Buying an Airbnb property in Medellín involves several factors, including location, property type, and market conditions. Here’s a detailed breakdown of what you can expect in terms of costs:

Property Prices in Key Neighborhoods

1. El Poblado:

• Studios and 1-Bedroom Apartments: Prices range from COP 350,000,000 to COP 600,000,000 (approximately USD 90,000 to USD 155,000).

• 2-Bedroom Apartments: Prices range from COP 600,000,000 to COP 1,200,000,000 (approximately USD 155,000 to USD 310,000).

• 3-Bedroom Apartments: Prices range from COP 1,000,000,000 to COP 2,000,000,000 (approximately USD 260,000 to USD 520,000).

2. Laureles:

• Studios and 1-Bedroom Apartments: Prices range from COP 300,000,000 to COP 500,000,000 (approximately USD 78,000 to USD 130,000).

• 2-Bedroom Apartments: Prices range from COP 500,000,000 to COP 900,000,000 (approximately USD 130,000 to USD 235,000).

• 3-Bedroom Apartments: Prices range from COP 800,000,000 to COP 1,500,000,000 (approximately USD 210,000 to USD 390,000).

3. Envigado:

• Studios and 1-Bedroom Apartments: Prices range from COP 250,000,000 to COP 450,000,000 (approximately USD 65,000 to USD 117,000).

• 2-Bedroom Apartments: Prices range from COP 450,000,000 to COP 800,000,000 (approximately USD 117,000 to USD 208,000).

• 3-Bedroom Apartments: Prices range from COP 700,000,000 to COP 1,200,000,000 (approximately USD 182,000 to USD 312,000).

Additional Costs

1. Renovation and Furnishing:

• Basic Renovation: COP 500,000 to COP 1,000,000 per square meter (approximately USD 140 to USD 275 per square meter).

• Furnishing: Depending on the quality and extent, furnishing a property can cost COP 20,000,000 to COP 100,000,000 (approximately USD 5,200 to USD 26,000).

2. Closing Costs:

• Notary Fees: Typically 0.3% to 0.5% of the property value.

• Registration Fees: Around 1% of the property value.

• Transfer Tax: Approximately 1% of the property value.

3. Legal Fees:

• Legal assistance for property purchase can range from COP 2,000,000 to COP 5,000,000 (approximately USD 520 to USD 1,300).

4. Property Management Fees:

• If you decide to hire a property management company, they typically charge around 10-20% of the rental income.

Example Calculation for a 2-Bedroom Apartment in El Poblado

• Property Price: COP 800,000,000 (approximately USD 208,000)

• Renovation and Furnishing: COP 80,000,000 (approximately USD 21,000)

• Closing Costs (2%): COP 16,000,000 (approximately USD 4,160)

• Legal Fees: COP 3,000,000 (approximately USD 780)

• Total Initial Investment: COP 899,000,000 (approximately USD 233,940)

By considering these costs and factors, you can get a clearer picture of the total investment needed to buy an Airbnb property in Medellín. It is advisable to work with local real estate agents and legal advisors to navigate the purchasing process effectively.