One of the biggest things I miss about living in America has to be good BBQ, and I got used to eating it whenever I wanted.

It’s the little things that are taken for granted so I get really excited when I hear about BBQ in Medellín, especially ribs which are my favorite food.

Picking the best ribs in Medellín was a lot of fun, but really challenging. All of the choices are judged by flavor, quantity, tenderness, price and location. Feel free to add any suggestions in the comments below.

1. Humo

Carrera 35 #8A-45, Poblado

Humo is located in El Poblado on Via Provenza. I had high expectations with this restaurant because of all of the great reviews  I had heard about it and thankfully I was not disappointed. I can easily say these are not only the best ribs in Medellín, but the best I’ve ever tasted in my life.

The meat fell of the bone and it was extremely juicy and flavorful. I could probably eat these ribs every day and not get tired of them.

I ordered the serving of 300 grams of the pork ribs with a Kansas City BBQ sauce for 21,000 pesos ($10.50) but they also offer 600 grams for 37,000 pesos ($18).

It was plenty for me because I had also ordered a few appetizers and the ribs were also served with a side of mango salad.

2. MU

Carrera 34 # 7-1 a 7-99, Poblado

Funny enough, I found this restaurant the night I ate at Humo. I was walking around Via Provenza and saw the sign MU Fukin Good Ribs.

After looking them up, I saw that they were open Thursday through Saturday from 6 p.m. to midnight. The restaurant is very dark and romantic with candles on each table.

I decided to go that Friday with my family for dinner. They serve spare ribs to share and if you don’t want ribs you’re at the wrong restaurant because it’s all they offer. They are a “costillería” or rib house and one of the few in Medellín.

Their drink specialty is the Mojito and it’s delicious. I’m very picky when it comes to my mojitos and theirs will probably be my favorite for a while.

They have two different serving sizes for two or three people. These meaty ribs will leave you licking your fingers.

3. Federal Ribs

Carrera 35 #10B-17, Poblado

Federal Ribs was a restaurant recommended to me by Ryan. I decided to go with my brother to try it out. They serve six different types of ribs and offer both a half rack for 22,900 pesos ($11) and full rack for 36,900 pesos ($17.50).

The meat fell of the bone and was perfectly juicy. I decided to try the ribs bathed in a reduction of espresso, caramel and balsamic sauce. It sounds like a weird combination but I was pleasantly surprised by the savory flavor of it.

Each plate is served with two sides of your choice. I picked buttery corn on the cob and coleslaw.

4. Mundos

Km 7, Llanogrande, Glorieta aeropuerto (traffic circle near JMC airport)

Located in Llanogrande, I decided to take my sister to Mundos when she came to visit us last month. I had already heard a lot about the ribs. The portions were enormous and I couldn’t finish the plate by myself.

After speaking with the owner he informed me that the ribs are wood-roasted and trust me when I say it makes a huge difference. They have three options and I picked the Texas smoked Baby Back ribs.

I had eaten at Mundos before and it’s a very popular steakhouse serving certified Angus Beef. Every time I eat there I am pleasantly surprised and these ribs definitely lived up to my expectations.

They were mouthwatering and dripping in BBQ sauce. I like my ribs messy and I had fun with these.

5. Ocio

Carrera 33 #7-21, Poblado

In talking to Dave as I prepared this post, he insisted that we include Ocio based on his recent birthday dinner, where he tried their short ribs.

He told me they were some of the best ribs he’d had in Medellín, and given he’d tried the ones at Humo and MU as well, they must’ve been excellent.

In his review, he wrote “I opted for the short ribs (39,000 pesos, $20), which Mark F highly recommended. When the bowl of ribs arrived, the portion size seemed small, but looks can be deceiving. On top of a healthy amount of fat and the rich caramel sauce, there were no bones. It turned out to be too much for me to finish.”

The sad part about finishing this post is that I no longer have a valid excuse to go out and eat ribs everyday, but you, dear reader, get to go out and try every restaurant and let us know which ribs you liked best.

The post Best Ribs in Medellín appeared first on Medellin Living.

The Universidad Pontificia Bolivariana also known as the UPB is a private university that has been a fundamental part of Medellín since 1936. Its first location was the Medellin campus but it has since expanded to a total of five campuses throughout Colombia.

It offers classes from preschool through graduate school, with some students starting their education as preschoolers and graduating as PHD students.

Location

The UPB is located in Laureles, on “la 70 and Nutibara”. The campus has a total of 21 main buildings and facilities. The school is so well-known that you can hop into a taxi and they will know exactly where to go because it located in the center of the city.

It has three different entrances, one on la 70, one in front of Unicentro (a mall in the area) and one on Nutibara.

Programs

The university is known for having the oldest Industrial Design program in Colombia, one of the first nanotechnology program and the first video game design engineering program in the country.

It is also known for having one of the oldest and best law schools, a top fashion design program, the most popular communication/public relations program and some of the best engineering majors as well.

The UPB has a separate location in Robledo, which is specifically for the Medical school/hospital. The Medical program is also one of the best in all of Colombia.

Language Classes

The language school offers seven languages, English, Italian, German, Portuguese, French, Japanese and Spanish.

The schools Spanish program is one of the few to offer assistance when applying for your TP-3 visa, or student visa as well as your PIP-2 to stay in Colombia for up to 90 days.

Most of the language programs offer up to ten levels and the classes are small and personalized.

Sports Facilities

The university is known caring about the student’s character development as much as the development of the intellect and this is due to it being a Catholic university.

They are building human beings, not intellectual robots, who actively participate in the world around them.

They have invested a large sum of money into the sports facilities around the campus. It boasts two public soccer fields, a running track, and a pool, a coliseum and tennis courts. The multiple soccer teams, the rugby team and the ultimate Frisbee team all use the soccer field.

The university has a full-sized gym open to adults and teens above the age of fifteen. The gym offers different memberships; you can pay for a day, a month, a fourteen day pass, or longer terms like three months, six months or a year; available for students and tourists.

The coliseum is used for basketball, volleyball, handball, “microsoccer” (indoor soccer in a smaller field) and other sports. The coliseum is also used for concerts and many other events.

Campus in General

The campus offers bicycle parking zones by almost every building and is becoming pedestrian friendly

Throughout the entire university you can find green areas/path that will lead to a boulevard of little fast food huts. You can choose from the greasy, fried typical Colombian food, to the healthy fruit shack and everything in between.

Right in front of the boulevard is a large seating area commonly known by the students as Comfama because of how full it tends to be.

If you don’t feel like sitting in this crowded area there are places all around campus to sit in the grass or some picnic tables under the shade of the numerous trees all around campus.

Safety

The school is very protective of its students and multiple guards can be seen at any time around campus. It is enclosed with a fence and students can only get in with a special school ID.

Visitors must present themselves at the one of the three guard gates within the circular campus with some form of identification to get in.

The university looks forward to foreign students who either want to take a language class or want to proceed to university studies once they have completed the required courses in Spanish.

The post An Introduction to Universidad Pontificia Bolivariana (UPB) appeared first on Medellin Living.

J Alvarez, one of my favorite reggaeton singers, is playing a live show at Palmahia Discoteca this Saturday, March 1.

For price and ticket info, visit Ticket Express.

The post Se Acabo El Amor – J Alvarez appeared first on Medellin Living.

Bogotá boasts its own version of the Bermuda Triangle, an area of the city in which many travelers unfamiliar with the sprawling capital just hope to pass through without getting lost and to arrive at a popular destination on the other side.

