Property Investment

aztec says on Mar 16, 2007, 17:56:

It is too late for investment in property. We should have invested 3 or 4 years ago. Probably best to wait for the market to settle down.

If you are looking for a place to live that is a different parameter with its own problems. I would be more inclined to purchase an apartment/casa in Bogotá for family.

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tomtom33 says on Mar 16, 2007, 18:16:

I second that, Aztec. Actually I couldn't see buying anything for investment purposes anywhere in Colombia at any time. Colombia can't find her ass with both hands when it comes to regulation, governing and control.

I own property here to live in. My investments are made in the US. I frankly don't see that changing in my lifetime.

You could do just as well investing at the crap table. Who knows? You might win.

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PVTTONY says on Mar 16, 2007, 19:21:

To Roy, Aztec and Tom. Roy,

What kind of property are you seeking? If you want to make good money in real estate, you might want to invest in a multi family house. Maybe three to four floors. I have been living in Colombia for over two years now with my wife and real estate is one of our main businesses there. I can get you in contact with developers that can build you a house to fit your needs or even a building as well as, helping you get what you want with the budget you have at hand. It really is'nt that hard to find good investment property in Bogota, Cartagena or Barranquilla as these are touristic areas in Colombia. The only real drawback is the initial cost since, the light, gas and water bills are paid by the tenants if you want and, the rent is apart from those things. The initial investment can range from 110 to 500 or to even 600 million COP's or more, depending on what and where you want it. In terms of ROI, its not a quick one. For example: You own a 3 floor house and have 1 apartment on each. 3 people live on each floor. The rent you charge is of $250,000COP. and every month you get the light bill for $50,000COP. You will have to divide that by the amount of people living there (if you do'nt live there, it would be 9) and then charge each individual floor an equal amount and so on and so forth. You get the water bill every two months. Are you starting to get the idea? If you want more info on good places to invest in Colombia and, possibly taking my services as an option (Property aquisition, Management and Sales), please contact me at tony.jament at gmail.com. As to Aztec and Tom, I just think you guys are being a little pessimist. This country has a lot of great real estate to offer, just gotta know where to find it. I'm not saying I'm an expert on the subject, but I do know a lot of people from the US who actually invest in real estate in Colombia. Some are developers and some are just people needing to make a buck and they're doing pretty well!

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tomtom33 says on Mar 17, 2007, 03:21:

Build in Colombia? I think I'd rather pull my fingernails off with a pliers.

Yes, Colombia has a lot of great real estate to offer. BUT there is a serious lack of infrastructure. Poorly written laws are not enforced or obeyed. The legal system is a joke. Worse yet, no two Colombian government officials can seem to agree upon what the law actually says.

Anyone who wants to invest in this environment is entitled to a handsome return. But you may not get it. And, if you do get it, lots of luck trying to get it back out of Colombia.

JA.

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bufalo says on Mar 17, 2007, 05:02:

I agree, everytime I go to any government official, they give me a different story. I went to DAS several times about my residency with questions. Each time different answers (and sometimes by the same people). Same thing with DIAN. For cyring out loud the colombians don't even know anything about their own national holidays! You want them to understand their laws?

Ask them why they have a holiday this Monday.........

"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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MTBE says on Mar 21, 2007, 13:23:

Monday Holiday? I did ask. Nobody knows.....

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Gator says on Mar 21, 2007, 14:17:

March 19 was Día de San José St Joseph's Day.

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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Gator says on Mar 21, 2007, 14:38:

Residency is Handled... MRE (El Ministerio de Relaciones Exteriores www.minrelext.gov.co/wps/portal), not DAS and I assume you mean permanent residency and not a visa extension.. MRE is located around the corner from Parque 93 at Cra 13 No. 93-68. I would suggest arriving at 7:30 AM for a shorter line. I would call first for the paperwork 640.8576

"Brevior Sltare Cum Deformibus Mulieribus Est Vita!" .

"Credidi pretio parvo emere et magno vendere tibi in animo fuisse!" .

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robi666 says on Mar 22, 2007, 15:42:

You may be interested... http://www.metrocuadrado.com/contenidom2/publesp_m2/habitar_esp/habitaragostode2006/ARTICULO-WEB-PL_DET_NOT_REDI_M2-3160754.html

what we do in life... echoes in eternity.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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Brians says on Mar 23, 2007, 08:45:

Robi good article I think the thing that concerns me is the sheer amount of higher end apartments. Remember rents will always ultimately determine valuations in real estate. I just don't see a population able to afford these rents. However your article points out 1 and 2 estrada have not moved. The economy is going great and they are even building a new Metro Cable in Medellin. I would think that real estate would stat to move in those areas. However being a Slum Lord in Colombia is probably not the safest of occupations;) Anyway just my thoughts.

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robi666 says on Mar 23, 2007, 09:18:

Brian The fact is that the rent is not going at the same speed as real estate valuations. And that's normal: getting a loan is cheaper now and if you could make 10% of the value per year on a apartment some years ago, now you make 7% and next year you'll make 6.5%.
In a city like Medellin, as economy will get better (for new middle class people), inflation will be a problem and people will look at real estate more and more. Real estate valuation will almost double inflation speed. Rent will move a bit slower than inflation.
In a city like Bquilla and the coast, or for lower estrato, just the contrary. Gap is getting wider. If you get a new decent job, first thing is that you do not want to live in a slum.
You know what I was saying about Pesos and Dollars six months ago... but it is just that You can see things changing fast in Medellin (or getting worse somewhere else on the coast). Inflation is the real problem now on... You live here, you see it.
It is funny to live here sometimes: you see, you live there in Europe or US and whatever they decide and do, it doesn't change anything. Tax 0.1 higher, inflation 0.1 lower and so on... kind of boring.
Here, a wrong move could be a catastrophe, a right one a huge improvements. For economy and life. See the AUC process... everything could change in a while! What is happening with the FARC? It is exciting... it's like reading Asimov's Foundation Series... :-)

what we do in life... echoes in eternity.

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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