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is buying property in Colombia worth it?

hey all, Once again, I am considering buying property in colombia, this time in Armenia, but am looking at other places as well. I must admit I keep coming back to whether or not it is worth it. I´m form the US living in Armenia with my colombian wife and our daughter. I see the real estate market improving here and think that investments will go up (depends a lot on the next pres), however, I see so much red tape in a foreigner buying property here, it makes me question if I should do it. I know that now is a really bad time to convert dollars to pesos, but aside from that, all I have read on this site is that there are a ton of taxes to pay, you have to have an account here (rather not do) which costs money, forget how much the lawyers will charge and whether they are honest or not.... I also have found people in real estate agencies to have absolutely no idea of the process, or more popularly make up things as they talk to me about the process. I´ve seen plenty of people interested in buying property here, but has anyone actually gone through the process, including selling later for a profit? After doing everything, was it worth it? Thanks all

By bufalo on Aug 30, 2005, 16:22 in Friendly Talkzone.

expatriate says on Aug 30, 2005, 20:17:

No reason With the present real estate bubble condition in most parts, I see absolutely no reason to buy Colombian property unless you want to just feel good about owning it. Considering the average Colombian income, the state of infrastructure (terrible street conditions, police response which is none), the fact that the country has a generally bad reputation, and is priced similar to central Texas, buying real estate here doesn't make sense to me now.

As far as living in Colombia, renting is very cheap compared to buying. I would wait until financial conditions change to buy. There are much better places to invest. Cheers from Cali. John

In a nation ruled by swine, all pigs are upwardly mobile.

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macacu says on Aug 31, 2005, 16:47:

agree I bought a new house in Bogota about four years ago and sold it without profit eight months ago. There were problems with the structure and the quality of the materials (pipes) of the house; the neightberhood became noisy (like frecuent loud parties); and the company that created the project started a new one with bigger houses close by with prices just a little higher than the one of my house (thus devaluating my property). The process of buying was not that bad as I paid cash. I wouldn't recomment to buy and I agree with Expatriate on the benefits of renting. Hope this helps.

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bufalo says on Aug 31, 2005, 20:18:

Thanks, the comments do help as they reassure what I´ve been feeling as well.

"If you don't like it - lump it, take it down the road and dump it." - Archie Bunker played by Carroll O'Connor

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haji says on Sep 12, 2005, 11:28:

bufalo Well another gringo in Armenia lol i saw a man with blond hair and a new born walking by my apartment in centro was that you around 6 feet tall husky anyway mabey illmeet you someday since I live there also anything i can help you with just ask also have some good lawyers We live at the torres colpatria apt 1006 ask for chris
best regards
chris

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