At the base of this scalene-shaped sector of the capital are two very popular areas: Centro and La Candelaria.

Centro is known for being a bustling hub of commerce with historical sites such as the Museo del Oro (the Gold Museum, which houses many of the country’s pre-Colombian gold artifacts) and the next-door Cerro de Monserrate (the hill with a beautiful church and farmer’s market atop it, accessed either by taking a trolley or walking up a winding path).

I’ve done the Monserrate three times, twice walking, once making the climb to more than 10,000 feet in less than 40 minutes. A second trip to the Gold Museum can wait until my folks or some other visitors are here.

La Candelaria is the area where most hostels are found, where it’s hard to tell the difference between art and graffiti, and you’ll find a lot of history here as well if you stroll to Plaza de Bolívar, the location of some of the government’s most important buildings, and several popular museums such Museo Botero.

At the top end of the triangle is Chicó, home to the Zona Rosa, the area of the city that everyone goes to see and be seen. Been there, done that too.

On this trip, I promised myself I would spend much more time in two areas I have really wanted to get to know better: Chapinero and La Macarena.

I think I succeeded.

Thursday, Nov. 14, Alegria’s Hostel, La Candelaria

Even though I planned to spend more time in different neighborhoods, I couldn’t travel to the capital without seeing my friend Alegria Meza, who owns my favorite hostel in La Candelaria.

Always comfortable, I love that her hostel is in an old house with colonial architecture. I’m a big fan of architecture.

But I didn’t get too comfortable because I had some exploring to do in the Bermuda Triangle. (Yes, I realize I’m silly.)

I met a friend for dinner at La Gloria, a Peruvian/sushi spot in La Macarena, a once-dangerous neighborhood known for the artisan culture that is making it an up-and-coming place to live.

She got one of the chaufa dishes, basically Peruvian fried rice, while I went for sushi, one of them with tuna, the other with eel. She had never tried sushi before, so I refrained from telling her that one of the rolls I ordered was filled with a sea creature that most people consider disgusting.

My dad did something similar with me when I was 7, telling me the eel on top of his rice was chicken so I gave it a try because almost every kid likes chicken. I was hooked on eel after that.

It worked on my friend too, and now she likes sushi, the result I was hoping for because everyone should enjoy sushi, maybe not enough to write a competing post like Dave and I did, but enough to have it once in a while.

It was late by the time we were done eating so we went our separate ways and planned to meet up the next day. I just had to move first.

Friday, Nov. 15, Chapinorte Guest House, Chapinero

While Alegria’s Hostel is my favorite in the most popular part of the city for hostels, my favorite hostel overall is Chapinorte Guesthouse, an apartment-themed lodging location that a friendly Spaniard owns.

I had stayed here once before but only for a night, when I was in the big city to get a Visa. I fell in love with the place immediately, as well as the neighborhood, but didn’t really get a chance to get to know it.

As I walked around, I realized that this part of the city is quite the university hub, a district with a handful of them, and I got a lot of exercise exploring almost every corner.

It was good to see Antonio again too. The owner of Chapinorte Guesthouse, he’s in the process of building a beautiful finca in Carmen de Apicala, a pueblo in the Tolima department, less than 2 hours south of Bogota.

I had a good time talking to Antonio, looking around and taking pictures, purposely trying to get lost, just to get a feel for the area.

There seemed to be a good mix of restaurants in the area and if I had not eaten just before or wasn’t about to eat just after going there, I would have tried one. Next time.

I do love this aspect of the community, that parts of one of its main streets, Avenida Caracas, is closed to vehicle traffic on Sundays so people can walk and ride their bikes, something on my second pass through the area. But before I got there, I made another pass through La Macarena.

Sunday, Nov. 17, La Macarena

Buried in my computer with occasional interruptions from my new friend Moka, Alegria’s dog, and a break to eat at Patisserie Francaise, the great French restaurant across the street, I didn’t do anything but work on Saturday when I was back at her hostel.

That meant I had to make the most of my Sunday, my last day in the city.

I walked to La Macarena, which isn’t far from La Candelaria, just 20 minutes away or so, and noticed a street fair taking place. Happens every Sunday apparently.

Then I moved on to the heart of the neighborhood, first passing the Planetario de Bogota, then the bullfighting stadium, then back to the streets where I found La Gloria as well as other ethnic restaurants I’d probably enjoy, everything from Brazilian to Italian.

I love the colorful buildings here. They make me smile. Bright colors always do.

A break from walking was needed, so I took the bus to the Chapinero, recharged and ready to get off public transportation and back on the footmobile as I made my way to Gaira Cafe Cumbia House, famous singer Carlos Vives’ restaurant in Chicó.

I took a few pics but mostly I was daydreaming, as I’m wont to do, and enjoying the rare great weather. Everyone in Medellin complains about the cold and rainy weather but I was fortunate, it wasn’t like that when I was there, like so many of my past trips to the capital, so I guess I brought some spring weather with me.

I was pretty hungry after all the walking and I didn’t take long to eat a dish of pork tenderloin, mashed potatoes and tasty barbecue sauce, and live music followed our meal.

Now comfortable in the capital’s triangle, I started making mental notes for my next neighborhood to explore in this metropolis of 10 million.

I think I’ll go with the Usaquen, a northeast enclave just north of Chicó. I won’t have trouble getting there. I’m getting pretty familiar with this city.

The post A Bermuda Triangle in Bogota appeared first on Medellin Living.

On the afternoon of June 24, 1935 Carlos Gardel, tango’s most popular singer/composer, was en route from Bogotá to Cali for a performance.

Upon landing at Olaya Herrera Airport, Gardel’s plane crashed into another on the ground, and all but three passengers on board perished.

As a result of Gardel’s death, Medellin was forever linked to the world of tango. Ironically, if the plane’s fuel tanks had been full when they departed Bogotá, they would’ve been able to fly direct to Cali, but as fate would have it, they weren’t.

The cause of the crash has been the subject of much debate. Popular theories include a weather disturbance at the airport, a rivalry between the pilots operating the two planes, and reports of an errant gunshot meant for Gardel, but hitting his pilot instead.

In order to further explore the history of tango in Medellin, I recently went on the Carlos Gardel Tour offered by ZORBA Travel.

Plaza Gardel and Olaya Herrera Airport

At 5PM on a Saturday afternoon, Juan, my bilingual tour guide, picked me up in Ciudad del Rio. Our first stop was Plaza Gardel, located outside the Olaya Herrera Airport.

On November 4, 2003, the plaza was dedicated to Carlos Gardel. The focal point is a statue of a tango singer with a guitar, and a couple dancing. Plaza Gardel is used regularly to host open air events, such as musical performances.

Walk into the airport from the door facing Plaza Gardel, and you’ll see a collection of plaques and memorials to the singer.

Plaza Cisneros

Juan and I walked back to his car, as the sun was setting, and drove toward Centro. Along the way, we picked up his friend, a serious tango aficionado.

Together, the three of us drove first to Plaza Cisneros (aka Plaza de las Luces).

Juan pointed out the old train station across the street from the plaza, and explained that in the early 1900’s, Medellin was developing as an industrial hub within Colombia, and migrant workers were coming into the city from the surrounding countryside via train.

At the time, Plaza Cisneros was a big marketplace, filled with bars and prostitutes. It was exactly the kind of environment where workers liked to drink away their hard-earned money on the weekends.

