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 is commanding growing interest among potential retirees and overseas property buyers, who are realizing that this country boasts a high standard of living at a competitive price. And the world is finally recognizing that Colombia’s cartel history is increasingly just that — history.
Where are the best values, lowest costs and highest standards of living to be found? Three Colombian cities stand out as offering a high quality of life for a low cost. One is a well-known, world-class brand-name city, one has more recently been discovered and is just beginning to receive mainstream attention, and the third place, the best bargain of all, is still off the world’s radar.
Cartagena: A branded city on the Caribbean Sea. Cartagena is not only Colombia’s number-one tourist draw, but it’s also Colombia’s original expat haven. After one visit, you’ll understand why. This is one of the finest Spanish colonial cities in the Americas, a UNESCO World Heritage Site and one of the world’s few remaining walled cities.
However, Cartagena offers much more than Spanish-colonial history. Just outside the wall are miles of beaches that are enjoyed by expats and visitors year-round thanks to the perennially warm weather. The area of El Laguito is very popular with expats and the most affordable neighborhood in the city, while Bocagrande and Castillogrande offer higher levels of luxury and quiet.
The restaurant scene in Cartagena is varied and interesting, representing Cartagena’s cultural blend of Spanish, Colombian and Caribbean cultures. And the hot nightlife has been a draw for decades.
The biggest attraction is the cost of real estate for buyers shopping with U.S. dollars. For example, on the waterfront in El Laguito you could buy a two-bedroom, two-bath, recently remodeled, 88-square-meter furnished apartment with sea views from a large balcony and direct beach access for about $150,000 at current exchange rates. And if you spend a little time on the ground, you could find something comfortable and oceanfront for as little as $100,000. That’s a terrific bargain on a global scale.
Medellin: A Euro-chic city shedding its bad reputation. Medellin has fully emerged from its dark days of drug lords and cartels, but the world is taking its time registering that fact. More than 20 years after the death of Pablo Escobar, his is still often the first name to come to mind when a conversation turns to Colombia.
Anyone who has seen Medellin firsthand recognizes that this is a safe, modern city with first world ambiance, great weather, shaded streets, a sophisticated restaurant and nightlife scene and high quality infrastructure. Slowly this secret is getting out. However, property prices remain a bargain, especially at today’s exchange rates. The average cost per square meter is just $1,145. That’s $106 per square foot, which is cheaper than in Cuenca, Ecuador, where you’ll pay $112 per square foot.
In Medellin, near Parque Lleras, the center of the city nightlife scene, a comfortable and highly rentable two-bedroom, two-bathroom, 107-square-meter apartment is for sale for the equivalent of $107,000. Shop around, and you could find something equally comfortable for less than $100,000.
Cali: The best bargains for leading-edge retirees. Known as the world’s salsa capital, Cali has warm weather, great nightlife, trendy cafes and restaurants and some of the friendliest people in Colombia. There’s also a treasure trove of bargain real estate. The average cost to buy in this city is just $55 per square foot, almost half the cost in Medellin.
However, Cali is not Medellin. Cali offers diverse lifestyle options, including high-end gated communities in a country setting and lively downtown city-living options from colonial homes to condos in gleaming new high-rise structures. Also, Cali can be very walkable, depending on where you live. In at least a half-dozen appealing neighborhoods, you could live easily without a car.
Cali has done an excellent job conserving its trees. Many neighborhoods are pleasantly shaded. This helps not only with the temperatures inside homes, but it’s also part of the reason this is a comfortable city for walking, especially in the western neighborhoods. At the confluence of three rivers among gentle hills, Cali offers plenty of shady parks and riverfront areas.
The cost of living here is low. Not only is real estate cheaper than in Medellin, both to buy and to rent, but so are the costs of a bottle of wine in the grocery store, a dinner out in a nice restaurant and property taxes. In the shady and tranquil Normandía neighborhood, you could buy a spacious 250-square-meter apartment with city views from the seventh floor, five bedrooms, four bathrooms, two garage spaces, a maid’s quarters and a balcony for $96,500. That’s a lot of residence for not a lot of money. And it’s possible to buy for much less, even less than $50,000.
If you’re willing to leave the beaten trail, you can take advantage of the continent’s best property buys. Your friends may call you crazy when you tell them you’re buying a new home in Cali, but I predict that it won’t be too many years before the world recognizes today’s buyers as forward-thinking.
Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.
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The Cheapest Place to Buy Property in the Americas originally appeared on usnews.com
