Most expats decide to move to the cities, either Bogota, Medellin, Cali or Cartagena. Bogota, the capital, has the coolest climate due to its high altitude, but is also the capital of culture.
Medellin is known for its year round nice weather and friendly people known as ‘Paisas,’ who will guarantee you an enjoyable stay.
The costal city Cali is known for its salsa dancing and has a warmer climate than Medellin. Cartagena has the hottest climate of these cities, some great beaches and famous historical sights.
In 2012, house prices rose by 8.3%, placing Colombia in tenth place in Knight Frank’s Global Real Estate Index, which lists global property prices. The reason for the rise in prices is said to be down to the 2010 change in government to Juan Manuel Santos and the boost in Colombia’s economy.
Who buys in Colombia?
Most foreigners who purchase property in Colombia are from Venezuela, the United States, Mexico and Chile. Property on the Caribbean coast is most in demand from American buyers who wish to retire by the sea. Investment buyers are usually from the US and Europe.
For expats and even for locals, renting is favoured over buying property as property prices have risen in recent years. A study by the United Nations revealed that 38% of Colombian residents are renters, which is a higher percentage than 16 other Latin American countries. In Bogota, 41% of people are renters, according to a CENAC study.