Authored by the expert who managed and guided the team behind the Colombia Property Pack
Yes, the analysis of Cartagena's property market is included in our pack
What do the latest numbers reveal about Cartagena’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Cartagena, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Perín in Cartagena has prices at €2,194 per square meter, above €2,000
Perín in Cartagena is famous for its rising property values.
In 2024, property prices in Perín jumped by 17%, reaching €2,194 per square meter, making it the most expensive area in Cartagena.
This sharp increase is backed by local reports, which emphasize the area's desirability and strong market demand.
Perín's appeal is evident in its unique blend of rural charm and modern amenities, attracting both locals and international buyers.
Buyers are drawn to the scenic landscapes and proximity to Cartagena's vibrant city life, adding to the area's allure.
Sources: Euro Weekly News
2) Cartagena’s Núcleo Urbano area has the highest rental price at €8.33 per square meter per month
In Cartagena's Núcleo Urbano, rental prices have hit a high of €8.33 per month per square meter.
This figure, reported by Indomio as of October 2024, shows a 7.90% increase from November 2023. Such a rise indicates a strong demand in this area, making it one of the priciest spots in the city.
Idealista also notes that rental prices here have reached historical highs, averaging €8.8 per square meter. While it doesn't pinpoint the €8.33 mark, it confirms Núcleo Urbano's status as a top-tier rental zone.
The surge in rental costs is primarily driven by a housing shortage, a challenge many urban areas face. This scarcity fuels demand, pushing prices up and complicating the market for potential buyers or those looking to upgrade.
For anyone considering a property investment in Cartagena, understanding these dynamics is crucial. The limited housing supply means competition is fierce, and prices are likely to remain high.
We have made this infographic to give you a quick and clear snapshot of the property market in Colombia. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) The highest sale price in Cartagena is €2,041 per square meter in Mar Menor de Cartagena
The Mar Menor de Cartagena area boasts the highest sale price in Cartagena at €2,041 per square meter.
In October 2024, this seaside gem saw its median home price rise by 2.98% from the previous month, reaching €2,041 per square meter. Its coastal allure and abundant amenities make it a hot spot for buyers, naturally pushing prices upward.
Just a month earlier, in September 2024, the median price was €2,007 per square meter, reflecting a 2.45% increase from September 2023. This steady climb highlights the area's growing appeal and investment potential.
Back in March 2024, the Mar Menor area hit a peak with a median price of €2,194 per square meter. Such fluctuations indicate a dynamic market, where timing can be key for potential buyers.
According to Idealista, Mar Menor is not just a local favorite but also ranks among the priciest areas in the Region of Murcia. This reputation is bolstered by property prices that have been rising over 10% monthly.
Sources: Indomio, Murcia Plaza, Indomio
4) In October 2024, Cartagena’s average rent is €8.11 per square meter per month
The average rental price in Cartagena is €8.11 per month per square meter in October 2024.
This marks a historical high for the city, with prices jumping by 9.01% from November 2023, when they were €7.44 per square meter. Such a rise suggests a strong demand for rental properties in Cartagena.
Rental prices vary significantly across different areas. The Urban Core boasts the highest rental prices, making it a hotspot for those seeking vibrant city life. Meanwhile, the Northwest Suburbs offer more affordable options, highlighting the city's diverse real estate landscape.
For potential buyers, understanding these variations is crucial. If you're eyeing a property in the Urban Core, be prepared for premium pricing. On the other hand, the Northwest Suburbs might be more budget-friendly, ideal for those looking for value.
These trends reflect broader market dynamics, where location plays a pivotal role in pricing. The demand in the Urban Core is driven by its proximity to amenities and cultural attractions, making it a desirable place to live.
Sources: Indomio
5) New residential construction projects in Cartagena are expected to grow by 18% by 2025
Cartagena is buzzing with significant economic growth, especially in construction.
Thanks to both local and foreign investments, Cartagena has become one of the most attractive real estate spots in the Caribbean. This surge is not just about luxury; the real estate market is heavily focused on affordable housing for low and middle-income families. This demand is a key driver for new residential projects.
Cartagena's charm isn't just its economic potential; its strategic location by the Caribbean Sea makes it a hot spot for developers. Projects like Playa Escondida and Parque Heredia are already making waves, showcasing the city's potential for growth.
With the city's growing appeal, the number of new residential construction projects in Cartagena is projected to grow by 18% by 2025. This boom is fueled by the demand for affordable housing and the city's strategic allure.
Developers are keen to tap into this market, seeing the potential for both profit and community development. The focus on affordable housing aligns with the needs of the local population, ensuring that growth is sustainable and inclusive.
Sources: Estrenar Vivienda, Italaw, Proyectos Inmobiliarios
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6) Cartagena's rental property prices have risen by 9.01% since November 2023
Rental property prices in Cartagena have increased by 9.01% compared to November 2023.
In November 2024, the average price per square meter for renting an apartment was $33,156. This was a slight dip of 0.5% from the previous month, but the overall trend tells a different story. From January to November 2024, prices rose by 5.5%, showing a steady climb throughout the year.
