The colombian capital is an innovative architecture, ever-evolving mobility and dedication to the arts. Here are five reasons why now could be the time to purchase property:
Fall in the price of the peso
Photo: CucombreLibre (Flickr)
Falling oil prices have led to a fall in the value of the Colombian peso, which is good news for those with dollars to invest. Several factors have led to the slide, which has averaged at about 40% this year, but oil prices are the big one. Colombia produces over a million barrels of crude oil every day. This change in price means Bogotá properties are now even more appealing to buyers who have dollars to spend.
Properties are increasing in value
Bogotá’s real estate began its boom in 2009 and, even though the market began to slow a little at the end of 2013, prices are still going in the right direction. High-end properties are the most desirable, particularly among foreigners, and they are the strongest on the market. High-end property prices have increased in value by more than 10% in the last year alone.
It’s a buyer’s market
Even though Bogotá properties now offer better value for foreign investors, and high-end prices continue to rise, the capital is still a buyer’s market. It now takes 270 days on average to sell a home in the city (it used to be 180) and most foreigners are cash-buyers, which means, with a bit of patience and a little persuasion, there are plenty of bargains out there.
There are no restrictions
Colombia welcomes foreign investment and there are no special restrictions on foreigners purchasing property in the capital. Buying a home can even help an owner secure a visa or rights to residency and, while it can be tricky to negotiate the business of buying a home abroad, most foreigners manage it easily with the help of a good estate agent and independent legal advice.
Bogotá is a great place to live
It helps if you love your new home. City neighborhoods such as Rosales, La Cabrera, Santa Ana, Santa Barbara, Chico and Usaquen are a hit with foreigners, thanks to their innovative new buildings and quality workmanship. The city’s colonial quarter, La Candelaria, boasts some of the most beautiful buildings around. Colombia’s capital is a hive of activity with new cafes, restaurants, theatres, art galleries, museums, concert halls, parks, sport centers and the finest universities in the country. There really is something for everyone.
The home of your dreams in a city with a future? Live this experience in Colombia. If you liked this article please feel free to share it on Facebook, twitter, LinkedIn, Google+ or any of your social networks.
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