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

I came across an interesting article about Medellin real estate prices in El Colombiano, Medellin´s largest newspaper today. When I first saw it, I nearly spilled my Juan Valdez Iced Mocha on my lap. The title of the article read (in Spanish) “In real estate we are in the big leagues”. The article was written in response to a quote by the Secretary of Catastro, the government body charged with formulating real estate values for apartments in Medellin. He went on to compare Medellin to other such South American real estate hot spots like Rio de Janiero and Santiago, Chile. His office began collecting property value information for the 2011 census in March of this year and the first phase of the process has yet to be completed. Officials estimate that Phase 1 will not conclude until sometime in January. That there are still many months ahead did not discourage the Secretary of Housing from saying that the government does not have to wait until the final results of the census are in before revaluating property values for tax purposes.

The report was met with anger from some commercial property and business owners in Downtown Medellin. They argue that the last time tax assesors came through, property values increased upwards of 2,000% and that another increase could mean more businesses would have to close their doors.

El Centro - Medellin

The economy, they say, is stagnant and occupancy rates in many of the area´s shopping centers hovers at less than 70% and that rats for commercial leases are down 30-40% over last year and sales are down nearly 60%

With economic figures like that, where did the government come up with the idea that Medellin real estate is in the ´Big leagues´? According to the article, the idea seems to have come from a report that some apartments in El Poblado have recently sold for close to 4,000,000 COP per square meter. While that may be true for a select number of Medellin apartments, I recently completed my own survey of sorts related to the average price per square meter for apartments in Medellin. We found that, although real estate prices in Medellin have increased steadily over the last few years, the average asking price for apartments in El Poblado are still around 2,000,000 COP per square meter.

My assumption is that were the Secretary given the opportunity to ´reformulate´ his remarks, he would gladly take it.

Parque Bolivar

In my last post I described how Medellin real estate professionals have found it practical to divide the city into four distinct zones. In this post I will talk specifically about Zone 1. El Centro (Downtown Medellin) makes up a large part of Zone 1. Like the the downtown of any large city, El Centro is where one will find most of the large office towers, museums, public parks and government offices. Street vendors and discount retail stores abound and the streets of El Centro are packed with shoppers, commuters and people from all walks of life from early in the morning to late in the evening. Most foreigners are told to stay away from El Centro for safety reasons. I personally love El Centro, and go there often, even at night. Clearly El Centro is not Poblado, and one should remain aware when walking the streets, especially at night.

Downtown Medellin

On the real estate front, El Centro offers many options, although most of my clients prefer a cleaner, quieter neighborhood. Nonetheless, for the adventurous, there are some great deals to be had in El Centro. Most upwardly mobile Colombians posses the desire to leave the hustle and bustle of the downtown area and move to a quieter neighborhood. The suburban flight has forced many downtown apartment owners to lower their prices. In fact, I have seen small units close to the Metro and the Botero Museum for less than $30,000.

Prado Centro Medellin

The rest of Zone 1 is made up of a number of barrios surrounding El Centro. Generally these areas are safe, yet I do not see alot of foreigners requesting information about real estate in these areas. The neighborhoods surrounding El Centro are comprised mainly of one or two-story single family residences and small apartment buildings. Construction quality is average in these neighborhoods, but there are some small pockets where one can find high-quality homes and apartments for less than $50 per square meter.

Medellin real estate prices

This is an important topic that I thought would make an interesting post, especially for those unfamiliar with Medellin real estate and the city’s different zones or sectors. Like in any real estate market, prices for homes and apartments in Medellin are most often determined by one thing (or is it three?), location, location, location! Medellin is officially divided into 6 different zones or stratas. The government uses these divisions as a way to decide what to charge residents for electricity. Generally, the higher the zone number, the nicer the zone and the more the government charges residents in that zone for electricity per kilowatt hour. This has proven to be an excellent way for the residents of nicer areas like Poblado to essentially subsidize the electricity usage for those who live in the poorer barrios of Medellin.

