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Cartagena's apartment market has experienced remarkable growth, with prices rising 55-65% over the past five years as of September 2025.
The current average price per square meter ranges from $1,338 to $2,200 depending on location, with beachfront and historic center properties commanding the highest premiums. Tourist neighborhoods like Bocagrande and El Laguito typically cost 25-50% more than residential areas, while maintenance fees for high-end buildings can reach $500 monthly.
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Cartagena apartment prices vary significantly by location, with city center units costing $150,000-$350,000 for one-bedroom apartments and $300,000+ for three-bedroom units.
Beachfront properties command a 20-40% premium, while closing costs typically represent 5-6% of the purchase price.
| Apartment Type | City Center/Beachfront | Outside City Center |
|---|---|---|
| 1-bedroom | $150,000 - $350,000 | $50,000 - $120,000 |
| 2-bedroom | $200,000 - $500,000 | $90,000 - $200,000 |
| 3-bedroom | $300,000 - $1,000,000+ | $120,000 - $250,000 |
| Small apartments (<50m²) | $100,000 - $200,000 | $40,000 - $80,000 |
| Large apartments (>100m²) | $250,000 - $700,000+ | $150,000 - $350,000 |
| Price per m² | $2,000 - $2,200 | $1,338 - $1,800 |
| Gross Rental Yield | 5.5% - 7% | 6% - 8% |
What's the average price per square meter for apartments in Cartagena right now?
The average price per square meter for apartments in Cartagena ranges from $1,338 to $1,950 across the city as of September 2025.
In premium locations such as the historic Walled City, Bocagrande, and beachfront areas, prices reach $2,000 to $2,200 per square meter. These high-end zones command premium pricing due to their proximity to tourist attractions, beach access, and luxury amenities.
Outside the city center and tourist areas, apartment prices typically range from $1,338 to $1,600 per square meter. Areas like Pie de la Popa, Los Alpes, and Crespo offer more affordable options while still providing good access to the city's amenities.
The overall citywide average sits at approximately $1,800 per square meter, representing a significant increase from previous years due to growing international interest and tourism development.
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What's the average total price for a one-bedroom, two-bedroom, and three-bedroom apartment in the city center?
City center apartments in Cartagena command premium prices due to their location in historic and tourist zones.
One-bedroom apartments in the city center range from $150,000 to $350,000, with the higher end representing luxury units in the Walled City or premium beachfront buildings in Bocagrande.
Two-bedroom apartments typically cost between $200,000 and $500,000, depending on the specific neighborhood, building amenities, and proximity to the beach. Units with ocean views or in newly developed complexes reach the upper price range.
Three-bedroom apartments start at $300,000 and can exceed $1,000,000 for luxury penthouses or prime beachfront properties. The most expensive units are found in exclusive developments in Bocagrande and El Laguito.
These prices reflect the high demand for properties in tourist areas, where both vacation rentals and permanent residences attract premium pricing.
What's the average total price for a one-bedroom, two-bedroom, and three-bedroom apartment outside the city center?
Apartments outside Cartagena's city center offer significantly better value while maintaining good access to urban amenities.
One-bedroom apartments in residential neighborhoods cost between $50,000 and $120,000, making them attractive options for first-time buyers and investors seeking rental properties for local residents.
Two-bedroom units range from $90,000 to $200,000, providing excellent value for families or investors looking for larger rental properties. These areas include neighborhoods like Crespo, Los Alpes, and other developing residential zones.
Three-bedroom apartments outside the center typically cost $120,000 to $250,000, offering substantial space at prices that are often less than half of comparable city center properties.
These residential areas are experiencing growth as Cartagena expands, making them potentially attractive for long-term capital appreciation while offering immediate affordability.
