Buying residential property in Medellín with a cash sale involves understanding the property prices and additional costs associated with the purchase. Here’s a detailed breakdown based on current market conditions:

Property Prices in Medellín

1. Popular Neighborhoods:

• El Poblado: Prices range from COP 4,000,000 to COP 7,000,000 per square meter (approximately USD 1,100 to USD 1,900 per square meter)  .

• Laureles: Prices range from COP 3,000,000 to COP 5,000,000 per square meter (approximately USD 820 to USD 1,380 per square meter)  

• Envigado: Prices range from COP 3,000,000 to COP 4,500,000 per square meter (approximately USD 820 to USD 1,240 per square meter) 

2. Average Size and Cost:

• 1-Bedroom Apartment (50 sq.m):

• El Poblado: COP 200,000,000 to COP 350,000,000 (approximately USD 55,000 to USD 96,000)

• Laureles: COP 150,000,000 to COP 250,000,000 (approximately USD 41,000 to USD 69,000)

• Envigado: COP 150,000,000 to COP 225,000,000 (approximately USD 41,000 to USD 62,000)

• 2-Bedroom Apartment (80 sq.m):

• El Poblado: COP 320,000,000 to COP 560,000,000 (approximately USD 88,000 to USD 154,000)

• Laureles: COP 240,000,000 to COP 400,000,000 (approximately USD 66,000 to USD 110,000)

• Envigado: COP 240,000,000 to COP 360,000,000 (approximately USD 66,000 to USD 99,000)

• 3-Bedroom Apartment (120 sq.m):

• El Poblado: COP 480,000,000 to COP 840,000,000 (approximately USD 132,000 to USD 230,000)

• Laureles: COP 360,000,000 to COP 600,000,000 (approximately USD 99,000 to USD 165,000)

• Envigado: COP 360,000,000 to COP 540,000,000 (approximately USD 99,000 to USD 148,000)

Additional Costs

1. Closing Costs:

• Typically, closing costs range from 1-3% of the property price. This includes notary fees, registration fees, and other administrative costs.

2. Taxes:

• Property taxes are generally around 0.3% to 1% of the cadastral value of the property.

3. Homeowners Association Fees:

• Monthly administration fees for apartments can range from COP 200,000 to COP 800,000 (approximately USD 55 to USD 220), depending on the amenities and services provided.

Example Budget for a Median 2-Bedroom Apartment in El Poblado

• Apartment Price: COP 400,000,000 (approximately USD 110,000)

• Closing Costs (2%): COP 8,000,000 (approximately USD 2,200)

• Property Taxes (0.5%): COP 2,000,000 (approximately USD 550)

• Homeowners Association Fees (per year): COP 6,000,000 (approximately USD 1,650)

• Total Initial Investment: COP 416,000,000 (approximately USD 114,400)

By considering these prices and additional costs, you can estimate the total investment needed to buy residential property in Medellín with a cash sale. It is advisable to consult with local real estate agents and legal advisors to navigate the purchasing process effectively and ensure all costs are accounted for.