Authored by the expert who managed and guided the team behind the Colombia Property Pack
Everything you need to know before buying real estate is included in our Colombia Property Pack
Colombia's apartment market offers surprisingly affordable options compared to North American standards, with prices ranging from $800 to $2,000 per square meter depending on the city and location. As of September 2025, major cities like Bogotá, Medellín, and Cartagena present distinct pricing structures that cater to both investment and residential needs.
If you want to go deeper, you can check our pack of documents related to the real estate market in Colombia, based on reliable facts and data, not opinions or rumors.
Colombian apartment prices vary significantly by city, with Bogotá commanding the highest prices at $1,500-$2,000 per square meter, while coastal cities like Barranquilla offer more affordable options at $700-$1,000 per square meter.
Property taxes remain low at 0.4%-1.2% of cadastral value annually, and rental yields are attractive at 5-8% gross returns, making Colombia an appealing market for foreign investors.
| City | Price per m² (USD) | 1BR Center (USD/month rent) | 2BR Purchase Price (USD) | Gross Rental Yield (%) |
|---|---|---|---|---|
| Bogotá | $1,500-$2,000 | $660 | $108,000-$200,000 | 8.25% |
| Medellín | $1,400-$1,900 | $565 | $130,000-$200,000 | 7.78% |
| Cartagena | $800-$1,200 | $710 | $140,000-$220,000 | 5.27% |
| Cali | $950-$1,150 | $470 | $95,000-$150,000 | 7.2% |
| Barranquilla | $700-$1,000 | $450 | $80,000-$130,000 | 6.8% |
What's the average price per square meter for apartments in Colombia right now?
As of September 2025, apartment prices in Colombia average around $800 to $2,000 per square meter, with significant variation between cities and neighborhoods.
Bogotá leads the market with prices ranging from $1,500 to $2,000 per square meter, reflecting its status as the capital and economic center. Medellín follows closely at $1,400 to $1,900 per square meter, driven by its growing tech sector and expat community.
Coastal cities offer more affordable options, with Cartagena ranging from $800 to $1,200 per square meter in most areas, though tourist zones can reach $2,000 per square meter. Cali maintains moderate pricing at $950 to $1,150 per square meter, while Barranquilla offers the most budget-friendly options at $700 to $1,000 per square meter.
Santa Marta's beachfront properties command premium prices of $1,800 to $2,000 per square meter, making it comparable to Bogotá's upscale neighborhoods. The national average of approximately $1,200 per square meter reflects Colombia's position as an affordable Latin American real estate market.
It's something we develop in our Colombia property pack.
How much does a 1-bedroom apartment cost in city centers versus outside the city?
City center apartments command significantly higher rental prices, typically 35-55% more expensive than properties outside central areas.
In Bogotá, expect to pay around $660 monthly for a 1-bedroom in the city center compared to $425 outside central zones. Medellín shows similar patterns with $565 in the center versus $355 in peripheral areas, representing a 59% premium for central locations.
Cartagena displays the highest center premium at $710 monthly for city center units compared to $425 outside, driven by tourism and historical district appeal. Cali offers more moderate pricing with $470 in the center versus $285 outside central areas.
The location premium reflects access to business districts, cultural amenities, restaurants, and public transportation. Central apartments typically offer walking access to employment centers, reducing commute times and transportation costs for residents.
What's the typical price range for 2-bedroom apartments in major cities?
Two-bedroom apartments in Colombia's major cities range from $80,000 to $220,000, depending on location, quality, and amenities.
Bogotá offers the widest price range at $108,000 to $200,000, with significant variation between neighborhoods like Chapinero (premium) and outer suburbs (affordable). Medellín prices range from $130,000 to $200,000, with El Poblado commanding top prices and peripheral areas offering better value.
Cartagena shows the highest ceiling at $140,000 to $220,000, particularly for properties near the historic center or Caribbean coast. Beachfront and colonial-style apartments frequently exceed $200,000, appealing to international buyers and investors.
Cali and Barranquilla provide more accessible entry points, with 2-bedroom apartments typically available from $80,000 to $150,000. These cities offer excellent value for buyers seeking larger living spaces without premium location costs.