What's the current price range for small apartments (under 50 m²) compared to large apartments (over 100 m²)?
| Apartment Size | City Center/Premium Areas | Outside City Center |
|---|---|---|
| Small (<50m²) | $100,000 - $200,000 | $40,000 - $80,000 |
| Medium (50-100m²) | $150,000 - $400,000 | $70,000 - $180,000 |
| Large (>100m²) | $250,000 - $700,000+ | $150,000 - $350,000 |
| Luxury Large (>150m²) | $500,000 - $1,500,000+ | $200,000 - $500,000 |
| Price per m² - Small | $2,200 - $2,500 | $1,400 - $1,800 |
| Price per m² - Large | $1,800 - $2,200 | $1,200 - $1,600 |
| Investment Potential | High rental demand | Growing market segment |
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How much does a newly built apartment cost compared to one that's over 10 years old?
Newly constructed apartments in Cartagena command a 15-25% premium over comparable properties that are over 10 years old.
This premium reflects modern building standards, energy-efficient systems, contemporary layouts, and new amenities that older buildings typically lack. New developments often feature pools, gyms, 24-hour security, and smart home technologies.
For example, a new two-bedroom apartment in Bocagrande might cost $400,000, while a similar 10-year-old unit in the same area could be priced around $320,000-$340,000. The price difference becomes more pronounced in luxury segments.
Older apartments often require renovation investments, which can add $10,000 to $50,000 to the total cost depending on the scope of work needed. However, they may offer better value for investors willing to undertake improvements.
The choice between new and older properties often depends on whether buyers prioritize move-in readiness or potential for value-added improvements.
What's the average cost difference between beachfront apartments and those located more than 1 km from the beach?
Beachfront apartments in Cartagena carry a substantial premium of 20-40% compared to properties located more than 1 kilometer from the beach.
A two-bedroom beachfront apartment in Bocagrande or La Boquilla typically costs $300,000 to $500,000, while a comparable unit located more than 1 km inland ranges from $180,000 to $350,000.
The premium is justified by direct beach access, ocean views, proximity to tourist amenities, and higher rental income potential from vacation rentals. Beachfront properties also benefit from stricter development regulations that limit supply.
Properties within 500 meters of the beach but not directly beachfront typically command a 10-20% premium over those further inland, creating a gradient of pricing based on proximity to the water.
For investors, beachfront properties offer higher rental yields and better capital appreciation potential, but also come with increased maintenance costs due to salt air exposure.
How much more expensive are apartments in popular tourist neighborhoods like Bocagrande, Manga, or El Laguito compared to less touristy areas?
Apartments in Cartagena's premier tourist neighborhoods command premiums of 25-50% over properties in residential areas, with some Walled City properties costing up to double the price.
Bocagrande, the city's main hotel and beach district, represents the highest price tier with apartments averaging $2,000-$2,200 per square meter. El Laguito, known for luxury resorts and upscale dining, commands similar premiums.
Manga, featuring colonial architecture and waterfront views, typically costs 25-35% more than standard residential neighborhoods. The historic Walled City commands the highest premiums due to its UNESCO World Heritage status and strict building regulations.
In contrast, residential areas like Pie de la Popa, Los Alpes, and Crespo offer apartments at $1,338-$1,600 per square meter, providing significant savings while maintaining reasonable access to tourist zones.
The premium in tourist areas is driven by vacation rental income potential, international buyer demand, and proximity to restaurants, nightlife, and cultural attractions.
What are the estimated monthly maintenance fees (HOA) for apartments in Cartagena, both in high-end and standard buildings?
Monthly maintenance fees in Cartagena vary significantly based on building amenities and location, ranging from $60 to $500 per month.
High-end buildings with comprehensive amenities including pools, gyms, 24-hour security, concierge services, and beachfront locations typically charge $200 to $500 monthly. Luxury beachfront condos in Bocagrande often reach the upper end of this range.
Standard residential buildings with basic security and maintenance services charge $60 to $180 per month, depending on the apartment size and building services. These fees cover common area maintenance, security, and basic utilities for shared spaces.
Buildings with additional amenities like rooftop terraces, business centers, or spa facilities may charge $150 to $300 monthly, representing a middle tier between standard and luxury properties.
