Consumer confidence and falling interest rates are helping the capital city of Bogotá compete for international home buyers.
Medellin’s property market still suffers from lingering images of “the drug days,” Mr. Holman said. “It takes some time to get rid of the stereotypes.” The recent public rejection of a peace treaty with the Revolutionary Armed Forces of Colombia, or FARC, has had little impact on Medellin, beyond perpetuating the perception of turmoil, agents said.
“During, before and after the global turndown, the economy was very solid, so Colombia became a very interesting place for local and foreign investors, both individual investors and companies,” said Verónica Dávila, director of Propiedades Julio Corredor, Christie’s International Real Estate Colombia.
Starting around 2009, real estate sales boomed, while the country was “performing very well economically and politically” and there was a “very high level” of confidence among local and foreign investors, Ms. Dávila said. But the market started to slow down at the end of 2013, she said.
In Bogota, Colombia, this week, workers put the last floor in place on a 67-story skyscraper that is now the country's tallest structure
Cuenca, Ecuador, has been a top retirement choice for people on a budget for years. The costs of living and of real estate in this colonial city have long been more affordable than other comparably appealing retirement options in Latin America until now. Thanks to the U.S. dollar’s continuing surge against the Colombian peso, Colombia now offers the most affordable retirement real estate options in the region.
Colombia saw a construction and real estate boom starting around 2004, as the former president Álvaro Uribe subdued leftist insurgents and increased security, said Paul Juan, the principal owner of Paul Juan Realty, a brokerage in Cartagena. While international home buyers largely disappeared with the global real estate crisis of 2008, domestic demand kept real estate prices buoyant even if sales slowed for a couple of years, he said.
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