Colombia has long been one of our favorite markets to live and invest for profit in the world. Over the past decade, the dollar’s strength against the Colombian peso has meant serious buying power and big returns for investors.
Today we wanted to shine a spotlight on one of our favorite beach-city markets in this country: Cartagena.
With a population of a little more than a million inhabitants, Cartagena is the fifth-largest city in Colombia and the second most-visited city after Bogotá.
Cartagena is a historic walled city and a UNESCO World Heritage Site. The architecture is a magnificent example of Spanish Colonial beauty, and it’s in an
impeccable state of preservation. Cartagena deserves its worldwide reputation.
The city boasts drinkable water along with dependable phone service, electricity, and high-speed internet. You’ll find plenty of shopping options,
from mom-and-pop stores to upscale boutiques… as well as several large, modern shopping malls.
The banks and financial services in the city are the same as you will find in biggest cities in Colombia; they are solid and dependable.
Cartagena is one of the most beautiful cities in all of Colombia—and all of South America. It’s an enjoyable place to be.
From the hole-in-the-wall shop selling homemade empanadas to elegant restaurants with fine cuisine, your dining experience will be varied with a tremendous number of options in the city. What’s more, the sizzling nightlife in Cartagena draws visitors from around the coastal region.
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The real estate market is active and undervalued. There’s a well-organized real estate industry in Cartagena with a generous inventory of quality properties.
Construction standards are high— even in older buildings—yet prices are lower than you’ll find in many Caribbean markets… an amazing value when compared to Cartagena’s quality of life and amenities.
We like Cartagena’s investment potential because it offers remarkable diversity… there’s high-end, exclusive coastal spots, historic neighborhoods, popular beach areas, and the walled city…
And we’ve uncovered a new opportunity to get in on this great lifestyle and investment market, while aiding its current needs…
This new residential community offers single-family homes and multifamily housing units.
It’s located on a 42-acre site, 4.5 miles outside the heart of Cartagena’s colonial walled city and 45 minutes from the best beaches in Cartagena at Isla de Barú.
If you are a fan of tennis and golf, the area’s country club is a 15-minute drive from the development.
Each home will have 125 square meters of living space and is two stories high.
The first floor is divided among the living room, dining area, kitchen, a small guest room, and a half bathroom. The second floor has three bedrooms (the master with its own bathroom), and a shared bathroom. The master bedroom also has a walk-in closet and a balcony that can be accessed independently through the hallway as well.
The driveway is ample enough for two parking spaces.
The common areas of the residential community include a lounge and bar area with a communal pool.
The houses are being designed under the Passive House Standard, which ensures sustainable development by minimizing energy intensity.
Cartagena’s climate is hot and humid, which presents a challenge for the designs under the Passive House Standard.
Most buildings here use air conditioning systems that are oversized to compensate for the indoor humidity created by natural ventilation practices, causing an elevated amount of energy waste and inducing mold formation.
This housing development is committed to delivering comfortable housing with cooling needs that are met by small and efficient systems.
Construction has already begun for this first phase of single-family houses. You can get yours starting at US$144,000… But for a limited time, you can pay just US$142,000.
For another US$6,000, a furniture package is included to make it rental-ready.
If you plan to use this property as a short-term rental, you are expected to earn a net ROI of 18%. This was calculated with a nightly rate of US$150 with a 70% occupancy rate.
If you add the expected annual appreciation of 10%, you can end up with an annual net ROI of 28%.
We’ve been working with our contact for a long time, and this is an established developer with experience and a proven track record in the region. You’ll get an extra 6% discount from the sales price if you are a cash buyer.
The developer also offers financing with 30% down and the remaining balance paid with equal monthly payments over 12 months.
Sincerely,
Mónica Linares
Managing Editor, Global Property Advisor