How much more do apartments with views cost compared to standard units?
Properties with sea or mountain views command premiums of 10-40% over comparable apartments without scenic vistas.
Mountain view apartments in Medellín and Bogotá typically cost 10-25% more than standard units, while sea view properties in coastal cities like Cartagena and Santa Marta can demand 25-40% premiums. Prime beachfront locations often exceed these ranges, particularly in established tourist zones.
The average premium for view properties reaches approximately 4% above standard market rates, though this figure varies dramatically by specific location and view quality. Panoramic city views from high-rise buildings in Bogotá can add $200-500 per square meter to purchase prices.
Sunset-facing balconies and unobstructed ocean views command the highest premiums, especially in Cartagena's Bocagrande district and Santa Marta's beachfront developments. Investors should expect longer marketing periods but higher rental yields from view properties.
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What's the difference in cost between new-build and older apartments?
New-build apartments typically cost 10-30% more than older properties, reflecting modern amenities, updated systems, and contemporary design standards.
New construction in Bogotá commands the highest end of the $1,500-$2,000 per square meter range, while older apartments from the 1980s-1990s sell for 15-25% less. Medellín shows similar patterns, with new developments in El Poblado reaching premium pricing while established neighborhoods offer value opportunities.
Older properties often require renovation investments of $10,000-30,000 to modernize kitchens, bathrooms, and electrical systems. However, they frequently offer larger living spaces and more character than contemporary developments.
New builds include modern security systems, energy-efficient appliances, and earthquake-resistant construction standards mandated by current Colombian building codes. Buyers should factor potential renovation costs when comparing older properties to new construction.
What are the annual property taxes for apartments in Colombia?
Colombian property taxes range from 0.4% to 1.2% of the official cadastral value annually, making them relatively affordable compared to North American standards.
For a typical $150,000 apartment, annual property taxes range from $600 to $1,800, depending on the municipality and property assessment. Bogotá and major cities tend toward the higher end of this range, while smaller municipalities often charge lower rates.
The cadastral value used for tax calculations is typically 60-80% of market value, providing some tax relief for property owners. Luxury properties valued above certain thresholds may face additional wealth taxes, though these primarily affect high-net-worth individuals.
Property tax payments can be made annually with discounts for early payment, or in quarterly installments throughout the year. Most municipalities offer online payment systems and automatic debit options for convenience.
What are typical monthly maintenance and HOA fees across different cities?
Monthly maintenance fees vary significantly by city, building amenities, and property type, ranging from $40 to $350+ for luxury developments.
| City | Standard Range (USD) | Luxury Range (USD) | Typical Services Included |
|---|---|---|---|
| Bogotá | $50-$200 | $350+ | Security, cleaning, pool, gym |
| Medellín | $40-$150 | $250+ | Concierge, gardens, common areas |
| Cartagena | $50-$180 | $300+ | Beach access, pools, security |
| Cali | $35-$120 | $200+ | Basic security, maintenance |
| Barranquilla | $30-$100 | $180+ | Security, common area upkeep |
Premium buildings with amenities like rooftop pools, gyms, 24/7 concierge, and extensive common areas command higher fees. Coastal properties often include additional costs for saltwater corrosion prevention and hurricane preparedness.
It's something we develop in our Colombia property pack.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Colombia versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you're planning to invest there.
How much should I budget for closing costs when buying an apartment?
Budget approximately 1.6% of the purchase price for combined notary, registration, and government fees when buying property in Colombia.
For a $150,000 apartment, expect closing costs around $2,400, covering notary services, property registration, and various administrative fees. These costs are typically split 50/50 between buyer and seller, though this arrangement can be negotiated.
Notary fees vary by property value and typically range from 0.3% to 0.5% of purchase price. Property registration with the local registry office adds another 0.5% to 0.7%, while various stamps and administrative fees contribute the remaining costs.
Additional costs may include legal representation ($1,000-3,000), property inspection ($300-800), and title insurance if desired. Foreign buyers should budget extra for translation services and apostilled document processing.