Medellin neighborhoods and zones

Though the 6-sector division works well for the municipality, for the purposes of real estae, we have found it easier to divide the city into four zones and, in this case, the higher zone numbers do not necessarily correlate to a nicer neighborhood. Prices in Medellin have been rising steadily for the past several years. It is hard to say what effect foreign investors and home buyers have had on real estate prices in Medellin, but my assumption is not much. Most of the price appreciation witnessed in Medellin has been driven by the stability in the local economy, a growing middle-class and Colombian-expats living abroad and investing in Colombia. Over the last several weeks, I have compiled a list of the average price per square meter for apartments in Medellin’s main neighborhoods. My calculations are based on the asking prices of well over 100 apartments in neighborhoods from all four real estate sectors.

Here is what we found.

The lack of a Multiple Listing Service in Colombia makes it difficult to obtain precise real estate sales information. Nonetheless, data was compiled on more than 100 different apartments in Medellin and are accurate through September 2009. Avid followers of Medellin real estate and Internet sites dedicated to the promotion of Medellin as a travel and investment destination will notice that these results differ greatly from those posted on other, more outdated sites. I have found these results to be right on the mark, and that they accurately reflect today’s real estate market in Medellin. Long gone are the days where one can find a nice apartment in Poblado for $60/sqft. Almost every apartment that we surveyed in Poblado was above $100/sqft. I will highlight each one of these sectors in my next few posts. Stay tuned!

Medellin skyline

I have seen this question answered elsewhere on the Internet (usually be people with little or no real life experience investing in Panama).  This question interests me personally, as I lived and invested in real estate in Panama for over three years.  I was in Panama in 2006 when developers and investors thought they could do no wrong.  No price was too high for a Panama City condo with an ocean view.  At the height of the Panama real estate boom, apartments on Balboa Avenue were selling pre-construction in excess of $4,000/sqm.  Late last year, reality hit most of the world’s hot real estate markets.  Since then, markets like south Florida, Arizona, Dubai and Panama have seen price valuations cut in half.  I personally know realtors and developers in Panama City that have not moved a unit in 18 months.  Does this mean that Panama will no longer be a popular destination for international retirees and real estate investors?  NO.  Panama is still Latin America’s most stable economy and the new President seems poised to expand Panama’s investor friendly political environment.

So, Why Medellin?

Medellin at night

I will attempt to draw comparisons between the two markets over the next several weeks.  I will start here though by examening the issue that affects a person’s decision most, price.  At the beginning of the Panama phenomenon in 2003, prices per square meter for land and apartments in Panama City were very affordable.  A nice apartment could be had in one of Panama City’s nicest neighborhood for $800/sqm.  Today however, even after the 50% reduction in asking prices over the past 12 months, nice apartments in a nice area of Panama are running close to $2,000/sqm.

Medellin penthouse

Medellin on the other hand never experienced this kind of speculation-driven price increase.  Medellin has experienced its own boom of sorts, but in contrast to Panama’s international, internet-based boom, the growth in Medellin’s real estate sector was home-grown and fueled by a growing middle-class and Colombian ex-pats living abroad buying property for investment or for future retirement.  Prices for luxury apartments are on the rise, but beautiful apartments can still be found in Medellin’s most exclusive areas for less than $1,000/sqm.

Stay tuned to my next post where I will break down the average price per square meter for Medellin real estate in all 4 major real estate sectors.

Visit the gorgeous rolling hills of Altavista in Medellin, Colombia

Altavista Township of Medellin

Altavista is one of 5 townships of the municipality of Medellin. It borders the San Cristobal township and urban Medellin to the north, the San Antonio de Prado township to the west, the Itagui municipality to the south and urban Medellin to the east.

Altavista is  located in the southwest of the municipality of Medellin and possesses an area of 9.4 kilometers.

Medellin’s Altavista is…Trails and Horses!

The trails located in Medellin’s district of Altavista were originally built by the Nutibara Indians, and subsequently traversed by Spanish colonists. Today, the Altavista trails, located in the west of Medellin, are considered of great historical and cultural importance for Medellin.

These beautiful, prosperous lands is where the history of Medellin’s Aburra Valley begins.

What to do in Altavista, Medellin

If you enjoy an exciting adventure on horseback exploring the Arrieria trails, then Medellin invites you to travel around Altavista.

On horseback, sporting a traditional sombrero and poncho, visitors to Medellin’s Altavista begin their trip at the Tragedy Inn, or “Fonda la Tragedia,” located on Altavista’s Buga trail.

