We surveyed over the 5 most popular Medellín neighborhoods for expats to find out current costs to buy new apartments in Medellín.
We previously looked at the prices to rent apartments in the 5 most popular Medellín neighborhoods for expats.
Several Medellin Guru readers have also asked about the costs to buy new apartments. So, we first look at the cost to buy new apartments in Medellín in this article.
The following table summarizes the findings of our survey of costs to buy new apartments in Medellín:
Understanding Estratos in Colombia
It is very important to understand estratos when looking at neighborhoods in Colombia. Residential properties in Colombia are ranked in a socioeconomic scale, which are known as “estratos”. Estratos in Colombia run from 1 to 6, as follows:
- Low-low class (bajo-bajo)
- Low class (bajo)
- Low-middle class (medio-bajo)
- Middle class (medio)
- Middle-high class (medio-alto)
- High class (alto) – the wealthiest
In addition, it is important to understand that middle class in Colombia is not the same as middle class in a wealthy country like the U.S. Also, the wealthy estrato 6 in Colombia represents only about 3 to 4 percent of housing in Colombia.
The majority of Colombians live in estrato 1, 2 or 3 neighborhoods, which represents about 80 percent of the housing in Colombia. And most foreigners tend to live in estratos 3 to 6.
If you want to know what is the best estrato to buy your property, click on the green buttona and get professional advice of our partmer Real Estate by expatgroup.co.
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1. El Poblado
El Poblado is the most popular neighborhood for foreigners living in or visiting Medellín. In addition, El Poblado is considered the most upscale neighborhood in the city of Medellín.
El Poblado is where the most hotels, hostels and furnished apartments catering to foreigners are located. So, El Pobaldo is where most foreign visitors to Medellín stay. El Poblado is known as Comuna 14 and it has 22 barrios.
El Poblado is the wealthiest neighborhood in Medellín. El Poblado is primarily an Estrato 6 neighborhood with about 74 percent of the households rated at estrato 6. Also, it’s where the most expensive real estate and most expensive apartment rentals in the city tend to be located.
Most of the housing in El Poblado is located in high-rise apartments. And some of the high-rises in El Poblado have spectacular views of the city.
2. Laureles-Estadio
Laureles-Estadio is another popular neighborhood for foreigners living in Medellín. It has many areas with tree-lined streets and much fewer high-rise apartments than are found in El Poblado.
Also, Laureles is primarily a residential neighborhood. Laureles-Estadio is known as Comuna 11 and it has 15 barrios (neighborhoods).
Laureles-Estadio is home of Estadio Atanasio Giradot, which is the stadium where Atlético Nacional and Independiente Medellin play fútbol matches. Also, near the stadium is a huge sports complex that has an Olympic size pool; basketball, volleyball and tennis courts; velodrome and many other sports arenas.
The first unfurnished apartment I rented in Medellín was located in Estadio near the stadium. Laureles-Estadio is primarily an estrato 4 and 5 neighborhood with about 99 percent of the homes rated as estrato 4 or 5.
There aren’t many new apartment projects in Laureles-Estadio, as this neighborhood is built-out and new projects tend to be replacements of older buildings.
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3. Envigado
Laureles-Estadio is another popular neighborhood for foreigners living in Medellín. It has many areas with tree-lined streets and much fewer high-rise apartments than are found in El Poblado.
Also, Laureles is primarily a residential neighborhood. Laureles-Estadio is known as Comuna 11 and it has 15 barrios (neighborhoods).
Laureles-Estadio is home of Estadio Atanasio Giradot, which is the stadium where Atlético Nacional and Independiente Medellin play fútbol matches. Also, near the stadium is a huge sports complex that has an Olympic size pool; basketball, volleyball and tennis courts; velodrome and many other sports arenas.
The first unfurnished apartment I rented in Medellín was located in Estadio near the stadium. Laureles-Estadio is primarily an estrato 4 and 5 neighborhood with about 99 percent of the homes rated as estrato 4 or 5.
There aren’t many new apartment projects in Laureles-Estadio, as this neighborhood is built-out and new projects tend to be replacements of older buildings.
4. Belén
Belén is a neighborhood that is slowing becoming more popular for foreigners living in Medellín. Belén is located west of El Poblado on the other side of the Medellín river. Also, Belén is located south of Laureles-Estadio.
