With an average annual increase in prices of more than 9% per year, an economy that has had a historic rebound from the pandemic, and a steadily growing tourism sector, the Medellín Colombia real estate market is red hot.
According to the DANE, Medellín real estate prices have increased every year since 2004, without exception, including the 2008 global recession and including the 2020 coronavirus pandemic (which remarkably saw the market improve by 4%).
Could this upward growth be leading towards a Medellín real estate bubble? Expats spending time in the Antioquia will notice there is new construction everywhere.
From Sabaneta to Bello and everywhere in between, housing units, proyectos sobre-planos, parcelaciones seem to be breaking ground and popping up.
And it is not just regular housing that is being built – Medellín luxury real estate – such as huge villas, massive penthouses, and mansions – are coming to the market as well.
So while the market is undoubtedly strong and demand remains high, one must consider this steady supply as another factor when thinking about buying real estate in Medellín in 2022.
Medellín, Colombia Property For Sale – What Can You Buy?
There are many types of properties for sale in Medellín. Pretty much anything you might expect to find in North America or Europe is available for sale in Antioquia.
However, despite the variety available, the most common types of property for sale in Medellín can be divided into four general categories: regular apartments, penthouses, houses, and fincas.
Apartments For Sale in Medellín, Colombia
Regular apartments for sale in Medellín are where an astute buyer can enter the market for the lowest price point. There are thousands of apartments for sale in Medellín all across the city.
The factors that most typically determine price are location and size. A large apartment in Poblado, for example, might cost 5x what a small apartment in Belen costs.
Click the button below to browse through some incredible apartments for sale in Medellín.
Medellín, Colombia Penthouses
If you ask 3 different Medellin realtors what the term ‘penthouse’ means, you’re likely to get 3 different answers.
Personally, I’ve always understood it to mean the top floor of the building, but since starting to pay attention to the real estate market in Medellín, I’ve heard it used to describe the largest apartment, an apartment with a large terrace (even if not top floor), the second highest floor, or any duplex (two-story) apartment within the building.
So be wary when someone tells you they have a poblado penthouse for sale, because it might not be exactly what you’re looking for. But don’t give it up too easily, as there are many luxury penthouses for sale in Medellín.
Are you thinking about buying a Penthouse in Medellín? Check out the best penthouses for sale in Medellin or get in touch with us. We will be happy to help you.
Houses For Sale in Medellín, Colombia
When considering houses for sale in Medellín, there is one key inquiry to make.
The vast, vast majority of houses (casas) for sale in Medellín are connected to their neighbors. While we might refer to these as ‘townhouses’ or even condominiums, here in Medellin, casa is an umbrella term to describe a variety of different property types.
The more luxury homes for sale in Medellín are usually the ones that are freestanding. That is, they have no connected neighbors, and they have their own backyard.
A very small percentage of houses are built like this in Medellín, but they do exist (see Las Palmas, below). But in general, even if you get yourself a casa, you are going to be sharing a wall with your neighbor on both sides.
Fincas For Sale near Medellín, Colombia
Want more privacy than a traditional Colombian casa provides? What Paisas do for this is head to the finca – which are typically rural properties in the pueblos surrounding Medellín.
Thinking about buying Real Estate in Medellín?
There is a large supply of fincas for sale in Medellín, either on the outskirts of the city or in neighboring towns.
One very important consideration when looking at buying a finca near Medellin, is the type of access roads that lead to the finca. While infrastructure in Medellin is excellent, once one wanders outside the city and into the rural areas of Antioquia, the quality of the roads diminishes dramatically.
I’ve been to several fincas which were beautiful, but the roads were so bad that normal cars couldn’t even arrive to it and SUV’s were needed. For some, this type of limitation would grow weary with time. Be sure to inquire about the quality of the access roads when considering buying a finca in Medellin, Colombia or surrounding areas.
So what is on the market – and what is selling in Medellín?
The purpose of this next part of the article is to look at the most popular areas where foreigners buy real estate in Medellín.
I’ll describe an area and either describe the circumstances surrounding a recent property that has sold in that area, or highlight a great property for sale in that area.
This can help give readers an idea of what’s out there and what is moving. The idea is to focus on excellent properties for sale in Medellin, Antioquia and surrounding areas.
Medellín Real Estate El Poblado
El Poblado is far and away the most popular part of the city for expats to buy property.