In Buenos Aires, it was in similar immigrant ghettos that tango first developed.

Salon Malaga

From Plaza Cisneros, we headed to the nearby Salon Malaga. Established in 1957, it’s Medellin’s oldest milonga (tango bar).

As soon as we exited the car, I could hear live tango music. Juan mentioned that the area around Malaga was once similar to Plaza Cisneros, with lots of bars and prostitutes, making it popular with the migrant workers.

Located in the shadow of the San Antonio metro station, I’d never actually noticed Salon Malaga before. Yet here we were, stepping back in history.

It was hardly 7PM, but the bar already had its share of patrons, complete with tables reserved for those arriving later.

We walked past the tango singer, and walls plastered with old photos and tango memorabilia, toward the back of the bar. I ordered a beer, and later, bought an Argentine-style empanada offered from a basket by two men in black shirts and aprons.

After 30 minutes of listening to the music, and taking in the atmosphere, we left for the next stop on the Carlos Gardel Tour.

Dance Lesson at Escuela Mayor de Tango

From Centro, we began driving west, and up the mountains toward Robledo, a working class district of Medellin I’d never visited.

Our destination was Escuela Mayor de Tango (Carrera 80 #77BB-02, Barrio La Pilarica), run by Jose Gabriel Alvarez and his wife.

Upon arrival, there was a politician using the space to talk with residents. We waited patiently for that event to wrap up, and then entered the milonga.

The walls were covered in Jose’s paintings, depicting tango scenes as well as famous works by Vincent Van Gogh. Juan informed me Jose had also previously worked as an architect.

It was here that I would partake in a private tango lesson by Jose’s wife.

I was feeling a little rusty, and concerned that I’d forgotten everything I learned from my four private lessons in Buenos Aires last year.

To my surprise, I began remember the basics, and during the hour of practice, I also learned a new move.

Meanwhile, regular patrons began to arrive for a night of tango dancing.

Dinner Show at Patio del Tango

Our last stop of the night was a familiar one, Patio del Tango in Barrio Antioquia. We arrived at 9:30PM, and the entertainment was already under way.

Before we took a table, Juan pointed out a poster in the back of the restaurant, featuring old black and white photos from Carlos Gardel’s life, and the plane crash in Medellin.

There was even a photo of what was purported to be Gardel’s corpse (something I didn’t need to see before sitting down to eat).

As for dinner, I opted for the chicken with chimichurri sauce (not included in the price of the tour). A little after 10PM, after watching several dance performances and wrapping up dinner, Juan dropped me off back at my building.

There’s more to Medellin than salsa and reggaeton. Whether you’re a tango aficionado, or simply looking to do something different, I highly recommend the Carlos Gardel Tour.

It runs on Thursday, Friday and Saturday nights at 5PM, and lasts 5 hours. Pick up and drop off from your hotel is included, as is a bilingual guide. For more info, and prices, check out ZORBA Travel.

________

My Carlos Gardel Tour with ZORBA was provided at no cost, in order to experience and write about it here.

The post Carlos Gardel Tour: Discovering the History of Tango in Medellin appeared first on Medellin Living.

Writer’s note: This is part one of a two-part story.

BUCARAMANGA — The plane landed on a plateau overlooking the city, a beautiful view common in Colombia but still breathtaking every time.

I have wanted to go to Santander for some time now. I had read about Bucaramanga and Barichara, and a couple of nice places in between.

I have arrived, I thought to myself, as I walked through Bucaramanga’s airport.

After an hour in the air, I took a taxi into the city, to KasaGuane, a modern hostel in the trendy Nuevo Sotomayor neighborhood east of downtown. I wanted to stay in Bucaramanga’s version of Parque Lleras, at least for my first two nights in the city, so that’s all I booked, two nights.

Buca, as locals call it, is a city of 1 million known for its nightlife. With 10 universities, it’s no surprise the rumba here is alive and well.

Too bad I couldn’t get to it immediately. I had homework to finish first. That’s right, homework. I’m two classes away from earning my TESOL certificate at Penn State.

I realized something else: completing any task on an empty stomach is hard to do, especially when your tummy is rumbling.

After I settled in at KasaGuane, I headed to Martín Vaz do Mar, a seafood restaurant about four blocks away overlooking Parque Las Palmas. The service was a little slow but the layout was nice.

It looked expensive, and it was. The ceviche I ordered cost me 18,000 pesos, about $9. But it might have been the best ceviche I ever had.

Finishing my homework was no problem now. Or so I thought. For some reason, the time I was there, the wi-fi was wavering more than Mitt Romney. But two of the owners at KasaGuane, two friendly Brits named Tim and Milo, were getting it fixed.

By now, I’m sure it’s up and running again. And at least I was able to get online a couple of times. I couldn’t pick up any wi-fi on my laptop in San Gil. But I’ll get to that later.

That first night I called my friend Isabel. I met her a few weeks earlier, shortly after I returned to Medellín from Florida. Daniel, the first friend I ever made in Medellín, introduced me. She was in town visiting family and when I mentioned I hoped to someday visit Bucaramanga, she offered to show me around.

The Highlights

1. The Food

Especially the seafood, a nice surprise in eastern Colombia.

Isabel and I went to a place near Kasa Guane called Cafe con Arte. We both got the mixed grill, although I got the carne, she got the seafood. I had chicken and steak with onions and red peppers that the chefs put in a huge chunk of maduro (sweet plantain) that they had carved like a canoe.

Isabel had a mix of shrimp and robalo with onions and peppers that were placed on a kabob. Each plate cost 22,000 pesos, or around $11.

The next night, I ate some of the best sushi ever at Biako Wok. My favorite roll was filled with salmon, avocado and cream cheese and was enveloped with a thin strip of maduro. Just that one roll cost 23,000 pesos, $11.50.

That’s expensive even in the United States. It was worth it, though.

2. The Music

I visited Isabel at the Universidad de Industrial Santander on Friday morning and she invited me to her music class.

One of the music genres was bambucos, a folksy music that features the guitar, the tambourine and an instrument called the bandola, which looks like a mix of an ukulele and a violin, and is picked like a guitar.

3. KasaGuane

The location was great, the rooms were clean, the price was right (only 20,000 pesos, or $10, for a dorm; 40,000 pesos, or $20, for a private room), and Tim and Milo could answer any questions I had. Best of all, there were really interesting people staying there.

I met a guy named Duncan who made his way to Colombia from Seattle, on his motorcycle. The only other form of transportation he used was the boat to get from Panama to Colombia since there is no safe road connecting the countries.

There was a guy there named Max from Argentina, and another guy named Fabian, a native of Bucaramanga, who invited me to have a couple of beers with them. And there was Dave, an Alaskan who had been backpacking through South America for three months.

4. New Friends

The people of Bucaramanga are not always as outgoing as the people of Medellín when you first meet them. But just be friendly and humble and they’ll warm to you. They did with me.

Fabian was really nice. So were Isabel’s friends, Angelica and her brother Johan — the four of us went out Friday night to a club called Conga & Bongo, where we danced salsa and merengue. And when Dave overheard me asking Milo about how to find the bus to San Gil, he asked to come along.

My plan was to return to Bucaramanga on Monday, but that changed.

The post Bucaramanga: Discovering the Food, Nightlife and Culture of Eastern Colombia appeared first on Medellin Living.

The more time I spend in Colombia, the more I begin to appreciate how easy and inexpensive the domestic air travel is in the country.