Belén is considered a middle-class area except that it has more of a blue-collar feel. Belén is known as Comuna 16 and it has 22 barrios (neighborhoods). In Belén, 98 percent of the housing in estrato 2 to 5 and only 2 percent in estrato 1.
Similar to Laureles/Estadio, in Belén you will find many tree-lined streets lined with one-story, two-story and three-story attached homes that are more difficult to find in El Poblado. In addition, Belén has some areas with high-rise apartment buildings, especially in the Loma de los Bernal barrio.
Furthermore, Belén is the comuna where I lived for over four years in three different barrios (Fatima, Loma de Los Bernal and Los Alpes).
Belén like Laureles-Estadio is nearly built out and has few new apartment projects.
5. Sabaneta
Sabaneta is located directly south of Envigado. Sabaneta is a separate municipality from Medellín, like Envigado. Sabaneta has been booming with developers building many apartment buildings over the past several years. With all the new apartment buildings in the area there are many unfurnished rentals available.
Sabaneta has a total area of about 5.8 square miles, which makes it the smallest municipality in all of Colombia. The Sabaneta municipality has 31 barrios (neighborhoods).
Much of the daily life in Sabaneta is centered around Parque Sabaneta, which is a one square block plaza that is filled with trees for shade. Also, this park is surrounded by several small restaurants, bars and shops.
In addition, Sabaneta has become increasingly popular with foreigners looking for an alternative. Rentals in Sabaneta can be much cheaper than in El Poblado, Envigado or Laureles-Estadio.
Sabaneta is more of a working-class community. 98 percent of the housing in Sabaneta is estrato 2 to 4. And only 2 percent is estrato 1, 5 or 6.
I currently live in Sabaneta. I have lived in Sabaneta for over three years and I hear English more and more around town as more foreigners discover this area.
Are you looking to buy or sell Real Estate in Colombia?
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Medellin Guru Real Estate Service
Our reliable partner, a leading real estate company, offers a wide range of services:
- Transfer funds to Colombia
- Legal analysis property background checks
- Sales agreement
- Deed registration
- Legal representation
- Investment visa
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Medellin Guru’s Airbnb Series
Medellin Guru now has a series of several articles about Airbnb in Colombia:
- 9 Strategies to Find Killer Deals on Airbnb in Colombia
- 15 Things to Know Before Investing to Become an Airbnb Host in Colombia
- 10 Airbnb Best Practices for Airbnb Hosting in Colombia
- 9 Tips to Attract Long-Term Airbnb Guests in Colombia
- 7 Strategies for Airbnb Slow Season in Colombia
- How to Identify Problem Airbnb Guests in Colombia Before They Book
- 15 Ways to Increase Your Airbnb Search Rank In Colombia
- How Safe is Airbnb in Colombia? Is it Safe to Use Airbnb in Colombia?
- Airbnb Travel Itinerary for Your Airbnb Guests in Colombia
- How to Get Started on Airbnb in Colombia: A Guide
Medellin Guru's guide to buying, selling and renting apartments and choosing a neighborhood
On the Medellin Guru website, we have a comprehensive and up-to-date guide to buying, selling, and renting apartments and choosing a neighborhood in Medellin found in several articles, including:
Buying and Selling Apartments
- Medellin Real Estate: Property Buyer’s Guide for Foreigners
- Selling Real Estate in Colombia: A Guide to Selling for Foreigners
- Mistakes Foreigners Make When Buying Real Estate in Colombia
- Current Costs to Buy New Apartments in Medellin
- Rent vs Buy: Downsides of Renting and Buying Property in Medellin
- 13 Things Real Estate Agents in Colombia May Not Tell You
- How to Obtain a Colombia Investment Visa
Renting Unfurnished Apartments:
- Apartment Rental Guide: Renting Unfurnished Apartments in Medellin
- Guide to Finding Unfurnished Apartments and Casas in Medellin
- Guide to Overcoming the Fiador Requirement in Colombia
- Unfurnished Apartment Rental Costs in Medellin
- 6 Inexpensive Neighborhoods for Unfurnished Rentals in Medellin
- Furnishing Apartments: A Guide to Furnishing Apartments in Medellin
- Apartment vs Casa (House) Rentals in Medellin: Pros and Cons
Renting Furnished Apartments:
Choosing a Neighborhood in Medellin:
Also, we have several articles that can be used to help foreigners choose a neighborhood in Medellin:
- Laureles: The world’s coolest neighborhood for 2023 by ‘Time Out’ is in Medellin, Colombia
- What are the Safest Neighborhoods in Medellin and the Aburrá Valley?
