Medellin, the city of eternal spring, has definitely evolved over the past couple of years, coming from a very rough background as shown on TV shows. Tourists are really taken aback by its flattering reality, with an increase of 38,1% of tourism in Colombia, with Medellin accounting for 11.6%.
From the lovely weather it’s known for having all year long, to the beautiful mountain views within the city and its surroundings towns and the different variety of food it has to offer, Medellin has been equipped with brand new hotels, hostels and daily rentals all around the city to help host the growing demand for tourist accommodations all year long. Although many of these tourists come to Medellin for leisure / holiday, many also come for business opportunities, such as investing in real estate – and we’re just starting to see this growth and boom and expect more over the years to come.
That said, if you’re looking to invest in real estate in Medellin, here are the the top 5 neighborhoods to keep your eye on:
- Lalinde (Poblado)- This neighborhood is really popular among travelers so there’s a very high rental demand and property appreciation in the following years. Right across the very famous Parque Lleras- Provenza- Primavera area, this is a classier alternative to the hustle and bustle of the whole Lleras side of town. Boasting no less than 3 vegetarian-friendly restaurants, several co-working spaces for locals and digital nomads and the newest Pergamino cafe coffee shop, this location is in its prime time for investment opportunities.
- Patio Bonito Area (Poblado)- Just south of Parque Lleras, Patio Bonito is a very residential area within Poblado with excellent access to public transportation. With shops such as Exito Supermarket, Monterrey mall and Homecenter, it’s the perfect place to make you feel at home, having everything needed just within walking distance. Investors will love this area because of its proximity to lively tourism, as well as a promising future for both property appreciation and high rental demand.
- Segundo Parque (Laureles) – Known for its beautiful green scenery and calm vibe, Laureles is one of the areas tourists prefer to stay in when they want to relax away from the heavy traffic and fast city lifestyle. This neighborhood’s gastronomic offerings range from international cuisine to local dishes very rich in flavor and tradition. Close to several art galleries, local coffee shops and some antique architecture, Laureles definitely offers a more Colombian experience in Medellin. While this area has seen significant growth in the last couple of years, there are plenty of opportunities to purchase high quality properties at a lower price per square meter than in equivalent properties in Poblado.
- La Frontera (Envigado / Poblado) – Just in between 2 of Medellin’s popular neighborhoods, La Frontera has the best of both worlds. Close enough to the famous Poblado nightlife with all the restaurants and bars it has to offer, this area also counts La Frontera Mall for shopping needs and Euro Supermarket just within walking distance. Envigado has about 12 parks and 17 churches with a mix of modern and ancient architecture. These prices tend to be about 9.6% less per square meter than in Poblado, so more and more investors are looking towards this up-and-coming neighborhood for its high quality units and great deals.
- Manila (Poblado)- Right across the street from Poblado’s Metro station, this area is widely known for hosting many of Poblado’s top restaurants, from several wing spots and prize-winning burger joints, to top-rated venues suitable for more discerning palates. Manila is conveniently located close to Poblado Park and Parque Lleras, connecting to several bars, coffee shops, co-working spaces and nightclubs. There are a limited number of developments in this mostly residential area, attracting investment capital. Investors can purchase larger units in smaller buildings and with a modest investment in renovation, they can dramatically increase the value of their purchase- for either future sale or present rental.
Medellin was once a hidden gem and the secret is starting to get out, with tourism constantly growing. The overall growth the city has had over the past couple of years has been shown in the amount of offices and international franchises opened up all over There are still tremendous deals to be found with the help of the right agents on the ground. If you want help making your next purchase, contact us today.