If you are ever wondering why you continue to see a boom of high-rise apartment buildings being built throughout the Medellín metroplex each year it is because there are now at least 17,000 new housing sales in the Medellín metro area each year.
A recent news headline in ElColombiano, the local newspaper in Medellín, included a projection for 21,000 new housing sales in Antioquia Department in 2015. The Medellín metroplex including Medellín, Envigado, Bello, Sabaneta and Itagüí is responsible for the majority of housing sales in Antioquia each year, which now exceeds 17,000 housing sales per year. That is because well over half of the population of Antioquia is found in the Medellín metroplex.
According to the ElColombiano article, the Expoinmobiliaria 2015 event last weekend at Plaza Mayor in Medellín had over 21,000 visitors. This was an increase in visitors of about 11% compared to 2014. Visitors went to the event to find out about over 300 building projects from over 130 construction firms for new homes and apartments being sold in a wide range from $14,563 to $551,040 at the current exchange rate (using 2,547 pesos per USD). Some of the new housing is low cost as it is intended for families with low incomes.
Most of the new housing in the metroplex continues to be built in Medellín with about 38% of the new housing found in the city, followed by neighboring metroplex municipalities of Bello, Envigado and Sabaneta. In Medellín, the El Poblado neighborhood, which is the most popular neighborhood for foreigners, is running out of places to build new apartment buildings but some are still being built higher up the hills. Laureles, which is another popular neighborhood in Medellín with foreigners, is pretty much built out but sometimes sees a few new buildings. Belén, which is another comuna in Medellín, has seen a recent boom of new apartment buildings in the Loma de Los Bernal barrio, which drove Euro to open its newest grocery store in Loma de Los Bernal.
After a construction boom that has been going on for about 25 years, El Poblado is running out of places to build, so many construction firms have started to focus more efforts in the adjacent Medellín municipalities of Bello, Envigado, Sabaneta and Itagüí.
If you are looking for a new apartment in El Poblado they can be found but perhaps not in the best locations. New apartments in El Poblado generally cost more than other neighborhoods in the city – around 4,000,000 to 5,000,000 pesos per square meter, which is $1,570 to $1,963 per square meter at the current exchange rate (using 2,547 pesos per USD)
Prices for new apartments will generally be lower in Envigado and Sabaneta, which are municipalities located south of El Poblado. There will also be more new apartment buildings to choose from in Envigado and Sabaneta.
The Bottom Line
With the continued construction in the Medellín metroplex expected to support over 17,000 new housing sales in 2015, if you are looking for a new apartment you will have many buildings to choose from.
But if you want to save money, the best way is to buy an existing property, which can be much cheaper than many of the new properties. First American Realty currently has listings for over 350 properties to choose from.