Yes, the analysis of Cartagena's property market is included in our pack
The question of 'the best neighborhood to buy a property in Cartagena' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At TheLatinvestor, when we write a blog post or when we update our our property pack for Colombia, we want to bring solutions and cover different aims in a clear and organized way.
Enjoy the read, and please remember that we are not financial or investment experts. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods in Cartagena into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Cartagena?
The real estate market in Cartagena is quite a fascinating subject, particularly due to its unique blend of historical charm, tropical climate, and vibrant culture.
This Colombian city, known for its picturesque colonial architecture and beautiful Caribbean coastline, has become a magnet for buyers looking for something truly special.
One of the standout strengths of Cartagena is its extraordinary historical significance. The city's well-preserved Old Town, a UNESCO World Heritage Site, is something you won't find elsewhere.
Walking through its streets, one can feel the rich history and culture that's been carefully preserved over centuries. This historical allure is a major draw for people who want to own a piece of history.
The real estate market here is dynamic, with a notable increase in demand over the years. To give you an idea, property prices have seen a consistent upward trend, reflecting growing interest, especially in the luxury segment. This uptick is a clear indicator of the city's burgeoning market.
A unique aspect of Cartagena's properties is their architectural style. Many homes in the Old Town feature colonial-era designs, with beautiful balconies, intricate woodwork, and vibrant colors. Owning a property here is like owning a piece of art – something that is distinctly Cartagenean.
Now, why are people, particularly foreigners, so keen on buying here?
Apart from the charm and beauty, Cartagena offers a lifestyle that's hard to replicate. The city's blend of modern amenities, rich cultural scene, and relaxed Caribbean vibe is highly appealing, especially for those looking to escape colder climates or the hustle and bustle of big cities.
In terms of who's buying, you'll find a mix of retirees, investors, and those seeking vacation homes. The city's safety, growing economy, and excellent connectivity with direct flights to major cities make it an ideal location for retirees and vacationers alike.
As for the future, the property values in Cartagena are expected to continue rising. The city's ongoing development, combined with its limited and highly sought-after historic properties, ensures a steady appreciation.
Additionally, Cartagena's growing popularity as a tourist destination will likely increase demand for rental properties, making real estate investments here even more attractive.
Top neighborhoods in Cartagena to consider for living
Areas in Cartagena that are budget-friendly
If you're looking to buy property in Cartagena on a budget, there are a few neighborhoods you might want to consider.
Here is a summary table. Below, we will give more details.
| Neighborhood | Key Characteristics | Average Price per Square Meter | Resident Demographics | Strengths | Weaknesses |
|---|---|---|---|---|---|
| La Esperanza | Affordable, away from tourist areas, strong community vibe | Relatively low | Local families | Growing connectivity, community feel | Less access to tourist attractions and high-end amenities |
| El Bosque | Affordable, industrial area, potential urban renewal | Among the lowest | Workers, small business owners | Potential for growth, affordability | Industrial nature, distance from city center |
| Olaya | Cheaper, working-class area, ongoing development | Accessible | Families, young professionals | Community, potential for growth | Lacks amenities and polish of affluent areas |
La Esperanza
La Esperanza is a great choice for budget-conscious buyers.
The properties here are generally more affordable because it's a bit further from the tourist-heavy areas, which keeps prices down. However, with the city expanding, property values in La Esperanza might rise as it becomes more connected to central Cartagena.
You'll mostly find single-family homes and some apartments for sale in La Esperanza. The average price per square meter in La Esperanza is relatively low compared to more central areas. Residents are typically local families, which contributes to a strong community feel.
The area's strengths include its growing connectivity and community vibe, but it's weaker in terms of immediate access to tourist attractions and high-end amenities.
El Bosque
El Bosque is another neighborhood to consider.
It's known for its affordability, primarily because it's an industrial area and not as picturesque as other parts of Cartagena. This could change, though, as urban renewal projects are starting to take root, potentially increasing property values. The area mainly offers single-family homes and some commercial properties.
Prices per square meter in El Bosqueare among the lowest in Cartagena, making it a good investment opportunity. The population is diverse, consisting of workers and small business owners.
El Bosque's strengths lie in its potential for growth and affordability, but its industrial nature and distance from the city center are downsides.
Olaya
Lastly, Olaya is an option worth exploring.
It's cheaper due to its distance from the city's more touristy areas and its reputation as a working-class neighborhood. However, with ongoing development projects and improving infrastructure, property values here might rise in the future. You'll find a mix of residential properties, including apartments and houses in Olaya.
The average price per square meter in Olaya is quite accessible, appealing to budget buyers. Olaya is home to a mix of residents, from families to young professionals.
The neighborhood's strengths are its sense of community and potential for growth, but it lacks some of the amenities and polish of more affluent areas.