In 2009, I experienced my first 25-minute flight from Bogota to Medellin, and later flew back to Medellin from Barranquilla after celebrating Carnival. By bus, both those trips can easily average 12 hours, and sap you of your energy in ways quick, cheap flights will not.

Specifically, Colombian buses are known to have air-conditioning on full blast, the whole trip, thereby turning the cabin into a freezer. You can also expect loud Latin music, which I like as much as the next guy, but not for 12 hours straight.

In 2010, I flew from Cartagena to Medellin, and between Medellin and Cali several times.

This year, I flew back and forth from Santa Marta during my recent trip to the coast.

Almost all of these flights were booked within a week of departure, and often within just a few days because I tend to procrastinate.

My carrier of choice is Aires, the Colombian discount airline recently purchased by the much larger LAN Airlines.

I used Avianca in 2009, and while they still may be cheaper for certain routes, especially when booked in advance, I’ve yet to see any meaningful savings should I choose them over Aires.

Both the Aires and Avianca websites are available in English, and easy to use. I realize some may argue this point, but I’ve used both enough to stand behind it.

Sales result in e-ticket information being emailed to you. I normally take note of the confirmation number, and simply show up at the ticket counters with my passport (a required form of ID for foreigners traveling within the country by air).

I’ve never had a problem with lost baggage, including the time I flew Avianca from Madrid to Bogota in 2009, and my Aires flight from New York City to Cartagena (via Bogota) in 2010.

Aside from the same-day flight booked from Santa Marta to Medellin when I was feeling sick, all my one-way domestic flights within Colombia have been $100 or less.

I realize this still might be a lot for backpackers or frequent travelers to cover, but as I enter my mid-30’s, and travel full time for my job, it seems like a cheap price to pay.

Which do you prefer for long trips in Colombia, buses or planes?

________________

This post was written by Dave, and brought to you by TravelRepublic.

The post Domestic Air Travel Made Easy appeared first on Medellin Living.

[Update: As of November 2013, the restaurant appears to have closed.]

I first noticed Bijao when I arrived in Medellin two years ago.

Set back from the sidewalk, and lacking the open air atmosphere of most restaurants in Parque Lleras helped distinguish it.

I also noticed the white tablecloths, and thus associated the food inside with a higher standard, yet I still wasn’t motivated to visit until I read on their website that Anthony Bourdain had eaten there when he was in Medellin to film the No Reservations Colombia episode.

While Bijao wasn’t featured on the program, if the restaurant’s nuevo Latino cuisine was good enough for Mr. Bourdain, it was surely good enough for me.

Luckily, Phil of Dimensional Heart Traveler would be back in town for a few nights, and was up for trying it out.

The bonus of his company was his background as a chef in California.

Based on Phil’s schedule, our dinner was on a Monday evening, so we had the restaurant to ourselves (at least the first of the three floors).

The interior design was elegant, and a sliding glass door opened along one side of the room to let in fresh air.

Our waiter, who was able to cover most of the service in English, informed us that the restaurant was in the midst of switching its menus.

As a result, we were given temporary 8 x 11 paper menus, which happened to lack prices, though neither of us felt the need to ask about the cost of individual dishes.

A complimentary serving of 4 fresh arepas was brought to the table, along with a mild yellow salsa.

In regular Colombian restaurants, the little arepas are typically the consistency of cardboard, so it was a nice surprise to bite into these and find they were melt-in-your-mouth soft.

To get the full nuevo Latino experience, we ordered two appetizers. I picked the chorizo Argentino with chimichurri sauce.

The chorizo were wrapped in phyllo dough, which made for a wonderful presentation (and photo).

Phil went with the Caribbean crab with papaya guacamole. I’m not much of a crab connoisseur, however the claws are one of the best parts, so I sucked the soft meat out of one with little to no effort.

I was left wanting more, but luckily we had our entrees on the way, except we forgot to order them when we picked the appetizers out.

We’d unintentionally extended our dinner, but given the lack of other tables, it could’ve been a lot worse.

To pass the time, we each took a second glass of red wine.

My tuna entrée arrived, and it looked almost too pretty to eat.

4 pieces of tuna were seared lightly on both sides, and presented in 3 different ways.

They all tasted delicious, and the tuna was perfectly cooked, though given my penchant for sushi, I would probably request less cooking time if I were to order the dish again.

My only suggestion, which I mentioned in the post-dinner survey, was to use less of the sea salt, which adds a crunchy texture at the expense of overpowering the other flavors.

[Editor: The following day, I received an email from the restaurant apologizing for the heavy use of salt…the only time I can recall a personal response to a dining survey, and a clear indication of their attitude toward customer service.]

Phil’s New Zealand rack of lamb was both presented and cooked perfectly.

And then it was time for my favorite course, dessert. I was hoping they had something with chocolate, but no such luck, which was kind of a surprise.

We went with our waiter’s recommendation…

This dessert gets big points for presentation, and clearly reflects Bijao’s dedication to nuevo Latino cuisine.

The passion fruit ice cream and tangerine mousse (served in the shot glass) were both full of fruity flavor, and the Aguardiente-flavored cookie was a nice touch.

To close out our meal, we ordered cafe con leche (we are in Colombia after all).

A 3-course dinner for two, including 4 glasses of wine, tax, and 10% tip came to 280,000 COP ($160, or $80 each).

Based on the atmosphere, and quality of food and service, the same dinner could easily be twice the cost in New York City or Miami.

While the entrees ran about $30 each, you can experience Bijao on a budget by skipping the wine ($8 glass) and coffee, and sharing an appetizer.

The post Bijao Restaurant – Nuevo Latino Cuisine appeared first on Medellin Living.

Table of Contents

Click to jump to section

1. Introduction to the Medellin Real Estate industry and opportunity
2. Who we are, what we do?
3. The Medellin Real Estate Guide
   1. Step 1: What are your goals?
   2. Step 2: The importance of location
   3. Step 3: Newer vs. Older Construction
   4. Step 4: Money and Banking 
   5. Step 5: The negotiation
   6. Step 6: Purchase Agreement
   7. Step 7: Closing
4. Updates for 2023
   1. Medellin Real Estate Post-COVID
   2. Remote Work Impacts
   3. Colombian Politics and Presidency 2022-2026
   4. Tax Update 2023
5. Special Topics
   1. Buying in Pre-Construction Projects
   2. Questions to ask developers
   3. Currency considerations
   4. Medellin real estate bubble talk

Introduction

It’s with pleasure that I take the opportunity to update our 7-step Medellin real estate guide for 2023. In this edition I have made a number of important edits and updates including:

• After effects of COVID
• Remote work trends in Medellin
• The new Colombian President (2022-2026)
• 2023 Tax update

The year also marks 15 years since my first visit to Colombia. During this time I’ve seen Medellín grow up from a backpacker hangout to an emerging world-class city to live and invest in. At Casacol we now manage more than $100M USD in Medellin real estate assets. The remote work trend consistently ranking Medellin in the global “Top 10” has transformed the market to where housing and rental costs are now a major political topic. 

Not just for Millennials, retirees too have found Medellin to be a great escape for vacations and 2nd or 3rd homes. General tourism to Colombia is now well above its long-term travel boom trend. International arrivals to the MDE airport are now 42% (as of the June 2022 Update) higher than the 2019 pre-COVID peak and 2023 is up another 10-15% on top of this.

