I got a call from a UK buyer last week and the inquiry was more or less “I just made a trip to Medellin, I’m coming back and I want to look at real estate, what’s your advice?”
My advice to any potential investor looking at real estate in Medellin is simple: a) Buy the highest quality you can afford, b) in a building as liquid as possible, c) get close to the Golden Mile, and d) something with some rent appeal. There are maybe only 8-10 buildings in the city that I would recommend out of the 2500+ we offer on Casacol and at the top of my list is Nueva Alejandria.
Why do I think Nueva Alejandria is the best place for foreign investors looking for a toe hold, portfolio diversification or emerging market real estate exposure in Medellin?
1) Location: Nueva Alejandria was the last building lot on the Milla de Oro (proper) to be developed as a residential property. If someone wants to develop another residential tower here they are going to have to knock down a hotel, casino or office building. Highly unlikely.
2) Value: Average prices (give or take, views, floor height, etc.) are right around the $200/sq ft range ($4.500.000 pesos/m2). Administration is efficient and cheap (avg $100/month), taxes are reasonable (about $75-100/month) and there is always something moving in the building. As of today there are 6 units available for sale out of 150 in the building with 1 just getting sold last weekend.
3) Amenities: The only roof top pool/gym/sauna/turco in the city, floor to ceiling glass, a luxurious and furnished lobby, and you can walk to literally the best that Medellin has to offer.
4) The future: Going up across the street is the Milla de Oro project that will change the face of the Golden Mile here in Medellin. Two sleek glass office towers and 3 floors of restaurants and high end commercial space make for long term attractiveness of Nueva Alejandria as an investment and a place of residence. I met with Londono Gomez about the project last week and while I don’t think I can disclose the list of upcoming tenants, I promise you that 12 months from now we are going to have some excellent new neighbours.
5) Income and guest experience: There’s very few buildings in Medellin that both short and long term travellers request by name and Nueva Alejandria is one of them. Filling rental apartments in the building is not a difficult task due to demand exceeding supply more often than not. Backed by Casacol, we also offer property management and marketing of the units within Nueva Alejandria. Those looking for luxury Medellin apartment rentals quickly find themselves at the doorstep of Nueva Alejandria and we provide a superior service that is good for the user and investor.
If you’d like to be added to the list for updates in the building just let me know.
Brad Hinkelman – [email protected]
Founder/Owner – Casacol SAS