Medellin, Colombia

Poblado is considered by many to be the most prestigious, desirable, and safest residential neighborhood in Medellin. The streets are hilly and winding. The area is heavily wooded complete with rippling creeks.

El Tesoro Parque Comercial, one of Medellin’s most prestigious shopping malls and many smaller neighborhood mini-centers make living in Poblado, very convenient. Gated high rise apartments prevail, with a few remaining single family residences that are either to small for apartment development, or with owners who are not ready to sell.
The view overlooking the city is a major selling point, which can cause buyers the following quandary: how to select an apartment with assurance that your view won’t be blocked by a new apartment which could be under construction in a few months? Six bus routes meander up and down the tree lined roads. On one of the routes, as a passenger, I counted 37 different apartment projects under construction!

Real Estate sales in Poblado

Poblado construction activity is the heaviest in all of Medellin. Generally, apartment re-sales move slower than new units, and usually at a cost that is15-20% less per sq. meter. Some developers and bankers privately express concern that the frantic construction activity may cause a “bubble” resulting in slower sales, and or, lower prices.

In our opinion, the bubble effect is possible, principally because developers and real estate companies are more comfortable in limiting their marketing to Hispanic buyers. Typically, less than 10% of Medellin sales are to buyers from outside of Colombia. Contrast this with the more internationally known City of Cartagena where Paul Juan, the Colombian owner of Paul Juan Realty reports, with his very good English, that more than 95% of his properties are being purchased by foreign buyers! AND, prices for most everything, including real estate, in the tourist and seaside City of Cartagena are about 20% more than Medellin or the rest of Colombia!

An example of localized marketing recently occurred with a large exposition featuring new Poblado apartment projects for sale. The displays, complete with sales staff, (when
the Mall opened, the staff showed up, but on this day, I was an early visitor!) took place in El Tesoro Shopping Mall, in El Poblado, which is heavily frequented by people who live in Poblado? Seems like preaching to the choir! If you like to “shop till you drop” there is an apartment complex being built conveniently right across the street from El Tesoro-(The Treasure).

For less money than putting on the Poblado exposition, the developers and real estate companies could have created English language Home Pages, which would be available world-wide on the Internet, 24-7. That would mean, however, they would have to hire English speaking sales reps-currently not a popular idea! We bring this info. to your attention so you may be better informed if your planning to buy in beautiful Medellin.

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