The tourism industry grew 33% over last year for the month of June, and i believe August reports will be up even higher over the previous year. This is a very important indicator to consider. Actually very amazing considering how tourism is going the other direction in most parts of the world. Reference the Colombian Ministry of Tourism website reports.
As far as investing here in vacation apartments, apartments are on the increase over hotels. New laws have been pushed through recently that effect short term rentals in Colombia. Short term being under 30 days. Basically apartment owners have squeezed by without paying taxes for a long time, and now are going to be required to pay taxes if you rent under 30 days.
Numbers to watch here are tourism going up and hotel sales going down. The apartment business is booming. Some buildings are more friendly to short term rentals. One important thing to understand is that with rentals come more tourist, and with more tourist buying investment properties, this drives up the value of properties here in Medellin, and Colombia.
Medellin is an ideal place to start a new life or open a business because Medellin is currently in a transitional time period, so naturally there many windows of opportunity in this blossoming city.
Medellin is now kneck and Kneck with Cartegena, but the property values here are still much cheaper than those of cartegena colombia. With high tourism rates, in a time where tourism is falling, can only mean that Medellin is a true gem.
It is hard to believe but here in Medellin the market has not crashed, and its still moving up. The world is discoverying Medellin is a wonderfull place to visit, live, and retire. Sales are once again moving up when compared to earlier this year, (2009). This summer we saw a huge increase in visitors, which has spiked up international property buying in Medellin, and in the outlying municipalities. Primary areas of interest in Medellin are El Poblado, Laureles, Envigado. Outlying areas include Rio Negro, Llano Grande, El Peñol / Guatape, and Santa Fe Antioquia. The outlying areas are small towns, which are now safe areas to live in.
Foreign investments in Colombia are protected better than anywhere else in South and Central America. Now with the current president Uribe in power foreigners will be sure to have a safe place to live indefinately. He has over a 70% aproval rating and just this past week the congress approved him to be able to run again in the presidential elections and will be re-elected again for another 4 year term.
Writer Contact info / Bio: James at Paradise Realty for any questions regarding foreign investments and residtential visas in Colombia. James is a 41 year old American expat who has lived in Colombia full time for over 4 years full time. After living in Bogota 1 year James settled in to live permanently in Medellin Colombia. James has 9 years of experience in real estate both in the Miami, Florida area and in Colombia.