- 5 Best Neighborhoods in Medellin: A Guide to Choosing a Neighborhood
- 9 Downsides of El Poblado: Living in Medellin’s Expensive Neighborhood
- Estratos: A Guide to Understanding Estratos in Colombia
- El Poblado vs Laureles: Which is the Better Neighborhood to Live in?
- El Poblado vs Envigado: Which is the Better Neighborhood to Live in?
- El Poblado vs Sabaneta: Which is the Better Neighborhood to Live in?
- El Poblado vs Belén: Which is the Better Neighborhood to Live in?
- 2018 Unfurnished Apartment Rental Costs in Medellin in 5 Neighborhoods Popular with Expats
- 6 Inexpensive Neighborhoods for Unfurnished Rentals in Medellin
The Bottom Line: Current Costs to Buy New Apartments in Medellín
The different neighborhoods in Medellín offer a wide range of costs to buy new apartments. El Poblado remains the most popular neighborhood for foreigners out of all of the Medellín neighborhoods.
But El Poblado has the highest average costs to buy new apartments in Medellín, as seen in our above survey results. Also, El Poblado has the highest average costs for buying used apartments and renting unfurnished or furnished apartments.
Furthermore, new home prices in Medellín have been increasing at a faster pace then inflation. According to DANE, new home prices increased 8.5 percent in the past year in Medellín.
The bottom line is you have many neighborhood choices in Medellín and the Aburrá Valley and to each his own, everyone’s priorities are different. Also, there are a wide range of amenities and a wide range of cost-of-living.
Used apartments in Medellín can be purchased for significantly lower prices than new apartments. And the prices can vary dramatically depending on the age, location and amenities of apartments. We plan to look at the prices for used apartments in Medellín in a future article.
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11 thoughts on “Current Costs to Buy New Apartments in Medellín”
Jeff,
An excellent article, thank you.
Any idea of per square meter prices for resale apartments located in El Poblado?
Will you update this for Coronavirus year? I’m looking to buy now.
It is in our plans to update before the end of the year.
Jeff,
Do you have any insights on closing costs with Lawyers and necessary fees they normally charge?
See our property buyers guide that includes estimated closing costs for real estate deals – https://medellinguru.com/medellin-real-estate/
Nice report Jeff. It would be interesting to see how long these places are on the market? Sure are a lot of Vende sales here in Laureles.
Wow! That’s more than I thought. We bought a “used” 3/2 apartment in 2015 at just under 2,400,000 COP/sq meter in Alejandria barrio Poblado. That was just slightly under what we found the going rate to be while shopping.
A new 15-20 story building across the street opened about a year ago. I’m not sure if it’s fully sold, but there is no sales office on-site. It can’t be more than about 25-35% occupied based on lit apartments at night. Originally about 5,000,000 per sq meter 2-3 years ago while under construction. Who is buying these?
I look forward to your survey of established buildings. The purchase prices probably almost 50% less than new. But even that would be more than I expected before reading this survey.
Thanks for the helpful post. El Poblado looks to have higher cost for new homes than in some cities in the U.S. $186.7 per square foot is expensive.
When my wife and I moved to Sabaneta years back, there were only 44,000 residents…and now there are over 100,000! That’s the reason we sold and moved out. I did not know Sabaneta now is zoned for 6 estratos. When we lived there, the highest estrato was only a 5 (primarily, the townhouses on Loma Linda were estrato 5). The smaller municipalities in Colombia only go as high as 5.
Jeff I’m still struggling with your costs to buy per square meter. I don’t understand what is a average appartment in Poblado for example. If a typical appartment had say 500 square meters. Then that would suggest cost to buy 500 times $2,009 that is over $1 million. Is that true? Some example of different sized apartments, according to bedrooms etc would really clarify for me. Thanks for your work.
500 square meters is huge – multiply square meters by 10.7639 and that is 5,381 square feet. A normal size apartment in El Poblado may be 100 square meters or smaller and typically is no more than 200 square meters. For example, one of the new apartments we surveyed in El Poblado was a 3-bedroom 131 square meters (1,410 square feet) apartment for 991,573,000 pesos or $288,752 USD, which is $205 per square foot.