What are current mortgage rates and monthly payment impacts?
Colombian mortgage interest rates currently average 14.4% annually as of September 2025, significantly higher than North American or European standards.
For a $100,000 property with 80% financing, monthly payments typically range from $1,200 to $1,500 depending on loan terms and down payment size. The Central Bank's benchmark rate of 9.25% influences but doesn't directly determine commercial lending rates.
Colombian banks typically require 20-30% down payments from foreign buyers, with stricter documentation requirements than domestic purchasers. Loan terms generally range from 10-20 years, with longer terms available for higher-value properties.
Many foreign investors choose cash purchases to avoid high interest rates and complex financing requirements. Local financing becomes more accessible for residents with established Colombian banking relationships and income history.
What rental income can I expect from apartments in major cities?
Colombian apartments generate attractive gross rental yields ranging from 5% to 8.25% annually, outperforming many developed markets.
Bogotá leads with 8.25% gross yields, with typical 2-bedroom apartments generating $653 monthly rental income. Medellín follows at 7.78% yields with $926 monthly rents for comparable properties, reflecting strong demand from digital nomads and local professionals.
Cartagena shows lower yields at 5.27% due to higher purchase prices, but generates steady $664 monthly rents from tourist and long-term rental markets. Cali and Barranquilla offer balanced returns around 6.8-7.2% with lower entry costs.
Short-term vacation rentals in tourist areas can generate 15-25% higher returns than long-term leases, though they require more active management and face seasonal fluctuations. Prime neighborhoods consistently outperform suburban areas for rental demand and pricing power.
How have apartment prices changed over the past 5 years?
Colombian apartment prices have increased approximately 60% nationwide from 2020 to 2025, representing average annual growth of 10%.
Bogotá and Medellín experienced more moderate appreciation of 6-8% annually, reflecting mature urban markets with steady demand growth. Cartagena led price appreciation at up to 12% yearly, driven by international tourism recovery and foreign investment interest.
The pandemic initially slowed price growth in 2020-2021, but recovery accelerated through 2022-2025 as remote work policies increased housing demand and international investors discovered Colombian value opportunities. Urban development projects and infrastructure improvements further supported price appreciation.
Coastal cities experienced the strongest rebounds as tourism recovered and international buyers returned to the market. However, some analysts suggest price growth may moderate in 2026 as the market reaches more sustainable valuation levels.
What's the minimum budget for a safe, livable apartment?
A comfortable apartment in a safe Colombian neighborhood requires minimum budgets of $60,000-$100,000 depending on the city and specific area preferences.
1. **Bogotá safe neighborhoods:** $70,000-$100,000 for a 1-bedroom in areas like Chapinero, Usaquén, or Zona Rosa with good security and amenities2. **Medellín quality areas:** $60,000-$90,000 in neighborhoods like Laureles, El Poblado, or Envigado with established expat communities3. **Cartagena residential zones:** $60,000-$100,000 outside main tourist areas but with reliable utilities and security services4. **Cali middle-class neighborhoods:** $50,000-$80,000 in established residential areas with good transportation access5. **Alternative rental approach:** $400-$700 monthly in safe districts allows market testing before purchase commitmentThese budgets ensure access to reliable utilities, decent building security, and proximity to shopping, healthcare, and transportation. Properties below these thresholds may require significant renovation or exist in areas with security concerns.
It's something we develop in our Colombia property pack.
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.
Colombia's apartment market offers compelling opportunities for both investors and residents, with purchase prices significantly below North American standards and rental yields exceeding most developed markets.
While mortgage rates remain high, cash buyers can access quality properties in safe neighborhoods starting around $60,000-100,000, with strong potential for both capital appreciation and rental income generation.
Sources
- The LatinVestor - Average House Prices in Colombia
- The LatinVestor - Colombia Price Forecasts
- Aparthotel - Colombia Market Analysis
- Expatis - Cost of Living in Colombia
- Global Property Guide - Colombia 2-Bedroom Prices
- Global Property Guide - Colombia Rental Yields
- Global Property Guide - Colombia Taxes and Costs
- Trading Economics - Colombia Interest Rate