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What's the average annual property tax for an apartment worth $100,000, $200,000, and $300,000?
| Apartment Value | Annual Property Tax | Effective Tax Rate |
|---|---|---|
| $100,000 | $400 - $800 | 0.4% - 0.8% |
| $200,000 | $800 - $1,600 | 0.4% - 0.8% |
| $300,000 | $1,200 - $2,400 | 0.4% - 0.8% |
| $500,000 | $2,000 - $4,000 | 0.4% - 0.8% |
| $750,000 | $3,000 - $6,000 | 0.4% - 0.8% |
| $1,000,000 | $4,000 - $8,000 | 0.4% - 0.8% |
| Tax Payment | Annual | Based on assessed value |
How much are typical closing costs as a percentage of the purchase price, including legal fees, notary, and registration?
Total closing costs for apartment purchases in Cartagena typically represent 5-6% of the purchase price, which is standard for Colombian real estate transactions.
These costs include legal fees for due diligence and contract review (1-2%), notary fees for document authentication and signing (1-1.5%), and registration fees for transferring title at the public registry (0.5-1%).
Additional costs may include property inspection fees ($300-$800), translation services for foreign buyers ($200-$500), and bank transfer fees for international transactions (0.1-0.3% of purchase price).
For a $200,000 apartment, buyers should budget approximately $10,000-$12,000 for closing costs, though this can vary based on the complexity of the transaction and whether additional services like property management setup are required.
Foreign buyers may incur additional costs for tax identification number registration and banking setup, typically adding $500-$1,000 to the total closing expenses.
What's the average price trend over the last 5 years, and how much have prices increased in percentage terms?
Cartagena apartment prices have experienced remarkable growth, rising 55-65% over the five-year period from 2020 to 2025.
This represents an average annual increase of 8-12% citywide, with premium areas like Bocagrande and the Walled City seeing annual appreciation rates of up to 21% in some years. The growth has been driven by increased international tourism, foreign investment, and infrastructure development.
A property that cost $100,000 in 2020 would typically be valued at $155,000-$165,000 as of September 2025. Beachfront and historic center properties have seen the highest appreciation rates due to limited supply and strong demand.
The growth trajectory has been particularly strong since 2022, as international travel resumed and foreign buyers increased their interest in Colombian coastal real estate. Government initiatives to attract foreign investment have also contributed to price appreciation.
Looking forward, market analysts expect continued but more moderate growth of 5-8% annually as the market matures and reaches higher price levels.
What's the expected rental income per month for a comparable apartment, and how does that compare to the purchase price in terms of gross rental yield?
Rental income in Cartagena varies significantly by location and apartment type, with gross rental yields ranging from 5.5% to 7% annually.
One-bedroom apartments in the city center typically rent for $600-$900 monthly, while two-bedroom units command $900-$1,500, and three-bedroom apartments can achieve $1,500-$2,500 in prime locations.
Outside the city center, rental prices are 20-40% lower, with one-bedroom units renting for $400-$650 monthly and two-bedroom apartments for $650-$1,100. However, these areas often provide higher yields due to lower purchase prices.
For example, a $250,000 two-bedroom apartment in Bocagrande renting for $1,200 monthly would generate a gross yield of 5.76% annually. The same investment in a residential area might cost $150,000 and rent for $800, providing a 6.4% gross yield.
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Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Cartagena's apartment market offers diverse opportunities for both investors and residents, with prices varying significantly based on location and property type.
The combination of tourism growth, infrastructure development, and international interest continues to drive demand, making Cartagena an attractive destination for real estate investment in Colombia.
Sources
- The LatinVestor - Cartagena Price Forecasts
- Indomio - Cartagena Real Estate Market
- The LatinVestor - Cartagena Property Guide
- The LatinVestor - Colombia Price Forecasts
- Premier Casa - Colombia Apartments
- The LatinVestor - Best Neighborhoods Cartagena
- Expat Exchange - Cost of Living Cartagena
- Overseas Property Alert - Market Performers 2025