bicycles only, connecting Envigado and Medellin for a safe Sunday walk). If you want to go to Medellin you can either take Transversal Intermedia street or el Poblado Avenue, and if you are going to the International Airport there is a road that takes you there without passing through Medellin.

Where in Envigado

The apartments include a parking space and storage unit and in the common areas you will find a pool at ground level with a solarium and gym at the top of the building. I really saw myself living in one of these apartments and enjoying the sun at the solarium.

I have to tell you the building is still under construction and you can buy off-plan on credit, leasing or cash. Depending on the terms of payment (an up-front percentage on cash, cash only, credit only, etc.) prices go from $160 million pesos (US$80,000).

For more information visit: www.cubikapartamentos.com

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Safety: I have felt safer in Medellin than in Costa Rica or Panama and definitely Brasil. Never have I been threatened, scammed, or treated badly in any way by the Colombians I have met.  In fact, they are very friendly and seem to go out of their way to be helpful to foreigners.

Medellin City

Cleanliness: Medellin is off the charts in this area. It is much cleaner than I expected. The Colombians could give the Swiss lessons in urban cleanliness. Actually they should give Panama and Cost Rica lessons in cleanliness. God knows they could use it.
Cost of living: It is actually higher than in panama in the upscale area called El Poblado except for real estate and rentals. When you get away from Poblado prices drop significantly and can be lower than Panama and definitely Costa Rica. Restaurant prices in poblado are higher than panama by 15% to 30%. Groceries are a little more expensive also. Toiletries like shaving cream and deodorant are insanely expensive here because there is no free trade agreement and they are taxed heavily when they are imported as is the case in Costa Rica. Prices in restaurants are much lower in areas away from poblado where more middle class Colombians live.
Weather: The pleasant spring time like weather is one of Medellin’s best features. Having lived for many years in San Diego and Southern California, I thought I had seen the world’s most perfect weather until I arrived in Medellin. Being close to the equator and at an elevation of 5,000 feet allows Medellin to have arguably the most perfect weather of any city in the world. This is why it is called the city of eternal spring.

Medellin Metro Train

Transportation: Taxis are a little more expensive, but newer and nicer than panama, but still radically lower in price than in the USA, and all metered. Also easy to get one when you want. The metro is a huge benefit, runs the length of the city, and inexpensive to ride ($.75 cents).  The buses also run frequently and are inexpensive ($.75 cents).

Friendly People

Attitude of locals: The locals in Medellin, called “Paisas” are very friendly and easy going. They seem to be amused by, and fond of, foreigners. I find them to be much more open and friendly as compared to either Panamanians or Costa Ricans. They seem to be even friendlier and easier going than Brasilians.

Infrastructure: The infrastructure is excellent and better than I imagined. It seems more like Europe than Latin America.

Police: I was most impressed by how nice, polite, and professional the police are in Medellin. Never have I gotten the feeling that they were looking to shake you down for a bribe like the police in Panama.  Again, they remind me of the police I have seen in European countries.  Also, there is a strong police presence in most places of the city that affords the feeling of safety and security.

Medellin Culture

Girls: Medellin is famous for having multitudes of attractive women and it is as good as or better than I imagined.  The girls here are very friendly and they seem to be everywhere. They also all seem to be interested in Americans and they seem really interested if you have muscles and are in shape.

Medellin Apartments

Opportunity: Real estate appears to be the best, easiest, and most readily available opportunity in Medellin. The market is very stable and prices are low compared to Panama, Costa Rica, and the USA. In addition,   Medellin is being discovered by more and more foreigners with many buying or planning to buy real estate. This will put upward pressure on prices as this trend continues.

Summary: Medellin can best be described as Colombia’s Los Angeles, although on a smaller scale.   It offers everything a person could want in a modern dynamic city. There is even a large, sprawling, reservoir not far from the city for those interested in water sports and water activities. Medellin is the best place I have ever seen for a single man to live and retire. The icing on the cake is the amazing number of friendly, attractive, women.  It is like no other place I visited before.  There is much truth to the saying: “The most dangerous thing about visiting Medellin is not wanting to leave”.

A Gringo’s Observations of Medellin Colombia is a post from: Medellin Colombia | Real Estate and Tourism Information
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Rio Luna Apartment Building Medellin

Medellin is a growing city with a great amount of new housing properties on sale, both new and used, totaling over 200 projects.

In Medellin and the Aburra Valley you will find properties for all tastes: low cost apartments and houses, country houses, in the hills or in the valleys, downtown or uptown, small (46 m2 / 150 sq ft) or large (300 m2 / 984 sq ft), most of them with pools and recreation areas, others plain and simple apartments or houses.

The area with more real state options is the district of El Poblado, followed by the Aburrá Valley south area (comprising the districts of Envigado, Itagüí, Sabaneta), the Aburrá Valley west area (comprising the districts of Robledo, Pajarito, Simón Bolívar, La Floresta, Calasanz, San Javier, Estadio), and the Belén and Laureles districts. Other areas with less real state options are the downtown area (comprising the districts of Prado, Buenos Aires, Cataluña), and the Aburrá Valley north area (comprising the districts of Cabañitas, Bello, Niquia, Girardota).

