The apartment is on the second story of a three-story, walk-up building, constructed of concrete about 40 years ago. The old city is Cartagena's tourist and cultural center; shopping, dining and public transportation are within walking distance.
300,000,000 COLOMBIAN PESOS (ABOUT $150,000)
The 1,140-square-foot apartment has views of the city walls (which date to the 16th century) and San Felipe de Barajas castle, a fort built by the Spanish in the 17th century.
The apartment is on the second story of a three-story, walk-up building, constructed of concrete about 40 years ago. There are tile floors throughout and the interior doors are made of solid hardwood. The kitchen was renovated in 2007 and has ceramic tile and steel countertops. The rear of the apartment has two bedrooms and a bathroom; the master is the slightly larger of the two, with a window overlooking a small park. There is a 10 by 3 foot balcony off of the living room.
The apartment is in Cartagena’s historic center, a Unesco World Heritage site known for its Colonial buildings. The old city is Cartagena’s tourist and cultural center; shopping, dining and public transportation are within walking distance. Beaches are about a 15-minute walk away; Bocagrande, Cartagena’s most popular beach, is about 10-minute drive; the airport is about 12 minutes by car.
MARKET OVERVIEW
Over the past five years, prices in Cartagena have skyrocketed by as much as 300 percent—and even 600 percent in some cases, said Patrick Enste, general manager at La Heroica, a luxury travel and real estate company.
“Cartagena is the most dynamic and expensive real estate market in Colombia,” said Brian Requarth, a founder of VivaReal Network, an online real estate portal that specializes in Latin America. “There’s been a lot of construction, a lot of investment, a lot of development.” Renovations of Colonial buildings in the old city are commonplace, while new high-rise condominiums flank the beaches to the north.
There are many reasons for this, according to Mr. Requarth: Cartagena’s old city has a lot of charm and history, making it an attractive destination; Colombia’s Ministry of Commerce, Industry and Tourism has done a good job promoting the city; it has become an increasingly popular destination for international travelers in recent years; and though it’s expensive by Colombian standards, Cartagena is still a bargain compared with other Caribbean destinations.
Though the volume of sales has slowed over the past year, prices remain relatively firm, according to Mr. Enste. This is, in part, because of limited buildable space, as well as a low supply of available property for sale — there are perhaps 20 or 30 historic buildings on sale at a given time, he said, and new condos must have a majority of their units sold before they break ground.
Colombia has not experienced a credit crisis like the United States and many parts of the world, according to Paul Juan, this property’s listing agent. “Credit isn’t as easy to get here,” Mr. Juan said. Since interest rates on loans are around 18 percent, most people buy property in cash.
Property value in Cartagena varies widely. “There’s a big, big difference between restored and nonrestored properties,” Mr. Requarth said. Restored properties can cost twice as much, he added.
Buyers can expect to pay about $2,300 to $3,500 a square meter ($214 to $325 a square foot) for unrestored properties in the prime areas of the historic center, said Mr. Enste. Restored properties run about $4,500 to $6,000 a square meter ($418 to $558 a square foot).
Homes in the San Diego district, a central neighborhood with primarily single-story Colonial homes, are about $2,000 to $2,800 a square meter ($186 to $260 a square foot) unrenovated, and $4,000 to $5,000 a square meter ($372 to $465 a square foot) for renovated. New construction in Bocagrande and other beaches north of the city are about $1,700 to $3,000 a square meter ($158 to $279 a square foot).
WHO BUYS IN CARTAGENA
Americans are the most common foreign buyers in Cartagena, followed by Italians and Spanish, said Mr. Enste. They typically seek properties in the old city, followed by beachfront condominiums. There is also a sizable community of Colombian ex-pats buying retirement homes in Cartagena, Mr. Juan said.
BUYING BASICS
There are no restrictions on foreigners purchasing real estate in Cartagena. Buyers should estimate about 2.4 percent of the selling price for purchase side costs, according to Mr. Juan. This includes a notary fee — which is about 0.35 percent to 0.5 percent, split between buyer and seller — said Mr. Enste, as well as a 1.5 percent sales tax and 0.5 percent registration fee. Individuals (not corporations) buying properties from other persons (not developers) pay an additional 1 percent tax, Mr. Enste added. Lawyers fees are typically $200 to $500, he said.
Non-Colombian buyers must register their investments with the government, which ensures their right to take their capital, plus gains, out of the country upon sale, Mr. Juan said. (The process is simple and is typically handled by a real estate agent or lawyer, said Mr. Juan; there are no additional fees.)
In addition, Colombian banks may ask for tax forms and bank statements, “to make sure that the money is from a legitimate activity,” Mr. Juan said. Banks charge a fee of 0.004 percent upon transfer of funds to the seller.
For buyers seeking loans, interest rates are high — typically 15 to 18 percent — and most foreign buyers pay in cash, Mr. Juan said. Real estate agent’s commissions are typically 3 percent and are paid by the seller.
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The apartment is on the second story of a three-story, walk-up building, constructed of concrete about 40 years ago. The old city is Cartagena's tourist and cultural center; shopping, dining and public transportation are within walking distance.
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