Source: Airplan

Indeed the future looks very bright for the City of Medellin, and especially the Medellin real estate market. As the world continues to globalize, Medellin’s place in world travel and remote living and international investing will continue to increase. Those of you interested in how to participate in the Medellin real estate boom will read on and I hope benefit from this guide which documents my 15 years of experience doing real estate business here.

Who Are We, What Do We Do?

My company, Casacol (like “Casa Colombia”), helps foreign, local, junior and professional investors, 2nd home buyers, and hotel investors realize their investment and real estate diversification goals in Medellín. We are highly, highly focused on expertise in the Medellin real estate market (not Bogota, not Cartagena, not Cali), where our deep experience and focus on ground-up real estate development, traditional real estate brokerage, and high-efficiency property management leads to significantly higher returns than I’ve been able to find anywhere else in Colombia.

We work with everything from studio apartments and high ROI investment properties (our listings are here) to luxury $1M homes, penthouse properties, and hotels (both condo and boutique). For example, see most recently the newly expanded Celestino Hotel and Spa, the acclaimed Marquee Hotel, and our newest Landmark hotel project. Our entire portfolio of managed properties can be found at en.casacol.co.

Plus, we don’t sell anything that we wouldn’t manage for you, which means we offer highly efficient and effective property management and solid returns on your asset long after you’ve made your purchase. A strong property management track record is important when liquidating your investment real estate at the best possible price. We can help during the entire cycle of investment in Medellin real estate from acquisition to disposition.

However the buyer must beware in the Medellin real estate market. The industry here is not regulated as it is in developed countries. Many participants are out to make a quick buck at the expense of the foreign investor. I’ve made a lot of mistakes and seen a lot that others have made too. I hope you can learn from that experience during this guide.

RELOCATING YOUR LIFE OR PARTING WITH A CHUNK OF YOUR LIFE SAVINGS TO INVEST IN AN EMERGING ECONOMY LIKE COLOMBIA IS NOT A DECISION TO BE TAKEN LIGHTLY.

That is the theme of this guide: A comprehensive 7-step guide for investors large and small, starting out, winding down, or just diversifying some assets, whatever your goals are, how to invest safely and securely in Medellín real estate during the entire purchase, management and sales process.

Step 1: So, You Want to Invest in Medellín Real Estate?

The first question you need to ask yourself is “why?”

Here are the most commonly stated reasons:

• I want an investment that produces a high monthly income
• I want a place to live/live part-time/retire in, or rent out
• I need a visa/want permanent residence

There is a big difference between making a home buying decision and an investment buying decision. In my experience, the places that make great homes to live in and show off to your friends (large apartments, fincas, etc.) are not usually the best ROI-producing investments.

Likewise, the best investment properties (generally smaller studios and one or two-bedroom short-term rental apartments and boutique hotels) are not usually where you want to live. It’s important to decide early on where on the spectrum you wish to be as a buyer and realize you can’t have it all.

We also have a lot of buyers wanting to buy real estate in Medellin because they want a visa/cedula/residency/second passport. I tell everyone in this category:

“BUY MEDELLÍN REAL ESTATE BECAUSE YOU THINK IT WOULD BE A GOOD INVESTMENT FOR YOU, BUT DON’T MAKE POTENTIALLY A BAD INVESTMENT BECAUSE ALL YOU NEED IS A VISA.”

If all you need is a Colombian visa then find a lawyer you like and find the solution for your case. Also remember that you can stay up to 180 days/year in Colombia up to 90 days at a time. And yes Colombia now offers their version of the digital nomad visa for up to 2 years albeit with a long list of rules and regulations. Real estate investment is still the most sure path to a Colombian visa/residence but you should focus on the quality of the investment vs. getting the visa itself.

Step 2:  Location, Location, Location

Heard this before? It’s true everywhere on the planet, and it’s true here in the Medellín real estate market as well. Once you’ve contemplated either living or investing here, you need to turn your head to where.

Looking for an Investment?

If what you want is a high-income producing investment, then you should be looking at a very short list of high-quality, very well-located buildings with modern amenities that ideally allow for (legal) short-term rentals, probably in Poblado and potentially Laureles, where you’ll find 90% of the demand from foreign business and leisure travelers. Most hotel properties are owned by investment groups large and small (just like ours) and also represent high yielding dividend assets.

Note: Just being inside Poblado or Laureles is not enough. These are huge neighborhoods with large parts that are not ideal for rentals/investment class real estate. You should be near very specific arterial routes, with good amenities, and close to commercial centers, restaurants, groceries, parks, or else your renters will eventually find something better! Probably 99% of visitors/tourists are walking/UBERing so don’t make the location difficult for them.

Looking for a Place to Live? The World Is Your
Oyster.

Medellin real estate can go anywhere from studio apartments to farmland, Laureles, Bello, Sabaneta, and everything in between across a population of almost 4 million people and 10s of thousands of buildings (remember, most modern Medellin real estate is high-density, multi-family, high-rise. FYI: The closest thing to an MLS/Zillow in Colombia is here at FincaRaiz. While many of the properties are duplicated, improperly listed, or bait listed to get your contact, it’s a good place to start for interest in the local market and building your knowledge and learning some general comps.

Choosing a place to live is like choosing what clothes you want to wear today, it’s entirely personal, and no one in our office will talk you out of a specific location unless you’re truly making a mistake.

Personally, I’m partial to Poblado (Golden Mile, Alejandria, Provenza, Astorga, Manila) and Laureles (Park 1, 2, Avenida Jardin, La 70) for places to live and invest. Not to mention in 2020, we launched one of the most beautiful and successful projects in Laureles, Laureles Factory Lofts.

Step 3: Decision Time. New vs. Old Construction

There are two philosophies on this topic:

1. Buy something old and “cheap,” fix it up nice, rent it out, flip it, etc.
2. Buy something new, modern, no need for modifications/improvements, furnish and collect rent.

Older Buildings

There are some beautiful, high-quality, and superbly well-located older buildings in the Medellin real estate market.

Properly renovated (or not), they could be the kind of places you want to live in with large spacious bedrooms, lots of parking, and an abundance of storage space, maid and nanny quarters.

If you’ve done renovations before, understand the language, or can do some of the work yourself, you may also be up for the challenge in Colombia. Most of these are horror stories like anywhere else in the world renovating older buildings, so be forewarned.

Also, older buildings are often amenity-poor with high administration fees, which can affect the demand as a rental/resale and, therefore, your return as an investor. Having said that, Colombians are totally allergic to high HOA/administration fees and will sometimes be willing to dump older buildings at prices below replacement costs! 

But renting older apartments in buildings with elderly/wealthy neighbors can also be a problem. Who do you think rents large 3-5 bedroom apartments? Groups of younger, single males, large noisy families. Not always consistent with being a good neighbor.

Many of these older buildings are instating minimum 6-12 month rental periods to avoid the influx of short-term and often illegal furnished rentals. However, there are some success stories as well. Over the years, our clients bought out the residents (mostly seniors) in the Ayamonte Provenza building and successfully converted it to short-term rentals. We’ve had a 90% average short-term occupancy rate in this building. Talk about teaching old dogs new tricks.

New/Modern Buildings

Newer buildings usually have a long list of amenities that your renters often want to enjoy (pool, gym, sauna/Turkish bath, jacuzzi, floor-to-ceiling views, open kitchens, modern layouts, finishings, etc.).

