Colombian property agents brace for "tidal wave" of foreign investment

Photo: Benbowes

Colombian property agents are bracing for a "tidal wave" of foreign investment, as the country's prospects become increasingly positive.

The country has been associated in the past with the drug trade, but the modern nation is far removed from the historical stereotype. The country is not only safe, but the economy is growing and its middle-class is expanding, driving up both local demand for housing and helping financial conditions improve. With its pleasant climate and culture-rich past, some argue that it is well suited for the retirement market, while the strengthening tourist industry makes it ripe for investment. Moreover, the real estate market is tied to the peso, which makes it affordable.

"Colombia is poised for the greatest move of any country in Central or South America," Rich Holman, founder and partner of First American Realty Medellin, tells Curbed. "We're going to blow Panama and Costa Rica out of the water."

Cartagena has traditionally been the focus for those intrigued by Colombia's real estate, but while its tourism potential spells good news for investors, top financial city Barranquilla is also highlighted by agents as a potential hotspot.

Jose Miguel Echenique, managing director of Engel & Völkers, also singles out Bogota as becoming increasingly active, with a string of new developments in Carrera Séptima, from luxury apartments at Neos Nogal and Torre Vitrum to La Resolana.

"We can see a tidal wave that's coming," agrees Sam Miller, Managing Director at Colombia International Real Estate in Bogota.