Touring a $194,000 Apartment in Medellin, Colombia

[@AKJoel]

✅ Need help buying an apartment in Medellin? www.medellinmasterclass.com/realestateinvest

[@JamesGreenier]

$190 in Envingado wow times have changed. My gf bought a brand new apartment for $60k.

[@LuisFigo4]

That's way overpriced.

[@adambamesberger]

What year?

[@CarlitoswayDR]

Tell me about it, way too expensive now days but still Envigado is nice and Medellin is into the 300k!

[@snakeeyes5638]

I love how nature is integrated so much with the infrastructure in Colombia🌴 🏠 🚗 🌴

[@AKJoel]

Me too!

[@fiatlux8969]

I'm starting to feel bad for people living in Medellin now. Those prices are crazy for what you can get for less in some US cities. I just bought an investment property in a nice part of Cleveland for 120K that'll net 500+ a month. Not to mention US citizens can't get loans on properties in Columbia without being a citizen.

[@Theofficaldannyalldunso]

Having lived in Cleveland for a year i do feel bad for all men that live there. The women are some of the least attractive in America. You can net 500/month but damn its Cleveland tho.

[@nathancasey7712]

In what US city with a million or more people can you even get a decent apartment for 200k?

[@pagedown321]

You guys are doing a great job on these real estate videos. keep them coming! hope to be a customer some day soon

[@AKJoel]

Will do! We also created a dedicated real estate channel. Check it out here if you haven't already: www.youtube.com/@investmedellinrealestate

[@EsmundM.I.A]

I paid 114k. Talked them down 14k in. Very upscale area in Medellin. It is brand new as they are still building . It should be ready in October. I will document it once it is ready.

[@nathancasey7712]

Please do

[@thewatchfuleye8401]

LOL, I just bought a 3 BR 1 BA house in a rural part of SE Ohio, that is about 15 minutes from hospitals and walmart, jobs, services and has really low taxes. To be sure, I paid 27k for that house and came with a half acre, IN THE USA!!!. So let me say, that is a craaazzy price for a place in a third world country.

[@xexling]

That's not how real estate works. The notion that anywhere in US should cost more than anywhere in Colombia is silly. Real estate is only worth what someone is willing to pay for it. Most people lookin to buy in Medellin isn't lookin to live in rural Southeast Ohio. So comparing prices is silly. There are plenty of places in third world countries where houses cost more than they do in rural SE Ohio. Americans need to stop using the US real estate market as a metric for how things should be priced in other countries. That said, that is way too much for that apartment.

[@jbfarrell7962]

Colombia is technically not a third world country.

[@WrldExplorer]

Colombia is a developed, and developing country. You’re comparing a 27k house to an apartment in a booming city, with walkable cafes, restaurants, malls, nightlife, and events that are happening. You cant go out anywhere in a U.S city and enjoy a $10 delicious steak meal with a cocktail, the malls there are shutting down slowly, I left Ohio decades ago, its nothing to Bragg about. I would never move back there. Using Walmart as a flex is kinda silly.😂 Most of us purchasing here are probably retired who don’t care to maintain 1/2 acre field on a riding lawnmower. I sure didn’t. Even if not retired, I’m sure it’s all the same.

[@SteveHawthorne]

Ohio is not Medellin.

[@WrldExplorer]

@@SteveHawthorne I was born and raised in Ohio, and left. Nothing there. Joined the military, went back for 2 years, and left again to Maryland for a career. Retired after 20 years, and moved to Medellin. Apparently Ohio wasn’t attractive enough to keep me there.

[@andybeltran2311]

Been to Medellín many time. Plan to retire in 2 years . I am from NYC

[@AKJoel]

Best of luck with the move!

[@wendyprada8734]

That is a bad investment but , 194k I buy something in USA that would net me around 1600 a moth , bad investment but beautiful apartment

[@AKJoel]

Yeah, good point. It's not an investment property, it would suit someone who wants to live there for lifestyle.

[@panemanager]

Yeeeeah 1,600/mth for something that costs 194knisnt great either. 2,000 now you are talking.

[@wendyprada8734]

@@AKJoel yea make me and my husband we plan on moving there after 40 but we buy property on usa on we will rent there

[@WrldExplorer]

If someone was getting it for an investment, maybe not a good deal, but to live, it still will be an investment in the future if they decide to sell it.

[@LuisFigo4]

That's way way overpriced for me. That terrace is tiny.

[@AKJoel]

The terrace is 16m2 if that helps.

[@LscVip]

Extremely overpriced from other apartments I've seen there

[@MSmith-mb1ut]

Thanks guys!! Excellent video.

[@AKJoel]

Glad you enjoyed it Matty!

[@nizzzle3390]

thanks for the info. This is really helpful. i like this building a lot 👌🏽

[@AKJoel]

No problem!