Combined with a lack of buildable land and an ever-strict city planning department, this is why new construction in Poblado is approaching $12,000,000+ pesos/square meter in 2022 (almost $2500 USD/sq meter or approx $230 sq/ft). And other buildings like Energy Living, where we manage the vast majority of sales and rentals, you’ll find the highest prices (and rental rates!) in Medellín at the moment at $14,000,000 COP/m2 and beyond.

However, higher prices in newer buildings come with higher rental prices as well, so the math often works out in your favor. That’s not to mention liquidity; selling in newer, professionally managed buildings is much easier. 

If the new building is designed with short-term rentals in mind like our Soul and Loma Verde projects (see all of our Medellin apartment rentals here), then you’re definitely buying into a secure and steady income-producing asset. Even during the height of the pandemic, nobody here lost money in any month during 2020.

The bottom line is that there is no right or wrong answer here. There are pros and cons to new and older construction, and Medellín real estate buyers just need to apply their personal or financial preferences to every option.

At the end of this article, I’ve included some special notes that apply to buying in pre-construction projects and go over opportunities, risks, and important questions to ask the promoters and developers as well.

Step 4:  Money and Banking: To SAS or Not to SAS

You want to set up your Colombian bank accounts as soon as possible if you’re going to make a purchase. It can 2-4 weeks to open an account, and the sellers will take your offer a lot more seriously if they know you’ve already gone through this phase.

Too many foreigners start negotiating without even having the ability to execute financially, and I’ve seen good deals fall through as a result of anxious Colombians who just move on if they don’t sign and get paid quickly.

Alianza Valores is a great Colombian banking resource (our preference) and one of the only ones who really know how to handle foreign investment in Medellin real estate. Many foreign investors know Felipe Chavez (private banker) personally, and you can contact him directly at fchavez@alianza.com.co. Local banks like Bancolombia, while they have a strong retail brand and presence, are very difficult/impossible banks to work with as a foreigner, even though they can be owned by foreigners (like Scotiabank Colpatria). Alianza has been the easiest to do business with for us during the last 10 years. 

Buying Within an SAS

At this same point in time, you may also want to make the decision of whether to place the property in your name or in the name of your company, which has a two to three-week setup time.

An “SAS” in Colombia is somewhat analogous to an American LLC with the same kinds of rights, flexibility, and legal separation of your assets.

I have personally decided to maintain almost all of my properties in the name of my company because it affords me lots of flexibility tax-wise, and I don’t particularly like my name showing up in public records. However, I’m a tax resident and run a 300-employee business, so I have a lot of flexibility with write-offs, depreciation, etc.

But if you’re a non-resident buying just a couple of properties it probably doesn’t make a lot of sense, not to mention the 35% tax rate. Maintaining a SAS in Colombia is a lot more time-consuming and much more expensive than in other countries. I’ve seen some lawyers and accountants recommend an SAS blindly to foreigners because they can charge more fees vs. an SAS being the right ownership/tax vehicle for the client. Also winding down a SAS after you’ve disposed of its assets is even more expensive and time-consuming than the start-up. 

See near the end of this article for a more comprehensive update on Colombian taxes in 2023 including some advice on when to consider a SAS for your Medellin real estate holdings.

Step 5:  The Negotiation and Offer

It’s important to know where the Medellin real estate investment process ends before you begin. This is often the most critical part of any real estate transaction, especially in Colombia.

This is also where you want your lawyer and real estate agent heavily involved; a full title study if you have any doubts about who the seller is, a purchase contract that works for you, negotiation advice, and all the paperwork at the end of the transaction.

Colombians (Paisas at least) rarely use lawyers for Medellin real estate conveyance, instead placing the administrative burden on the usually unexperienced agent to do the running around in the notary. But as a foreigner you’re probably paying a lawyer to make this error and stress free. Do your homework and pick the lawyer that you think will accomplish that for you. Beware of lawyers who don’t specialize in real estate transactions. Medellin lawyers especially are famous for not disclosing what they know how to do (well) and don’t. This is not the time for a legal novice or generalist.

Also, remember when doing transactions with locals that Colombians are, on average, pretty sophisticated buyers and sellers of property. Most Colombians don’t trust the stock market or even government or corporate bonds, so buying and selling property is much more common and emotional here than you would think.

They can also be shrewd negotiators. We once saw an 86-year-old woman refuse to negotiate in any way on her terms or price on a very expensive piece of real estate she was selling directly without any agency representation. She repeatedly told us, “the buyer can take it or leave it, I’m in no rush, I have lots of time left.” Eventually, we closed the deal, but she got her price.

The seller will let you know if the price is negotiable. Or, you may need to ask upfront. If the price is clearly inflated, then that’s another invitation to negotiate (low-ball) or just walk away. A good Medellin real estate agent who is interested in a long-term relationship with you will help you navigate this – it’s their job. If you have doubts, then ask for a professional, 3rd party appraisal (at your choosing and cost) to have an extra data point for your negotiations. Overpaying in unfortunately common for foreigners. I’ve seen many sellers who overpaid sometimes 2, 3, 4 years of future appreciation, and then expect some unreasonable XYZ% return on their investment.

Step 6:  The Purchase Agreement

A verbal negotiation on price and terms ends with a signed and notarized purchase agreement in Spanish known as the promesa de compraventa, a legally binding document.

While the Paisas are known for their foreign hospitality, you may see that stop when it comes to money matters.

It’s not uncommon for your Colombian negotiating partner to make demands or renegotiate verbal offers right up until the actual promesa is signed in the notary. Words and handshakes mean a lot less in Colombia than they might in your home country. But a signed and notarized document is where the buck stops and you have a deal.

Don’t take it personally, it’s just a part of the culture to negotiate hard and up until the 11th hour here. Feel free to make demands you deem necessary, no one will be offended, it’s just business.

We’ve seen this process take from three days to three months end to end. It all depends on the buyer and seller, strong legal/notary support, the existence of a mortgage will delay closing, etc. Every transaction is somewhat unique. Hotel (condo and boutique) investments can often be simplified due to the standardized nature of the contracts.

The most important clauses to be negotiated in a promesa de compraventa are the following:

1. What’s Included in the Price?

Parking, storage, appliances, ceiling lamps, furniture?

Generally speaking, anything that isn’t fastened to the apartment the owner may want to remove, including light bulbs, curtains, appliances, etc. We’ve seen some weird stuff, so just get it in writing (again, in writing!) if there’s something you want to keep.

2. Deposit/Down Payment or the Anticipo

This is to secure the deal and is usually 10%-20%, but if the owner has a mortgage, they may ask for more so the mortgage can be cleared.

We’ve seen up to 50%, and for the right price, it may be a good deal for the buyer to make a larger anticipo. Sometimes you can negotiate lower prices for higher down payments as well.

This can cause heartburn to some foreigners because you are technically giving the seller some money without getting anything (like a title) in return—there’s no escrow.

However, you are, in fact, protected by the penalty clause, which is a serious legal matter if not satisfied (see the next point).

3. Penalty Clause or the Cláusula Penal

This states that the buyer and seller do what they are contracting to do in the promesa on the timelines and in the amounts of money that they promise.

After signing this legal document, if you don’t proceed as a buyer, you could lose your anticipo, and if you don’t proceed as a seller, you could be sued and have your property “embargoed” with a lien for the amount of the agreed upon penalty, usually 10-20 percent.

4. Commercial and Declared Values (AKA the Valor Comercial or Valor Catastral)

In Colombia, like much of Latin America, there usually exists a gap between commercial values (what you pay) and declared values (what goes on the title). 

