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6 thoughts on “Investments: Risks of Investing in Real Estate in Colombia”
Get a good Colombian HONEST lawyer is my recommendation to everyone and anyone here and pay the relatively small fee for piece of mind. I have met many expats who think the KNOW IT ALL, can do everything on their own. The sheer arrogance is laughable and sad at the same time. There are more scams going on here than one can shake a stick at. I found my lawyer listed on the American Embassy web site 6 years ago. He speaks perfect english and is honest. Many lawyers here are not and I suggest one do their due diligence and confirm the pricing in advance. Never agree to pay an hourly rate. Agree on a fixed price up front and get a cotizacion (estimate). Unless you have a good command of the law here and the procedures and are very saavy you are better off using a competent, respected and well recommended Colombian attorney to help you avoid major hassles and grief. A word to the wise. Try the U.S. Embassy Website for some listed attorneys. I would be happy to share the name of my fluent english speaking fair priced honest as the day is long attorney, contact Jeff and i can relay the info on to him. Good luck to all.
There is so much criminal activity. I wanted to buy a small and cheap farm with huge possibilities. I was told that the owner is dead and the man trying to sell the property has no ownership rights. I cancelled the offer until he has ownership. That probably will never happen.
Colombian property is funny. The Escritura Pública could have dozens of names on it. If everyone doesn’t sign their rights away the new document is invalid. I have 5 copies of an invalid document. In my case the ex of the brother knew nothing of the property. I had to pay her almost $2 million pesos for her signature.
Thank you Jeff for the important report. Do you have a Youtube channel or some thing like Snap? I think if you have a Youtube channel will be a great option for you and for your followers. You know it’s the age of camera 🙂
I guess somebody like you who is experienced in Medellin will get different benefits out of the Youtube.
Thank you!
We currently don’t do Youtube or Snap, may add video in the future.
Great article Jeff. I see for sale signs everywhere here in Laureles. It looks like Negative cash flow has freaked out owners to the point they are trying to bail out. Will the market return? I do not know and was seriously considering purchasing another property in addition to the one I currently own and reside in, I will wait because the last thing I need right now is purchasing an albatross/money pit. Your article sobered me up. Thanks for the hard work.
Thanks, I am starting to see more for sale signs as well.