Real Estate 8
Foreigners exploring real-estate opportunities in metro Medellin can be overwhelmed by unfamiliarity with Colombian business customs, legal requirements, sales-price “reasonableness,” a still-maturing multiple-listing service (MLS) network and uncertainties about the reliability of contractors, agents and sellers.
Relatively safe investment options for real estate in Medellin include not only existing houses, apartments and commercial real estate, but also well-defined lots inside fully permitted “parcelacion” gated communities.
Foreigners exploring metro Medellin to buy a residence, a commercial property or a rental will find that the safest, lowest-risk approach is to acquire an existing apartment, an existing house, an existing building or a well-defined lot inside a fully permitted “parcelacion.”
Buying and selling real estate in metro Medellin can be a confusing and uncertain experience for foreigners, given the many legal, business, cultural and processing differences in Colombia versus the practices found in other countries.