You absolutely need your agent or lawyer to advise you on what is right for you here, especially if you are talking about visa/residency matters, as every case is unique. Since the 2019/2020 tax reform, the government is closing this loophole of under-declaring property values. The best practice is to require the full value of the deed unless you want to assume the seller’s tax obligations when you eventually go to sell. There are some interesting flexibility options here for negotiating out the value of furniture in a furnished apartment. 

5. Settling of Any Mortgages/Liens

In Colombia, it is impossible to transfer titles (notary conveyance) unless the property is free of mortgages/liens/building administration/property taxes.

It’s good protection for the buyer, but it can delay the process by up to a month due to lack of escrow and bank processing of the mortgage, etc.

A good lawyer is on top of this every day to ensure this is done in weeks and not months.

6. Proration of Taxes/Rent/HOA Fees

This is just a math exercise. The property taxes need to be paid for the entire calendar year and then prorated to the date of title transfer or if the seller is giving you keys early, date of delivery, or entrega.

Same for monthly HOA fees, and in the case of buying a property that is currently generating rental income, that rental income should be split and prorated appropriately as well between buyer/seller.

7. The Signing of Escrituras or the Titles

The promesa will state a date, time, and location of a notary visit/signing for all parties to exchange final payment via cheque or bank transfer, hand over keys, and sign the title over from the previous owner to the new owner.

This is essentially where you finish the purchase process.

Step 7:  Final Paperwork and Deed Registration

If all has gone smoothly, then you’ve signed titles in the notary, exchanged cheques/money transfers, paid your share of notary fees/taxes (budget 1.25-1.50 percent of the purchase price plus lawyer fees for closing costs), and have keys to your new place. Closing costs shouldn’t exceed 2% of the value of the property you buy.

There are a series of steps, however, that your lawyer should now do to make sure everything flows properly in the department of Registro, which oversees land titles/registries. Again inexperienced real estate lawyers will often disappear here once their fees are paid.

This process ends with a refresh of the certificado de tradición y libertad, which can be pulled online and will show that you are the official owner and that all electronic records have been updated. Don’t forget about this part!

We’ve seen errors in registro after 20 years when someone thinks they owned property that they didn’t wind up being a nightmare. 

You’re also now free to instruct your lawyer to start the central bank registration of your invested funds if you intend to use your property purchase for visa/residency purposes.

Obtaining a Colombian ID card (the cedula) will follow as well.  But, you are essentially done. Enjoy.

2023 Update #1: Post COVID Colombia

As I pen this update in 2023, we are in the midst of yet another strong year for the Medellin real estate market unlike many other parts of the world. Inflation is running high, construction costs have spiraled up, interest rates are high, but the economy is generally quite strong. These post-COVID stimulus effects have the result of pushing prices up across the board for Medellin real estate. You can see local news commentary summarizing the post-COVID effects here (La Republica) and here (InfoBae). Colombians generally love real estate because it is such a great inflation hedge over the long term beating most if not all other asset classes long-term.

2023 Update #2: Remote Work

Ten or fifteen years ago, remote work was usually associated with hiding from your boss and guilt of not being in the office and visible to your staff or co-workers. Five to ten years ago many online entrepreneurs were starting to discover the attractiveness is remote work in Medellin. Time zones, climate, quality and cost of living all ranked high on lists of remote work commentators like Nomad List. Post-COVID, the acceptance of flexible, hybrid, remote work, working-vacations globally have led to a massive influx of foreigners to Medellin more than any other city in Colombia. However as local housing prices get pushed up, the people and politicians in Medellin like many cities in the world are starting to ask, “how much is too much?”. 

2023 Update #3: The Gustavo Petro Presidency

The last year was important for Colombia politically because we elected a new congress in March 2022, and a new president on August 7, 2022, Gustavo Petro. Colombia has become more politically divided (it seems just like everywhere else in the World) than I have seen in the past. The media coverage in both Colombia and globally about the elections was a story of “Left” vs. “Right” with lots of fear-mongering on all sides. The reality of Colombian politics is that the country has been the most stable democracy in the history of Latin America and is the closest ally of the United States in the region, whether you like that fact or not. I don’t think this will change. Colombian congress is today “center-right,” and keeping the President in check from making large reforms that could hurt the economy. 

Check out these “Amigos” here after the election results.

2023 Update #4: Taxes

While this is not an article about Colombian taxes it would be remiss without some commentary/update as there is a new tax reform/regime in place as of 2023. If you’re thinking about becoming a tax resident (= 183 of the last 365 days) in Colombia you should read this for a good summary from PWC. Colombia has global income and wealth taxes that could affect you but generally you won’t be double taxed (when using tax credits). Keep in mind that having a resident visa doesn’t mean necessarily that you are a tax resident; tax residency is strictly as I defined above.

Almost all companies in Colombia pay 35% corporate tax rates unless abated by special programs such as those that were (in the past) available for hotels (like ours!) where the rate could be as low as 9%. Dividends paid to non-residents have a 20% WHT automatically applied whether paid to local or foreign accounts it doesn’t matter.

Income in Colombia is taxed at progressive rates for residents at up to 39% and flat rates for non-residents at 35%. Assets can be depreciated for residents (including SAS) at a rate of 45 years = 2.22%/year. If your tax rates at home are >35% then you’ll use a tax credit for what you pay in Colombia to avoid double taxation. If your tax rate is <35% then income earned in Colombia will unlikely result in additional taxes paid at home.

My advice is unfortunately not to trust most accountants in Colombia and you should seek true professionals affiliated with international networks, here is a decent list. A bad accountant (most are bad) will mean you will pay more in fines than you will ever pay in accounting fees. When the totality of your income in Colombia is subject to source retention taxes (like we offer at Casacol) you have no obligation to file in Colombia.

Special Topic: Buying in Pre-Construction Projects

When buying Medellin real estate from pre-construction “developers” it is important to note that a slightly different process is involved. I put developers in quotes because everyone with a graphic designer and a friend who owns a buildable lot seems to be a developer now with a fancy presentation deck. Always be careful about who you are doing business with and do some diligence about who is really behind all the fancy logos on the “Team.” 

The pre-construction purchase process often starts with signing a no obligation hoja de negociación or a letter of intent with the builder or developer to hold your place. You may be asked to put a small amount of money down at this stage, and it can be from 1-5 percent and usually gets deposited at the Fiducia (escrow) account.

Fiduciaries in Colombia are regulated financial entities that offer an escrow-like service to builders/developers to handle all the money/contracts associated with a new development. They guarantee nothing, however. If the project aborts, they have little obligation to help you out, it’s mostly symbolic confidence. You NEED to know who you are doing business with, their experience, track record, and property management strategy. Conflicts with developers and fiduciary companies in Colombia take years to be resolved when you need to go to court. Many of these issues can be avoided by doing your homework ahead of time.

The Fiducia does offer some safety and organization to pre-construction projects however because the Fiduciary will enforce the buyers’ contracts as well to make sure they are paying on time, etc., paying the builder in installments as he meets sales goals. The Fiduciaries act as traffic cops to ensure buyers and builders do their part on time.

Instead of signing a promesa de compraventa for new construction, you will sign the encargo with the Fiduciaria, which serves a similar purpose and legal obligation as a promesa de compraventa of a titled property.

“IN GENERAL, AFTER ALL MY YEARS OF WITNESSING BOTH SUCCESSFUL AND FAILED PRE-CONSTRUCTION PROJECTS, MY CONCLUSION WOULD BE TO WATCH THE MARKETING STRATEGY OF THE DEVELOPER/PROMOTER VERY CLOSELY.”

