MEDELLIN - ANTIOQUIA, COLOMBIA
  
 MEDELLIN          ANTIOQUIA

 


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REAL ESTATE
MEDELLIN-COST OF APARTMENTS


 

Medellin, as in other major cities in Colombia, is undergoing a housing boom. New apartment projects are going up everywhere and re-sales are enjoying a brisk demand as well. Using the newspaper as a data source, two consecutive Sunday issues were used to arrive at the following information. In determining a more reliable per square meter average, the figures for the two most expensive and two least expensive properties in each Zone, were not used.

HOUSES-Because of the various size building lots associated with free standing houses, it is difficult to arrive at an average price per square meter that is a good guide to current asking prices. However, as you would expect, prices were in correlation to the geographical Zones, 1,2,3 or 4. As an example, in Zone 2, the avg. cost of houses was about 25% greater, per sq. meter, than the average asking price of apartments located in the same Zone.


APARTMENTS

Apartment prices generally relate to the geographical Zones, 1,2,3 or4, as used by the newspaper. Following are averages recorded during the first quarter of 2005. In converting Pesos to u.s. dollars the conversion rate used was: 1 u.s. dollar =2.3 mil Colombian Pesos.

Note: because the low number of apartments available for sale in Zone 1 unfairly skewed the sampling, Zone 1 information was not deemed reliable, and therefor is not presented.

Zones 2, 3, and 4 are considered reflective of current asking prices.

 
ZONE 1
ZONE 2
ZONE 3
ZONE 4
Avg. apartment size in sq. meters
 
153
110
86
Avg. apartment size in sq. feet
 
1,647
1,184
926
Avg. asking price, in millions of Pesos
 
163
85
77
Avg. asking price, in u.s. dollars
 
$70,870
$36,960
$33,480
Avg. asking price per sq. meter-per mil Pesos
 
.94
1.29
1.12
Avg. asking price per sq. ft. in $ u.s
 
$43.00
$31.00
$36.00

Zone 2 contains the more upscale areas, including El Poblado.

In addition to the above price guide, you should also consider expenses. Utility expenses relate to the Strata Number where the property is located. The government determined Strata range, is from Strata 1 to Strata 6, which is the most expensive area relating to utility charges. El Poblado and a number of other fine areas are located in Strata 6. The lower socio-economic areas are assigned lower Strata Numbers. Most agree that the strata system for monthly utility charges is fair because those who live in wealthy areas help support the costs of those who live in the poorer areas.

While El Poblado is considered the most desirable area, by local standards, there are many others which are nearly equal and considered safe, such as: Laureles, Estadio, Conquistadores, Velodromo, Floresta, Belen La Palma, and Santa Monica. Generally, most foreign residents feel safe and comfortable living in Stratas 5 and 6 and some areas in Strata 4 are also safe, and sought after.

To visit the El Poblado photo gallery click here.


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