The Colombian real estate market has been highlighted as a potentially good place to buy overseas property in an article in the New York Times. It highlights Cartagena a city on the northern coast of Colombia and capital of Bolívar Department as a serious contender for international real estate investors.
The city is particularly attractive to international real estate investors as in the last five years, prices in Cartagena have skyrocketed by as much as 300 percent—and even 600 percent in some cases, according to Patrick Enste, general manager at La Heroica, a luxury travel and real estate company.
“Cartagena is the most dynamic and expensive real estate market in Colombia,” said Brian Requarth, a founder of VivaReal Network, an online real estate portal that specializes in Latin America. “There’s been a lot of construction, a lot of investment, a lot of development.” Renovations of Colonial buildings in the old city are commonplace, while new high-rise condominiums flank the beaches to the north.
There are no restrictions on overseas property buyers purchasing real estate in Colombia. Buyers should estimate about 2.4 percent of the selling price for purchase side costs. Investors need to register their investments with the government, which ensures their right to take their capital, plus any profits out of the country upon sale
The most recent listing at the overseas property website Homesgofast.com shows that Colombian real estate represents some the very high end real estate available.
It is promoting a magnificent luxury house with stunning views of the mountains and beautiful countryside inTenjo-Bogota, Colombia. Offering over 553m2 of living space on a 4700m2. 5 double bedrooms & 5 bathrooms with master bedroom en-suite featuring a spa bath. You can see this property here Property in Colombia
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