Every day more and more countries are adding to real estate projects. Today we bring you one of the best countries in latinoamerica to make real estate investments. In this article we are going to provide you with all you need to know about real estate in Colombia
The housing market in Colombia has grown in the past year and is predicted to continue to grow throughout this year. Now is a great time to invest in Colombia real estate in order to get a great deal before prices rise even higher. Investing now can help you get a greater return on your investment.
Why invest in Colombia?
If you’re an investor, you need to be looking for high returns and decent liquidity in your investment. And when it comes to real estate investments, there is no better option in Colombia than the capital city of Bogota.
Simply put, the Colombian peso is at an all-time low; the currency of Colombia is weak. That makes it great for foreign investors to come in and start buying things up.
As such, it attracts both locals and foreigners alike. And they will all need a place to live if you care to rent out your Bogota property.
Maybe you are wondering if this country is safe? Fortunately you’ll be glad to know that the country has cleaned up its act recently from violence and corruption.
How to invest in Colombia real estate?
The Colombian government has made it incredibly easy for foreigners to invest in real estate. Your rights are the same as those of a local Colombian. Basically, all that you need are the funds and your passport and you’ll be good to go.
You have two options when it comes to buying real estate in Colombia:
Invest as an individual. This option has the biggest pro of making you eligible for permanent residence. However, you will be missing out on privacy.
Invest as a legal entity. This is the best option for those who want to purchase multiple properties to rent out. It’s also great for those who don’t want residency but also don’t want their name on all kinds of official documents.
Challenges of buying colombia city real estate
Buying real estate is never easy, especially if it’s one of your first investments abroad. Knowing what the main challenges of buying Colombian real estate are can help you lower the feelings of uncertainty and fear.
Things happen slower. Just like you’d expect in Latin America, things in Colombia happen at a much slower pace. There isn’t much that you can do about it but to accept it and set realistic expectations for how quickly you’ll get things done.
You’ll be doing some forex trading. Willingly or not, you’ll be doing some foreign currency trading when you purchase real estate in Colombia. So, up to the very last minute, you won’t be able to pin down the exact price of the property because the exchange rate of the Colombian peso will pop up and down.
Short-term rental challenges. If you’re interested in renting out your Bogota property on Airbnb Rentals shorter than 30 days fall under specific laws, which could prevent you from renting out your property.
So, if you are interested in finding out more about real estate programs and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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At Creimerman, our team of professional global citizens would be happy to help you with your personal or professional cross-border ventures and help make them a success.