On most websites designed for foreigners, there are usually more apartments for sale in El Poblado than in all the other parts of the city combined.
Using the link blow, the user is directed to more than 250 different apartments for sale in El Poblado.
One of those places was listed at COP 860,000,000 in September 2021. After approximately 3 months on the market and 6 showings, an agreement was reached to sell it for COP 825,000,000 with signing happening in December 2021 and possession at the end of February 2022.
This reduction from list price is common for Medellín Real Estate – almost always the price is slightly negotiable and buyer’s can expect a 5-6% discount from list price – depending of course on the individual seller and their motivations.
The advantage for this seller was being located in Provenza, Poblado – one of the most sought after parts of El Poblado. Another excellent part of Poblado is called Castropol, and this place for sale has similar characteristics to the one that sold in Provenza.
Parque Lleras Medellín Real Estate
Continuing in El Poblado, most people have at least heard of Parque Lleras, which is the “zona rosa” or nightlife district of Medellín. But Parque Lleras in Medellin also has real estate for sale.
Typical projects in the area include boutique hotels, or like here: a total renovation of an older apartment to make them more stylish and attractive to foreign visitors.
Because this apartment is located just one block from Parque Lleras, and because of the incredible design elements implemented during the renovation, it achieves a high monthly rental price month after month and consistent occupancy rates.
Las Palmas Medellín Real Estate For Sale
Another highly sought after sub-section of El Poblado is Las Palmas. Most people have at least heard of Las Palmas as it is the name of the major road that winds up the mountain towards the airport tunnel.
Las Palmas is an area that is in high demand due to its real estate growth. An ideal place to invest in Medellín
Along Avenida Las Palmas there are several different housing complexes that are extremely exclusive and high end. Las Palmas Medellín real estate is some of the most expensive in the entire city. Here are some examples of the types of luxury houses for sale in Las Palmas:
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Because Avenida Las Palmas winds its way up the mountains, most of the apartments for sale in this part of the city offer tremendous views down towards the rest of El Poblado and the rest of the city.
In addition to the aforementioned, other great parts of El Poblado are Milla de Oro, Astorga, Patio Bonito, Manila and El Tesoro.
It’s worth noting that the Poblado comuna is quite massive, and you may enjoy living in another part of El Poblado that’s not listed here. But generally, the areas closest to Calle 10, Parque Lleras, and Provenza tend to be in the highest demand.
Laureles Medellín Real Estate For Sale
Laureles has established itself as Medellín’s clear second expat neighborhood, after El Poblado. In fact, while sales demand is highest in El Poblado, there is nearly as high of rental demand in Laureles as there is in El Poblado.
Many expats are drawn to the walkability, restaurants and cafes that Laureles offers. Like El Poblado, there is a lot of real estate for sale in Laureles. A typical price range for nice apartments in Laureles is around 100k – 400k USD.
Llanogrande Medellín Real Estate For Sale
Llanogrande is another exclusive place for foreigners to buy real estate. While Llanogrande is not technically part of Medellin but rather the municipality of Rio Negro, it is where many of Medellín’s rich and famous go to buy land.
Land values have soared in Llanogrande in recent years as politicians, reggaeton stars, and famous athletes have moved to the area. Getting a house, lot, or finca in Llanogrande is seen as a status symbol that many Paisas aspire to.
Envigado Medellín Real Estate
Envigado is another municipality, separate from Medellín, but popular with foreigners.
Real estate in Envigado is often grouped together with Medellín real estate, despite being a separate city, because it is connected to El Poblado (at La Frontera). Like El Poblado, Envigado is very large, with many different sub-barrios that offer different types of living situations.
Close to Parque Envigado it is typically crowded, Magnolia is near the restaurant district, El Portal is close to the big mall Viva Envigado and far up in the hills of Envigado there are enormous fincas for sale.
If you are thinking about buying real estate in Medellin as a rental property, we would highly recommend choosing one of the areas listed in this article, as these are far and away the most popular areas for new arrivals to seek to stay in when coming to Medellin. A nice place is any of these areas will see strong occupancy as long as Medellín tourism remains strong.
However, there are many other great parts of the city that expats have chosen to make home, and if you are interested in investing for long term growth or for a desirable place to live that has a more traditional Colombian feel, check out places such as Sabaneta, Itagui, Belen, Floresta, or even Bello to the north of the city. In each of these areas, the rental demand won’t be the same, but the quality of life can be very high.