Turnaround for Colombia as Property Market Takes Off
Report by InternationalLiving.com on Colombian real estate reveals 8% yields and rising property values.
Baltimore, MD (PRWEB) October 25, 2012
Colombia's real estate market is set to enjoy major price increases driven largely by its burgeoning economy and growing middle class, according to a report from the overseas experts at InternationalLiving.com.
In the October edition of International Living magazine, researcher and real estate writer Ronan McMahon revealed how the once-troubled South American nation has massively improved its security situation, with both crime and the leftist insurgency no longer posing the level of threat they once did.
“I spent time in Medellin—one-time ‘murder capital of the world',” said McMahon. “Now it's a totally transformed city.”
However, McMahon has identified the growing economy as the key driver behind the country's change in fortunes.
He explained: “Colombia's middle class is on the upswing...the income of the average Colombian has doubled in less than a decade.”
He continued, “I visited the country's Caribbean coast and saw for myself wealthy Colombians enjoying their new vacation pads and relaxing on sandy beaches.”
On Wall Street, McMahon reports, they call Colombia “the next Brazil.” Demographics (with a young population) are in the nation's favor. It has gold, oil and hydroelectric power. Debt levels are low. And after two decades of liberalizations the government is one of the most forward and outward looking in the region.
The country is currently witnessing economic growth of 6% as international companies flood in.
The Colombian government, meanwhile, is encouraging development with a mammoth decade-long $100-billion infrastructure plan.
McMahon believes North Americans interested in overseas real estate can capitalize on the trend by investing in the type of property Colombia's rising middle class are interested in.
In Medellin's upscale El Poblado district, 1,000-square-foot condos are available for as little as $100,000.
“With Colombia staying the course to normalization and beyond, prices are set to rise strongly over the next five to 10 years,” said McMahon. “And each year you wait, you could bag an 8% yield.”
To read more about Colombia's rebound, see here: “Why Now is the Time to Buy Real Estate in Colombia”.
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For more than 30 years, InternationalLiving.com has been the leading authority for anyone looking for global retirement or relocation opportunities. Through its monthly magazine and related e-letters, extensive website, podcasts, online bookstore, and events held around the world, InternationalLiving.com provides information and services to help its readers live better, travel farther, have more fun, save more money, and find better business opportunities when they expand their world beyond their own shores. InternationalLiving.com has more than 200 correspondents traveling the globe, investigating the best opportunities for travel, retirement, real estate, and investment.
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