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Areas in Cartagena that are popular and upscale
When looking to buy property in Cartagena, three neighborhoods stand out as upscale and popular choices. These neighborhoods each have their unique character and draw different types of residents.
| Neighborhood | Average Price per sqm | Property Type | Resident Demographics | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Bocagrande | Premium | Luxury condos, villas | Wealthy locals, international buyers | Vibrant nightlife, upscale amenities | Crowded, commercialized |
| Castillogrande | High | Elegant homes, spacious apartments | Affluent families, professionals | Serenity, exclusivity | Quieter, expensive |
| El Laguito | Moderate to high | Varied, from high-rises to traditional homes | Locals, expatriates, younger crowd | Vibrant community, beachside living | Potentially crowded, less exclusive |
Bocagrande
Bocagrande is the go-to upscale neighborhood, known for its modern high-rises and stunning beachfront properties.
It's expensive, with the average price per sqm in Bocagrande hovering around a premium due to its coastal views and luxury amenities. The area is frequented by wealthy Colombians and international buyers, drawn to its vibrant nightlife and upscale shopping.
Expect to find luxurious condos and opulent villas in Bocagrande. Despite its high price, Bocagrande's popularity is unlikely to wane, thanks to its status as a symbol of luxury living.
However, the area can be crowded and somewhat commercialized, which might be a turn-off for those seeking tranquility.
Castillogrande
Castillogrande is another high-end area, favored for its exclusivity and serene atmosphere.
Property prices in Castillogrande are on the higher side, reflecting its status as a residential haven for the affluent. You'll find elegant homes and spacious apartments in Castillogrande, often with breathtaking views of the Caribbean Sea. Its residents are mostly affluent families and professionals who enjoy its quiet streets and proximity to the city center.
Castillogrande is expected to maintain its allure, but its quieter nature might not appeal to those looking for a bustling urban experience.
Its strengths lie in its peaceful environment and exclusivity, though this comes with a higher cost of living.
El Laguito
El Laguito is a popular choice for those seeking a blend of urban convenience and beachside living.
While still upscale, it's slightly more affordable than Bocagrande or Castillogrande. The area offers a mix of older and newer properties, from high-rise apartments to more traditional homes.
It's a hit with both locals and expatriates, drawn to its lively atmosphere and proximity to both the city and the sea. El Laguito is expected to remain popular, especially among younger buyers and investors.
Its strengths include a vibrant community and a variety of dining and entertainment options, but it can get crowded, and some areas might lack the exclusivity of its pricier neighbors.
Make sure you understand the real estate market in Cartagena
Don't rush into buying the wrong property in Colombia. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.
Areas in Cartagena that emerge as new hotspots
Let's explore these emerging neighborhoods in Cartagena that, according to our local partners and our customers, are getting quite a bit of buzz lately.
| Neighborhood | Initial Character | Recent Evolution | Average Price Trend | Appeal to Buyers | Strengths | Weaknesses |
|---|---|---|---|---|---|---|
| Getsemani | Working-class, traditional | Cultural hotspot, artistic | Rising, still affordable | Younger, creative types | Cultural vibe, community feel | Lacks polished feel |
| Manga | Historical, residential | Blend of tradition and modernity | Rising moderately | History lovers, modern comfort seekers | Historical charm, waterfront views | Less dynamic |
| Pie de la Popa | Residential, less known | Balance of tranquility and city access | Reasonable, good value | Families, relaxed lifestyle seekers | Scenic views, balanced living | Lacks immediate prestige |
Getsemani
Once a traditional, working-class neighborhood, Getsemani has recently transformed into a cultural hotspot.
Initially, it was known for its affordability and local character, but now it's attracting a more diverse and artistic crowd. The prices in Getsemani are still lower than in the traditional upscale areas, making it a great option for those seeking value and authenticity.
In recent years, it has become famous for its vibrant street art, lively plazas, and burgeoning culinary scene. The neighborhood is expected to continue gaining popularity, especially among younger buyers and creative types.
The strengths of Getsemani include its rich cultural vibe and community feel, though it might lack the polished feel of more developed areas.
Manga
Manga, traditionally a residential area with a historical vibe, is evolving into a sought-after neighborhood for buyers looking for a mix of tradition and modernity.
Its initial charm was in its colonial architecture and quieter streets. Recently, it's been attracting attention due to its unique blend of old and new, with renovations bringing in modern comforts while maintaining the area's character.
Prices in Manga are more affordable compared to the upscale neighborhoods, but they're expected to rise as the area gains more recognition.
Manga appeals to those who appreciate its historical charm and waterfront views, but some might find it less dynamic compared to other emerging neighborhoods.
Pie de la Popa
Pie de la Popa is a neighborhood that's gaining traction for its panoramic views and proximity to both the old city and newer developments.
Originally more residential and less known to outsiders, it's becoming popular for those seeking a balance between tranquil living and access to city amenities. Property prices in Pie de la Popa are more reasonable, offering good value for those who discover its potential.
The area is likely to continue growing in popularity, especially among families and individuals looking for a more relaxed lifestyle close to the city.
Its strengths are in its scenic views and balanced living, though it may lack the immediate prestige and facilities of more established neighborhoods.
