Why has Cartagena become an expensive and attractive real estate market in Colombia?

Real estate in Cartagena

Real estate in Cartagena is one of the most dynamic and sought-after segments in the Colombian market. This is confirmed by the findings of Brian Ricuart, who is one of the founders of the Vivareal project dedicated to real estate in Latin America.

Construction activity and investment

In recent years, there has been active construction of new projects in this city, as well as significant investments in the local infrastructure. The historic center of Cartagena is home to numerous architectural monuments built in colonial style, while modern apartment buildings are located just to the north, near the picturesque beaches.

Unique atmosphere

According to Rikuart, the ancient architecture gives Cartagena a unique atmosphere that attracts international buyers. The Colombian Ministry of Trade, Industry, and Tourism actively supports efforts to promote the city among foreign tourists, which has led to a noticeable increase in their numbers in recent years.

Housing prices

Although Cartagena is considered one of the more expensive cities in the country, compared to other popular destinations in the Caribbean region, you can find quite affordable accommodation options here.

Current trends in the market

Despite the decline in real estate sales last year, according to Patrick Enste, managing director of the La Heroica agency, apartment prices remain stable. In his opinion, this is due to the limited availability of land for new developments and the small number of properties listed for sale. Currently, there are no more than 20-30 historical buildings on the market, while many apartments in new projects are sold even before construction is completed.

Credit crunch

Paul Juan, a local realtor, notes that the scale of the credit crisis in Colombia is significantly smaller than in the US or other countries. "Lending here is quite complicated," he says.Due to high interest ratesApproximately 18% of citizens prefer to purchase real estate in cash.

Condition of real estate properties

When calculating the value of an apartment in the central part of Cartagena, the condition of the property is an important aspect. According to Riquart,the price of renovated premisesIt can be twice as high as that of apartments requiring renovation. According to data from Enste, the cost per square meter of unrenovated housing in the historical part of the city ranges from $2,300 to $3,500, while for a square meter in restored houses, buyers will pay between $4,500 and $6,000.

Conclusion

Thus, the real estate market in Cartagena continues to attract interest from both local and foreign investors, offering a wide range of options for purchasing housing in the unique cultural atmosphere of this historic city.

Real estate overview in Cartagena

Properties in need of renovation are located in San Diego's stunning Cartagena neighborhood of one-story colonial homes. Prices for such properties start from $2,000 to $2,800 per square meter. If we talk about residential premises that have already been restored, their cost ranges from 4 to 5 thousand dollars per square meter. New residential complexes located in the north of the city have a price range from 1.7 to 3 thousand dollars per square meter.

Who buys real estate in Cartagena?

Who often becomes a buyer in Cartagena? According to expert Patrick Enste, among foreign investors interested in local real estate, the majority are Americans. In second place are Italians and Spaniards, who are looking to find housing in the historic center or apartments by the sea, which is a very popular choice.

In addition, in Cartagena, you can meet many Colombians who have returned to their homeland after living abroad for a long time. These people hope to buy their dream home and spend their retirement years in this magnificent city.

Conclusion

The real estate market in Cartagena truly represents a unique blend of historical value and modern opportunities, making it attractive to international investors and buyers. As the author of this article, I have delved deeper into the dynamics of this market and concluded that Cartagena's appeal goes beyond just its magnificent beaches and colonial architecture. It is a place where traditions intertwine with modern trends, which in turn creates interesting investment opportunities.

Market availability

I would like to emphasize that despite the high price ranges that may deter some, Cartagena remains relatively affordable compared to similar Caribbean destinations. Special attention should be paid to the historical buildings:

• Their restoration turns out to be both an expensive pleasure and a reliable investment.
• The number of properties on the market remains quite limited, which contributes to price stability.

Opportunities for foreigners

Moreover,the fact that foreigners can freely purchase real estatesignificantly expands the pool of potential buyers and investors. Having witnessed the rapidly developing infrastructure and the successful efforts of the Colombian government to promote Cartagena, I am confident that this market will only continue to grow.

Recommendations for purchasing

When making a purchasing decision, it's important to consider:

• Credit terms that may not be favorable to many buyers.
• Market trends and current offers.

Result

But the main conclusion I've come to is that Cartagena is not just a place to live, but also an investment asset capable of generating income in the future. Considering all of the above, this gem on the coast of Colombia is clearly worth attention.