If you are considering a move to Medellin, Colombia, or even investment opportunities. This is an exciting time for you. Medellin is the second-largest city in Colombia and boasts beautiful scenery, tropical climate, and statuesque mountains that offer the ultimate urban lifestyle at a reasonable price. Now is as good a time as any to look at real estate in Medellin.
This booming economy still has reasonable prices in real estate in Medellin. Medellin was voted “Innovative City of the Year” in a 2013 contest that the Urban Land Institute and Wall Street Journal hosted.
With a growing reputation for its universities, fashion, festivals, nightlife, rich cultural history, and transportation system. Medellin has relinquished its once damaged reputation for violence. And has emerged as a leader in political and cultural ethics.
With beautiful scenery and ample parks and museums that have tourists flocking to the country. It is no wonder that property investments in Medellin are growing. If you are looking at real estate in Medellin, Colombia, some of the most sought-after neighborhoods to live in are listed below.
Buying Property in Colombia
You may be wondering, “can foreigners buy property in Medellin?” and the answer is yes. Unlike many other parts of the world, investment opportunities in Colombia are virtually the same for foreigners as it is for Colombians.
There are investment opportunities in Colombia because the local government recognizes the importance of foreign investors. To purchase real estate, you will need a passport. But you do not need to be a Colombian citizen. When you acquire property, it will help you become eligible for a Colombian investment visa.
It is essential to recognize that a foreigner needs to be aware of two things when purchasing Colombian real estate: no escrow and no title insurance. Make sure you hire a lawyer that understands the importance of doing background checks and title searches.
Renting in Colombia
It is an exciting time for real estate in Colombia, even if you are only looking to rent. Before you commit, you need to become informed of the rules and regulations.
- Short-term rentals are illegal in Colombia. If you want to stay for less than a month, you should look into websites like Airbnb.
- There are several real estate agents with limited English in Colombia. You need to make sure you bring a Spanish-speaking friend to translate for you to avoid miscommunications. This is where our concierge service and English-speaking VIP hosts come in.
- In Colombia, leases automatically renew unless written notice is given before the time previously agreed.
- For early termination of a lease, a penalty applies to both the resident and the landlord. The usual period is three months to end a lease in Colombia.
Neighborhoods in Medellin
Some of the most popular neighborhoods to invest in with picturesque valleys, mountains, and balmy temperatures. New residents and tourists tend to look for housing in condominiums and high-rises in trendy areas like El Poblado, Belen, Parque Lleras, Laureles, Envigado, or Sabaneta.
El Poblado
El Poblado is the most popular city for tourists and ex-pats, as well as the wealthiest neighborhood. This community consists of high-rise, luxury apartments, winding streets lined with trees, parks, cafes, restaurants, high-end shops, and yoga studios.
Avenida El Poblado has a strip of shops, restaurants, hotels, clubs, supermarkets, medical facilities, cafes, banks, and more known as the Golden Mile. This area offers everything that the residents could need, but it will come at a higher price than most areas due to the exclusivity.
Belen
Belen is known as the funkiest place to live or visit because it is a previously working-class town with industrial heritage. Here you can enjoy some of the best places to mingle with the locals and learn about the culture first hand.
This neighborhood is on the way to becoming a contender for the most desirable place in Medellin to inhabit. Along with being rich in culture, it has a thriving nightlife but borders on the edge of natural beauty and excursions with plenty of parks and other outdoor activities.
Parque Lleras
This hip neighborhood consists of blocks of restaurants, cafes, and glamorous bars to dazzle the nightlife in the El Poblado area.
Once known as an affordable haven to Campesinos and poor migrants with nowhere else to go, this area is now home to some of the best nightclub spots, hostels, shops, and hotels where the wealthy come to stay. Because of the popularity of this location, it will cost more to stay in this area.
Laureles
This upper-middle-class neighborhood is best suited for conservative buyers or families looking for a stable and safe place to plant their roots.
Laureles, built during the 1930s, is named for the laurel trees that line the streets. Single-family houses and modest apartment buildings lay nestled in the winding round-about streets. Close by are quaint shops that offer necessities for the ones who live here.
At a walkable distance are several restaurants, cafes, shops, and other small stores that make it feel like a welcoming community while offering the convenience of a small metropolis.
Envigado
The neighborhood is beloved by the community for the luxuries of the modern world but with authentic quality. The square of this neighborhood features a church of the colonial era and is amid cafes, restaurants, and bars, perfect for socializing.
Enjoy eateries that feature food rich in culture and culinary flavor where locals can watch artists perform.
This area is perfect for getting out in nature. With hiking, bird-watching, and mountain biking for those who wish to partake in the scenery. Envigado is for those who enjoy socializing with the option of getting back to nature.
Sabaneta
Sabaneta is the smallest of the municipalities in the Medellin area and is the smallest in Colombia. It may only be a mere 15 kilometers. But it boasts a beautiful town with the quaintness of a village.
The pace of Sabaneta is different from other municipalities in that rather than focusing on socializing; nightlife has a laid-back feel, rich in Spanish-colonial heritage. The town square has a social center where you will find people enjoying coffee in cafes along the streets.
Sabaneta is a place to relax and enjoy the company of friends. You can also mingle with strangers who would love to have a chat with anyone willing to spare some time.
Final Word
Many great neighborhoods are flourishing in Medellin, Colombia. From rustic charm to bustling and modern. Each community in Medellin offers beautiful scenery and exciting vacation tours. Wherever you decide to settle down, these charming neighborhoods are as individual as those who live there.