La Virgen, el Alto El Barcino and the traditional houses are some of the places where travellers can stop to rest, rehydrate and enjoy the beautiful panoramic views of Medellin’s Aburra Valley.

Festivities and Events of Medellin’s Altavista

Celebration of the Patron Saint Our Lady of the Rosary of the Rock (Fiestas Patronales Nuestra Señora del Rosario de la Piedra)

In 1857 the Virgen appeared in a rock in Medellin’s Altavista area. Since that appearance, Medellin’s Altavista spends 9 days celebrating this event’s anniversary each year, where individuals can enjoy the markets, mass and offerings to the Virgin.

Altavista’s Kite Festival (Festival de Cometas)

Altavista Kite Festival in Medellin

Altavista’s kite festival takes place each year during the end of June, taking advantage of the breezy winds that grace western Medellin during that time of year.

Approximately 5,000 kite flyers attend Medellin’s Kite Festival, where they enjoy lively music and talented orchestras. The only requirement is that you bring your own kite!

Places of Interest in Medellin’s Altavista

Altavista, Medellin’s Indigenous Groups

An array of cultural groups call Medellin’s Altavista home, where they participate in traditional dances, Andean music and much more.

Altavista, Medellin’s Stone Walls

From the heights of the Llano sector, visitors can appreciate the intricate collection of walls in the valley below, made from stone to separate farmers’ properties approximately 150 years ago. Some stone walls were most likely built by ancient indigenous groups as well.

Altavista, Medellin’s Las Ladrilleras Monument

The Las Ladrilleras monument (Brick Kiln monument) is located in front of the Government’s House, which is Altavista’s first kiln to make bricks. The brick kiln came from Germany and represents the beginnings of modernization for this productive sector.

Medellin’s township of Altavista has been making bricks and profiting off the craft for decades, including records dating back as early as the twentieth century.

13 secretaries and their respective positions were confirmed by Medellin Mayor Alonso Salazar Jaramillo

Medellin Mayor Alonso Salazar Jaramillo

On September 14, 2009, the Municipal Cabinet formally presented their resignations before the Medellin Mayor Alonso Salazar Jaramillo.

The Mayor of Medellin accepted the resignations of Secretary of Women, Rocio Pineda, Secretary of Health, Luz Maria Agudelo and Secretary of Government, Jesus Maria Ramirez.

On Friday, September 25th, the local representative, Medellin Mayor Alonso Salazar Jaramillo, confirmed his Municipal Cabinet, by 2009 Executive Decree 1437

- Secretary of the Treasury: Iván Mauricio Pérez Salazar.
- Secretary of Social Welfare: Dora Cecilia Gutiérrez Hernández.
- Secretary of Public Works: Mauricio Alberto Valencia Correa
- Secretary of Administrative Services: Jhon Jaiver Jaramillo Zapata.
- Secretary of Transport and Traffic: Ricardo Agustín Smith Quintero.
- Secretary of Education: Felipe Andrés Gil Barrera.
- General Secretary: Nora Elena Salazar Molina.
- Secretary of Social Development: Jorge Humberto Melguizo Posada.
- Private Secretary: Juan David Valderrama López.
- Secretary of Evaluation and Control: Clara Luz Mejía Vélez.
- Secretary of Environment: Lida Patricia Giraldo Morales.
- Secretary of Citizen Culture: Luis Miguel de San Martin Úsuga.
- Administrative Department of Planning: Carlos Hernando Jaramillo Arango.

Alcaldía de Medellín

Medellin Mayor Alonso Salazar Jaramillo named Juan Diego Vélez Maya as the Secretary of Government and Maria de Pilar Pastor Durango as the Secretary of Helath. The city of Medellin is still awaiting the appointment of the new Secretary of Women.

Peace One Day Medellin

Peace One Day Medellin – A Day of Reflexion

Peace One Day in Medellin came to be following the August 11, 2009 visit of British pacifist and film maker Jeremy Gilley, creator and director of the Peace One Day foundation.

Discussion about peace and related activities will take place in 10 different educational institutions in Medellin. To initiate discussion, participants will discuss Gilley’s documentary work. Furthermore, victims of conflict from Medellin will share their experiences during Peace One Day Medellin.

On Monday, September 21, 2009, Telemedellín will broadcast the documentary The Day After Peace at 8:00 am and 10:00 pm, which explores the work done by Gilley in order to make celebrating Peace On Day in Medellin a possibility.

