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.
MEDELLIN - ANTIOQUIA, COLOMBIA