The most exclusive real estate options, with luxury appointments and larger square footages can be found in the Poblado, Envigado, Sabaneta, y Laureles districts, mainly, whereas smaller and less fancier options can be found in the west, downtown and north areas of Medellin.

Dann Carlton Medellin

In terms of price, the real estate options (mainly apartments) in Medellin and the Aburrá Valley go from the $35-$45 million pesos (US$17,500-US$22,500) for the lower-end, up to $750-$1400 million pesos (US$375,000-US$700,000) for the higher-end. This means the price per square foot ranges from $240,000 to $1,400.000 Colombian pesos (US$120-US$700).

You should also bear in mind you can make a profit when buying ‘off plan’ property in Medellin, meaning buying before or during the construction, expecting your property price to increase up to 20% at the end of the construction (new properties are more expensive if already built). However, when shopping for ‘off-plan’ properties, bear in mind the average construction terms in Medellin range from 12 to 36 months.

Another important thing to bear in mind when buying real state in Medellin is the position of the sun.  During most of the year the average temperatures range from 16 to 30°C (61-86°F), where the higher temperatures are observed in the afternoon; therefore a property with a view to the East would be fresher than one with a view to the West (you should note a price increase on properties with a view to the East in some cases). This is particularly relevant since almost all homes in Medellin—new and used, apartments and houses—lack of air conditioning.

Wait for more information about Medellin real estate buying process.

Things you should know when buying a new property in Medellin is a post from: Medellin Colombia | Real Estate and Tourism Information
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Laureles Medellin

Zone 3 is often overlooked by foreigners searching for Medellin real estate. This is a shame actually, as some neighborhoods in Zone 3 like Laureles and Bello are really quite nice. Not surprisingly, real estate prices in Zone 3 are about 25% lower than they are in typical Gringo neighborhoods like Poblado and Enviago. Really nice apartments in Zone 3 can be found for around $70 per square foot and in many cases much less than that.

Map of Laureles

Specifically, Laureles is a quiet neighborhood composed of upper-middle class single family residents and upscale apartment complexes. It has remained somewhat off the radar, but I know several Americans that have purchased apartments in Laureles over the last few months. Laureles is also very close to both Calle 33 and La 70, a popular hangout for young Colombians, especially at night. Those who are looking for something different than Parque Lleras might find Laureles interesting.

bello medellin

To the North of Laureles is Bello, an expansive neighborhood with around 500,000 residents. Bellos is actually a city within a city and is comprised of 81 seperate barrios with mainly residential and mixed-use buildings. Bello is home to many furniture designers and manufacturers, both big and small and many of its residents work in this industry. While it is true that some parts of Bello may not be 100% safe, there are several pockets within this large barrio that are quiet and safe. Real estate prices in Bello are considerably lower than Laureles and it seems to have the highest concentration of beautiful women in Medellin. I have spent alot of time wandering around the various subsections of Bello and have never felt unsafe. In fact, I have friends that refuse to hang out in Parque LLeras because the Zona Rosa in Bello is better. It is true that the women in Bello are much friendlier than their Poblado counterparts and always greet newcomers with a smile.

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Poblado Medellin

Medellin real estate – Zone 2 is far and away the most upscale zone in Medellin. It is home to Medellin’s banking and hotel district, many of it’s finest Universities, several upscale malls and the famous Zona Rosa, the center of nightlife and fine dining in Medellin. Needless to say, Zone 2 is also where I have my apartment. While Zone 2 is made up of many different barrios, El Poblado and Envigado are two of the biggest and, not surprisingly, have far and away the highest concentration of North American and European residents.

El Poblado, which translates to “the village” in Spanish, is divided into 22 seperate, yet often indistinguishable sub-barrios and has a population of nearly 100,000. Real estate prices in El Poblado have risen sharply over the last few years, yet the average price for a very nice apartment in this area is still only around $120,000.

Poblado map

Compare that to the average price for a luxury condo in the U.S. or even Panama and you can see why we think Medellin could truly be the next hot real estate market. Unlike Panama however, Medellin and especially Poblado is a highly organized and well-oiled machine. Traffic moves about freely most of the time and a large part of the wiring for cable and electricity are buried underground. The street lights were designed by a famous architect and even the trash cans and park benches have a modern design. It is rare to see any trash on the streets or sidewalks. In fact, El Poblado is one of the cleanest city neighborhoods that I have ever seen, the U.S. included.

Envigado Medellin

Envigado is another nice neighborhood which borders Poblado to the South. Enviagado is a bit larger than Poblado with an estimated population of 180,000 and is equally as nice and clean. In fact, although Poblado is known as being Medellin’s nicest neighborhood, residents of Envigado often beg to differ. I have spent alot of time in both places and can say that it is virtually a toss-up. Like Poblado, Envigado has many beautiful and wooded parks, wonderful restaurants, nightclubs and shopping. Real estate prices in Envigado may be slightly lower per square meter than Poblado, but don’t expect big discounts from similar properties in Poblado. Envigado has a nice mix of large apartment complexes and single family homes. Many of Medellin’s newest and most luxurious real estate projects are being built in the upper most sections of Envigado where the views are nothing short of spectacular.

Medellin Real Estate: Poblado and Envigado is a post from: Medellin Colombia | Real Estate and Tourism Information
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