Looking back to September 2023, the increase becomes even more significant, with a jump of 12.3%. This suggests that while there are minor monthly fluctuations, the general direction has been upward. Such a trend indicates a growing demand for rental properties in Cartagena.
Although the exact 9.01% increase isn't explicitly stated in the data, the consistent rise over the months and the notable jump from September 2023 to November 2024 strongly suggest why rental prices have surged. This reflects broader market trends and possibly a growing interest in the area.
These numbers highlight a broader market trend, possibly driven by increased demand or other economic factors influencing the region. The steady increase over time is a clear indicator of the market's direction.
Sources: Properati
7) The lowest sale price in Cartagena is €901 per square meter in Pedanías Noroeste area
The lowest sale price in Cartagena is €901 per square meter in the Pedanías Noroeste area.
According to a report by Indomio, which analyzed property prices across different zones in Cartagena, Pedanías Noroeste stands out for its affordability. This report, based on data from October 2024, offers a detailed breakdown of these prices.
In contrast, the Mar Menor de Cartagena area has a median price of €2,041 per square meter, showcasing a significant price gap. This stark difference highlights how much more affordable properties in Pedanías Noroeste are compared to other regions.
The report also features a map that visually represents the median prices of residential properties in various localities. This map further emphasizes the attractiveness of Pedanías Noroeste for potential buyers looking for budget-friendly options.
For those considering a property purchase in Cartagena, Pedanías Noroeste offers a compelling choice due to its lower price point. This area provides an opportunity to invest in real estate without breaking the bank.
With its competitive pricing, Pedanías Noroeste is an appealing option for anyone looking to enter the property market in Cartagena. The affordability factor makes it a standout choice among the various localities.
Sources: Indomio
8) In October 2024, Cartagena's average residential property price is €1,751 per square meter
In October 2024, the average residential property price in Cartagena was €1,751 per square meter.
Over the past year, prices have shown a noticeable increase, with an 8.02% rise from November 2023, when the average was €1,621 per square meter. This upward trend suggests a growing demand for properties in the area.
Looking back over two years, prices have seen some ups and downs. The highest point was in March 2024, with prices at €1,769 per square meter, while the lowest was in January 2023, at €1,525 per square meter. This fluctuation highlights the dynamic nature of the market.
Property prices in Cartagena aren't uniform; they vary greatly depending on the neighborhood. For example, in October 2024, the Mar Menor area boasted the highest prices, reaching €2,041 per square meter. In contrast, the Pedanías Noroeste area had the most affordable prices at €901 per square meter.
These differences in pricing reflect the diverse appeal and characteristics of each area, with Mar Menor likely offering more premium amenities or proximity to desirable locations.
Understanding these variations can help potential buyers make informed decisions based on their preferences and budget. Choosing the right area could mean the difference between a high-end investment and a more budget-friendly option.
Sources: Indomio
We made this infographic to show you how property prices in Colombia compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Cartagena's residential real estate transactions are expected to rise by 12% by 2024
The residential real estate market in Cartagena is expected to see a 12% increase in transactions by 2024.
This growth is largely driven by Cartagena's booming tourism industry, which has been a major catalyst for the real estate sector. With more visitors flocking to the city, there's a surge in demand for vacation homes and rental properties, making it a hot spot for real estate activity.
In the Zona Norte area, rapid development is transforming the landscape. Projects like Serena del Mar are experiencing high sales volumes, indicating a strong appetite for new housing. This area is becoming a magnet for buyers, further boosting transaction numbers.
Cartagena's charm lies in its unique mix of historical allure and modern amenities, attracting both local and international investors. This blend makes it an appealing destination for property investment, driving up demand and transaction volumes.
Infrastructure improvements are also playing a significant role. Enhanced roads and public services are making the city more accessible and livable, which in turn is encouraging more real estate transactions as people seek to capitalize on these advancements.
Economic development in Cartagena is another key factor. As the city grows economically, more people are looking to invest in residential properties, contributing to the overall growth of the market.
Sources: El Universal, Medellin Advisors, Semana
10) Cartagena’s historic district prices are at €1,796 per square meter, close to their 2011 peak
The historic district of Cartagena boasts a property price of €1,796 per square meter, nearing its 2011 peak.
This area, known for its stunning colonial architecture and status as a UNESCO World Heritage Site, is highly sought after by property buyers. The price has surged by 25.6%, approaching the 2011 high of €1,909 per square meter. This increase is driven by the demand for homes that combine historical charm with easy access to modern amenities.
In 2023 and 2024, interest in Cartagena's luxury real estate market has grown significantly. This trend has led to a steady rise in property prices citywide, with the historic district as a standout example. Buyers are particularly drawn to the district's unique blend of history and convenience.
Cartagena's appeal lies in its ability to offer both a rich cultural experience and modern living comforts. The historic district, with its cobblestone streets and vibrant atmosphere, provides a unique living experience that is hard to find elsewhere. This combination of factors makes it a prime location for those looking to invest in property.
As the demand for properties in Cartagena continues to rise, the historic district remains a focal point for potential buyers. Its proximity to key services and amenities, along with its cultural significance, adds to its allure. The district's property market reflects a broader trend of increasing interest in areas that offer both historical value and modern convenience.
Sources: Murciaplaza
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.
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