[@GeeGee19]

Unfortunately Colombia eliminated the residency visa after five years of owning a property. Now they only give one year visas to property owners. It's very difficult for me to buy a property not know if each and every year they will approve my visa. It's to risky owning property in a country that can throw me out at any time. Medellin has been refusing entry to dozens of foreigners at the airport each week.

[@AKJoel]

Sorry mate but you are completely wrong. Residency is still available for those who have held the real estate investment visa for 5 years consecutively. "The M - Investment visa is granted for up to three years and allows you to apply for a Colombian Residency after holding it for five years." Source: nexo.legal/es/home/colombian-visa/m-real-estate-investor-visa/

[@romansotelo7240]

@user-rw311 I went to Medellín 7 months ago and I'm a foreigner and they didn't refuse me entry idk why they did it to you maybe you have some dirt on you they don't like.

[@GeeGee19]

@@romansotelo7240 it wasn't me I'm a white guy it was the black dudes who are labeled passport bros. There denying black dudes left and right at the Medellin airport 🤣🤣🤣

[@GeeGee19]

@@romansotelo7240 they were definitely racial profiling because they were pulling nothing but black guys off the line to question them.

[@AKJoel]

Wow, that's crazy!!

[@iamtherealmatteo]

190k is wayyy too much for that.

[@AKJoel]

Seems expensive, but it's about market rate right now.

[@courtenaymckee7491]

Prices in Colombian pesos have doubled in the last 7 years that I have been here. 🙁

[@WrldExplorer]

Where in the world has it not. I feel like this is why people are purchasing overseas because it’s the only way it’s attainable, but at the cost of the locals. But thats what the locals are selling them for, so go figure. 🤷‍♂️

[@briandempsey3157]

Hey guys, just so you know, a real estate tour should be conducted by one person. Otherwise it's disjointed & doesn't flow. I live in LA & just saw a home tour of a 35,000 square foot home in Bel Air. $177 million. One person conducted the tour along with the cameraman.

[@AKJoel]

Great tip, thanks for that! I've gone with a different format in my newer videos so hopefully they'll be easier to follow.

[@andybeltran2311]

Love your video

[@AKJoel]

Thanks Andy!

[@MrTexmex360]

Nice apartment, I like watching your video's, You can do more like this.

[@AKJoel]

Sure, will do!

[@michaellandis8972]

AK, Andrew- thanks for taking the time to provide a complete POV tour of this property. I understand that housing like this is referred to as an apartment vs a condo or townhome. Often I see the purchase prices advertised on GringoPaisa but never any mention of property taxes or HOA fees. I’m assuming there must be monthly, quarterly or annual dues to help cover the cost of all the amenities not to mention the 24hr security, A/C & lighting in the corridors, elevator service etc, etc. can you give us an idea of what those fees are? Is the property tax rate different from su Bern to superb within the city of Medellin? (ie: Laureles, Provençal, Poblado etc)

[@AKJoel]

Monthly administration fees (HOA) are $141 - a bit higher than standard because of all the amenities. I don't have the exact figure on property taxes for this place, but it ranges from 0.1% to 0.6%, depending on the location and type of property.

[@raymatt2927]

Good video & great info, i was the one that superchatted you about the digital art pad your wife use to design t shirts & process them if you get a chance let me know the name of it. Thanks!

[@AKJoel]

Hey! This is the brand she uses: www.wacom.com/en-us/products/pen-tablets

[@adambamesberger]

What do you estimate the price would be for a similar location/apartment without amenities?

[@AKJoel]

Here's some examples of 3 other listings we have in Envigado: New, no amenities - COP 11.5m / m2 Built 2022, pool, jacuzzi, gym - COP 9.2m / m2 The apartment in this video - COP 8.9m / m2

[@adambamesberger]

@@AKJoel Thanks for sharing, this is helpful

[@NotAllHeros]

What would that rent for on Airbnb monthly?

[@AKJoel]

It really depends on how it's furnished, but from a quick Airbnb search it seems like somewhere in the range of $1000 - $1500 per month.

[@jimmacao927]

Are you serious? 190k for this? Its horrible, you can get much more beautiful apartments at cheaper prices in Poblado. Why are KZbinrs always trying to lead us into a real estate bubble? And by the way, I have been living in many parts in Medellin for 4 years, so dont tell me I do not know.

[@AKJoel]

I don't set the prices lol we saw this apartment through a Colombian agency that caters to Colombians only. All their listings are in Spanish.

[@aahsimovieprojects]

I paid less for a much nicer 3 bedroom apartment in a newer building in a great area of Poblado just a couple of years ago.

[@WrldExplorer]

I have to agree. But the post did say Touring a $194,000 apartment. I would never pay that for that. I do think it’s nice that others are posting on here that they got better to let people know you can get a lot better than this for that price or less. This is just showing what some of these properties look like regardless.

[@Koza_Cara]

Good informative video like usual but I wanted to ask if you checked out mercado Libre ? I see nice apartments there for 140-150k usd.

[@AKJoel]

Yeah, Mercado Libre has some good deals!