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Top neighborhoods in Cartagena to invest in property
Areas in Cartagena with a strong rental demand
If you're considering buying real estate in Cartagena for renting it out, these neighborhoods with high demand for rentals should be considered.
| Neighborhood | Popular Property Types | Average Monthly Rent (2-bedroom) | Average Rental Yield | Tips for Higher Income | Weaknesses |
|---|---|---|---|---|---|
| Bocagrande | High-rise apartments, condos | $1,500 - $2,500 | 5-7% | Ocean views, modern amenities | Seasonal demand, high maintenance |
| Getsemani | Traditional houses, boutique apartments | $1,000 - $1,800 | 6-8% | Proximity to Plaza Trinidad, unique features | Historical preservation requirements |
| Manga | Colonial homes, family houses | $800 - $1,200 | 4-6% | Spacious, well-located properties | Limited short-term appeal, renovation needs |
Bocagrande
Bocagrande is a prime location for rental properties in Cartagena, known for its upscale ambiance and beachfront.
The demand in Bocagrande is driven by affluent tourists and business travelers seeking luxury accommodations. The area is dominated by high-rise apartments and condos, with a preference for modern, well-furnished units. The rental income for a two-bedroom apartment in Bocagrande can range from $1,500 to $2,500 per month, depending on the season and the property's amenities.
The annual rental yield averages around 5-7%. Properties with ocean views, updated interiors, and access to amenities like pools and gyms are particularly sought after. However, competition is high, and properties without these features may struggle with longer vacancy periods.
The neighborhood's downside is its susceptibility to seasonal fluctuations in demand and higher maintenance costs due to the salty sea air.
Getsemani
Getsemani, known for its vibrant culture and historical significance, attracts a diverse tenant base, including young professionals, digital nomads, and tourists.
The area's rental demand is bolstered by its proximity to Cartagena's historic center and nightlife. Traditional houses and boutique apartments in Getsemani are popular, with a preference for properties that retain historical charm while offering modern conveniences.
Rental income for a typical two-bedroom house in Getsemani ranges between $1,000 and $1,800 monthly. Expected rental yield in Getsemani is around 6-8%. To maximize rental income, focus on properties close to Plaza Trinidad or those with unique architectural features.
One challenge in Getsemani is balancing modern renovations with the preservation of historical character. Some properties may require significant investment to meet rental standards.
Manga
Manga is a residential neighborhood attracting long-term tenants, including families and expatriates.
The area is known for its tranquil streets and colonial-era homes. Demand in Manga is high for properties that offer a blend of traditional charm and modern amenities. The rental market in Manga is stable, with a two-bedroom house fetching between $800 and $1,200 per month.
The average rental yield in Manga is around 4-6%. Properties with gardens or proximity to the bay are particularly popular. Investing in a well-located, spacious property can ensure consistent rental income.
However, the neighborhood lacks the tourist appeal of other areas, which can limit short-term rental opportunities. Some properties may also require substantial renovation to meet the expectations of discerning tenants.
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Areas in Cartagena where property prices might increase in the future
In these areas in in Cartagena you can still find properties at a reasonable price, with room for appreciation as the neighborhoods develop.
| Neighborhood | Popular Property Types | Average Price Per Night (2-bedroom) | Tips for Higher Income | Weaknesses |
|---|---|---|---|---|
| Bocagrande | Modern apartments | $100 - $200 | Beach proximity, luxury amenities | Seasonal demand, high investment |
| Old Town | Colonial houses, apartments | $120 - $250 | Authentic architecture, tourist attractions | Noise, limited parking |
| San Diego | Traditional houses, apartments | $90 - $180 | Proximity to cafes, quieter streets | Authenticity vs comfort balance |
Bocagrande
Bocagrande, one more time, is highly sought after for short-term rentals due to its beachfront location and luxury amenities.
Tourists and business travelers in Bocagrande are the main tenants, looking for well-furnished apartments with modern facilities. Apartments with balconies, sea views, and access to swimming pools are in high demand. The average price per night for a two-bedroom apartment in Bocagrande can be around $100 to $200.
To maximize short-term rental income, focus on properties with high-quality finishes and amenities like Wi-Fi and air conditioning. Properties closer to the beach and main commercial areas are more lucrative.
The downside is the higher initial investment for premium properties and the seasonal variation in demand.
Old Town
Old Town, or the Walled City, is a favorite among tourists for its historical charm and vibrant nightlife.
Short-term tenants in Old Town are primarily tourists and cultural enthusiasts. Colonial-style houses and apartments with traditional décor are popular. The average nightly rate for a two-bedroom property in Old Town in Old Town is between $120 and $250.
To attract more guests, focus on properties with authentic Cartagena architecture and proximity to major tourist attractions.
However, be aware that the area can be noisy at night, and parking is often limited.
San Diego
San Diego, part of the Old Town, is ideal for short-term rentals due to its quieter atmosphere yet close proximity to major attractions.
The target tenants are families and couples seeking a more relaxed environment. The average price per night for a two-bedroom apartment or house in San Diego is around $90 to $180.
Properties with a blend of modern amenities and traditional character are preferred. Investing in a property near local cafes and quieter streets can be more appealing.
The challenge in San Diego is balancing the authenticity of the property with the comfort expected by tourists.
Make sure you understand the real estate market in Cartagena
Don't rush into buying the wrong property in Colombia. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.