Peace One Day Medellin – Jeremy Gilley’s Vision

On Monday, September 21, 2009, Medellin will participate in Peace One Day, a day of ceasefire and non violence, part of a peace initiative led by the actor and British filmmaker Jeremy Gilley. Gilley was invited by the Presidency of the Republic of Colombia and “Colombia is Passion” during his visit to Medellin last August.

In 1999, Gilley became committed to the Peace One Day idea and dream of getting the entire world to celebrate peace for a day. Since then, 10 years ago, he has travelled the world seeking leaders, multilateral organizations and nations to commit to his initiative to set aside at least one day of the year where people would come together and reflect on peace witout fear.

Including Colombia, 192 countries have demonstrated that they believe the Peace One Day initiative to be fundamental in order to achieve significant worldwide change. Just as culutural practices vary from country to country, so does reflexion on peace. Each participating country is celebrating peace in distinct ways, including cultural, sports and educational activities, all inspired by Gilley and his Peace One Day foundation. In addition to Gilley’s conviction, the support of governments around the globe makes worldwide peace an even greater possibility.

PUMA and the One Day One Goal Football Campaign

With the commitment of Medellin’s young artists, students and the Mayor’s office, Alonso Salazar and a staff including the Secretary of Education, Citizen Culture, MetroYouth, the Government and Victims of Conflict, Medellin reaffirms its commitment to life by creating and fostering initiatives that allow the city to consolidate a joint effort between citizens and the government to foster a safe and peaceful city, thereby benefiting all of its inhabitants.

Singer Lenny Kravitz, the headline of the concert in Paris, said, “I’m delighted to support Peace One Day once again to take the message of Peace Day to the people. Peace One Day is all about uniting the world, and music can drive that message. I’m pleased to be carrying the torch for POD this year.”

Peace One Day in Medellin – Program

Event / Place / Municipality (Comuna & Corregimiento) / Time

Documentary broadcast – “The day after peace”
Telemedellín
8:00 a.m.

Presentation of documentary “The day after peace” and roundtable with victims
I.E. San Pablo / CLL 98B N°38- 37 / Place: Coliseo
Comuna 1
8:00 a.m.

Presentation of documentary “The day after peace” and roundtable with victims
I.E. Pedregal / CLL 102 # 74 A-47
Comuna 6
8:00 a.m.

Presentation of documentary “The day after peace” and roundtable with victims
I.E. Creadores de Futuro
Cr 116 F 34 AA 132 / Place: Auditorio
Comuna 13
8:00 a.m.

Presentation of documentary “The day after peace” and roundtable with victims
I.E. Fé y Alegría (Barrio Aures) / CR 95 N° 89-73
Comuna 7
8:00 a.m.

Presentation of documentary “The day after peace” and roundtable with victims
I.E. Escuela Empresarial
CR 34 # 65 -02
Comuna 8
2:00 p.m.

Roundtable with victims
I.E. San Lorenzo / Cr 39 # 80-33
Comuna 3
12:00.m. 1:00 pm

Presentation of documentary “The day after peace” and roundtable with victims
I.E. Javiera Sevilla / CLL 71 # 51 D-27
Comuna 4
2:00 p.m.

MetroYouth (Metrojuventud) roundtable and Victim Attention Program
I.E Ciro Mendía
Calle 99 N 48 -55
Comuna 2
12 m-1:30 pm

Presentation of documentary “The day after peace,” MetroYouth (Metrojuventud) roundtable and Victim Attention Program
I.E Ramón Giraldo / Calle 21 # 82 A-56 / Sala Audiovisuales
Comuna 16
9:00 AM-10:30 AM: Video
10:30 AM-11 AM Conversatorio

Presentation of documentary “The day after peace,” MetroYouth (Metrojuventud) roundtable and Victim Attention Program
I.E San Antonio de Prado / Next to the Central Park. San Antonio de Prado.
8:00 AM-9:30 AM Video
9: 30 AM-10 AM Conversatorio

Telemedellin and Medellin Digital will cover the Peace One Day Medellin event as a starting off point for a week dedicated to reflexion about a world without war.

To learn more about Peace One Day, visit http://www.PeaceOneDay.org