[@giuliagt64]

Twice you say something about the pool. Which pool?

[@AKJoel]

It was locked so we couldn't access but you can see it in the background at one point in this video.

[@romansotelo7240]

Not a bad apartment @AKJoel.

[@AKJoel]

Yeah, I love the amenities!

[@romansotelo7240]

@@AKJoel they look nice too. Where I live we don't have much amenities just the basic gym and pool and that's it.

[@hermanc.4420]

I am not a fan of the bird cage balconies.

[@AKJoel]

Do you mean the net? You can remove that lol

[@xexling]

If that's where the prices are then the Medellin market is crazy. Anywhere else in country that much money would get you a lot nicer apartment.

[@AKJoel]

Definitely - but Medellin is the place to be! haha

[@xexling]

@@AKJoel You are right about that. Being the epicenter of gringo life in Colombia does come with a tax.

[@NotAllHeros]

Why the chain fence surrounding the terrace? Is that required by Envigado building code?

[@AKJoel]

It's not a chain fence, it's a cat net to stop cat's jumping over. The previous owner must have had cats lol

[@Myvideoroom]

This apartment is located on the upper floors. Why does it have a net that makes it look like you are in a prison? Are they going to climb four floors to rob you?

[@AKJoel]

It's a cat net, to stop cats jumping over.

[@elonmusk9869]

194k is expensive for a developing country

[@AKJoel]

You can definitely find cheaper, but probably not in a building with 24/7 security and so many amenities. Plus it's only 6 years old.

[@thespacesbetweenstudio3346]

I think i toured this exact property a couple months ago? it was decent

[@AKJoel]

I actually filmed one of my first interviews in this same building too!

[@mdo5121]

HAVING LIVED IN ENVIGADO...THE APT VS PRICE SEEMS A LITTLE PRICEY FOR THE SPACE...THE KITCHEN AND BATHROOM (WHICH ARE ALWAYS SELLING POINTS) THERE IS A LOT TO BE DESIRED THERE....OTHER AMENITIES SEEM FINE. THERE ARE BETTER PLACES OUT THERE FOR THE PRICE.

[@josephroberts7374]

Road trip!!!!!!!!!!!!

[@AKJoel]

Yeah, Andrew bought a car! haha

[@TB_4]

Is that the Las Palmas area?

[@AKJoel]

No, this is in the Los Benedictinos neighborhood of Envigado.

[@Jimmyhickey90]

That's still a Medellin premium price. In any other city it would be 110k usd.

[@AKJoel]

You're right - other cities in Colombia are much more affordable.

[@titilili88]

I think I missed the Sq metres? I gather 75 Sq mtrs?

[@AKJoel]

It's 88 m2 + 16m2 of terraces

[@PaddyVstheWorld]

I have one question that its' true that colombia government is providing citizenship to the forner's in 2024 ,if the invest in property in colombia.

[@AKJoel]

Yes, you can get residency after holding a real estate investor visa for 5 consecutive years. After holding the residency for 5 years, you can apply for citizenship.

[@alrazibashir846]

190k is way too much for this place! My brother and his wife bought a condo almost twice this size in South Africa which has a stronger economy and currency for $175,000 USD. I estimate the real price for this property is $75,000 - $95,000 USD.

[@AKJoel]

I can confidently say there's no chance you can find something this nice for $95k (6 years old with lots of amenities) this close to the tourist area of Medellin.

[@alrazibashir846]

@@AKJoel for context it was new construction in mostly white neighborhood in Johannesburg. All I am saying is nothing substantial is happening for the prices to be this high. Massively overpriced and overvalued.

[@nathancasey7712]

​​@@alrazibashir846People like Medellin. It's popular.

[@carolc1543]

I retired to Italy. Much much cheaper!

[@GeeGee19]

If you go to the wondering investors KZbin he has an interview with a high end Colombia attorney the five year visa is over for investors you never get residency from investments.

[@AKJoel]

I checked their interview transcript, I think maybe you misunderstood. What he actually said was "What has changed is that, previously, you could invest the one-hundred-sixty you mentioned earlier, or there abouts, and get immediate residency. You didn’t have to wait the five years, you could just get immediate residency, and that’s gone."

[@alencelic]

Thats not even worth 100k wthat the heck lol

[@AKJoel]

Can't find anything like this for that price this close to the major tourist area unfortunately.

[@estebancastano5353]

Very expensive, the prices for houses/apartments in Medellin and the metropolitan area went up this last years cause of the foreigners buying them and then posting them in Airbnb. They ruined the city for us locals.

[@AKJoel]

That's actually not true, most of the Airbnb owners are Colombian. The issue is that there's no regulations or price control.

[@jvhamby5]

Way too much money. Way too much.

[@AKJoel]

Depends what you want, but this is about market rate for this type of property in this area with all those amenities.

[@jbfarrell7962]

@@AKJoel Envigado is amazing, you won't need ac and electric is very reasonable.