The most successful developers either build for themselves (build to own – because they believe so much in the product or using bank financing) or market to their existing clients in a private fashion without fancy sales rooms, without “Call now” banners hanging from the sidewalk. No billboards, no Instagram, no free steak knives. Because, by definition, they have a long-term successful money-making relationship with those investors who return to invest again and again.

“One-timers” are going to have the fanciest marketing materials, renders, videos, and social media you’ve ever seen. It’s hard not to look at their Instagram ads, because they are good! Let’s be honest, real estate needs to be marketed to be sold, but the most successful developers sell out projects in days or weeks with a simple “Hey old clients, we have a new project” email to their client base, not with social media. Younger or small investors (<$50k USD) can often fall prey to the sizzle vs. the steak. Facebook and Instagram social media have become completely polluted with Medellin real estate projects in recent years that mostly never see the light of day.

In Summary: 8 Questions to Ask Before You Invest in a Pre-Construction Medellin Real Estate Project if You Have Any Doubts

1. Who’s the whole team? Lead developer, architecture, structural and civil engineering, project management, sales/promotion? Resume (hoja de vida) for each team member.
2. What stake does any/all of the team have in the final project? Or are they just going to sell out to investors? Or has the “team” padded their profits with participation just to tell you, “we are already 50% sold, don’t miss out?”
3. Is there a construction license approved? Ask to see the submitted plans in PDF, and compare them to what you are being sold, floor by floor. 
4. Does the builder/GC have any gray hair? Medellin is full of junior engineers looking for their first real project. Personally I don’t want 20-somethings making my structural design decisions.
5. If they are claiming something like “X% already sold, act fast,”—how many buyers and how many units/shares have they bought each? Have they done business with you before? Can I speak with 2 or 3 of them personally? Ask for a reference from an existing client.
6. If it’s an investment property, who’s the property manager or operator? Check their resume, references, experience, and track record. Compare their REAL, delivered, historical ROIs, and track record of meeting expectations to what is being promised/suggested by the sales promoter.
7. Financial engineering, do your ROI projections include appreciation (hope and a prayer, especially in $USD terms), or are they cash on cash returns? Big difference!
8. Liquidity, what about when I sell? Who’s going to help me exit the investment in the future? Because if the business isn’t working, never mind about price/value, because liquidity=0.

Thoughts on $USD/$COP in 2023

Today (July 2023 update), the USD stands at $4200 COP, a historically very low point for the COP during a year of high volatility. Many people ask me for my thoughts on what the COP will do in the next X months/years. I have no idea. Nobody knows. When I started investing in 2008 the COP was a strong as 1800/$1 USD. The trend in the last 15 years is simply that politicians in Colombia can’t help themselves but print money and inflate the COP to pay for short-term projects. I don’t expect that to change. It means that you need to think of price and appreciation, rents, etc., in both USD and COP terms to build a proper perspective. Medellin real estate (and real estate in general) historical absorbs inflation very well. But over the long term one should been reasonable about appreciation potential in USD terms. This is a market to extract high ROI and rents, not always appreciation. High quality assets that can be priced for rent/sale in USD vs. COP will serve the Medellin real estate investor well. This is 100% our focus as a company.

Medellin Real Estate Bubble?

Here’s another question I get asked a lot, prices are way up (in COP terms) in the last 5, 10, years, is Medellin in a real estate bubble? It seems like ever since 2008, everyone is a bubble watcher. The first question I always ask is, do you know how an investment bubble is defined?

AN INVESTMENT BUBBLE TYPICALLY GOES THROUGH STAGES OF 1) BOOM, THEN 2) EUPHORIA, THEN 3) PROFIT-TAKING, THEN 4) PANIC/SELLOFF.

Given that foreign investment in Colombia is still low as a % of the market, credit is relatively hard to get for locals, mortgages are not possible for foreigners, mortgage interest rates are high (18%+ in 2023), and mortgage down payment requirements are 30% (by law) and that Colombia already learned dearly from their 1998-1999 real estate bubble and subsequent financial crisis, I don’t see conditions for a bubble in Medellin real estate. I wouldn’t even say we are in a “boom.” I think the market here, on average, is well balanced between supply and demand. And today in 2023, the costs of construction have increased so much due to an ever decreasing COP vs USD, I don’t see how prices fall (in COP terms). Regardless, I always enjoy these debates with our new and existing clients.

Summary

Buying property in a foreign country like Colombia can be exciting and very rewarding both personally and financially, as I can attest to in my experience after 15 years of investing and doing business here, helping primarily foreigners find high-quality real estate investments in Medellin.

The key is to seek advice from people who are licensed, affiliated with local and national organizations, trained, specialized, and have a deep set of knowledge and experience in doing what you need them to do.

At Casacol, I’ve built a team and ecosystem of highly trained agents, project managers, expert property managers, legal experts, bankers, and accountants to help foreigners looking to invest in Medellín.

Medellín Living readers can read more about my company here and can contact me directly at sales@casacol.co to discuss their investment priorities at any time.

Thanks for reading, I hope this article has been useful for all.

Brad.

The post Medellin Real Estate: 2023 Foreign Buyer’s Guide appeared first on Medellin Living.

Salon Malaga is an old-timey bar perfect for tango and bolero lovers. When setting foot in here, you’ll be able to travel back in time and feel like you are in one of those old days bohemian movies.

Are you curious about what you can find there? Then let me share an honest personal review about Salon Malaga with you.  Let’s get into it!

A Brief History of Salon Malaga 

This bastion of the musical tradition of yesteryear was born in 1957 and founded by Gustavo Arteaga. Its main objective was to cultivate popular music as an art. Art is enjoyed to the fullest regardless of age or social status.

Recently, this place has grown in popularity. A big reason for that is because many famous artists and music figures of yesteryear have graced the halls of the Salon.

One of the charms of Salon Malaga is the collection of photographs on permanent display. You can look at photos of Medellín in the first 50 years of the twentieth century. There have been glamorous artists who performed there. 

The Gold Record was awarded to Salon Malaga by CBS in 1968, in a competition in which it ranked first. Today, it’s a historical and cultural heritage of Medellin, where you can learn much more about history.

If that isn’t impressive enough, Gustavo Arteaga is one of the most important collectors of yesteryear music. He has a collection of 78 revolutions records with real musical jewels that are difficult to find anywhere else.

How to Get There

Public transportation is the best way to get there. This Salon is just a few steps from the San Antonio metro station (Route A). If you prefer to take the bus, you can take one of these:

• 133D
• C6E2
• M36
• T4 016

It is not simple to drive there since parking your car can be a bit tricky. The area in front of the venue is more pedestrian friendly and used for the EnCicla bike system. So if you skipped leg day, this one is in your favor.

Getting there by taking a rideshare app or taxi is also a good option. 

IG: @salon.malaga

Website:https://salonmalaga.com/

Address: Carrera 51 N° 45-80 San Antonio Metro Station

Events at Salon Malaga

Throughout the week, you can attend various events and activities. Expect to be treated to exquisite dance shows, meetings, and much more.

On their website, you can find the schedule of their events that are available every week. If you want to catch an event with top-rated artists, you should check their Instagram page. 

Now let’s see the events you can attend!

Tango Shows

Enjoy the best live performers every Saturday from 5:30 p.m. Tango is a frequent art in the Salon and is always accompanied by live music. Tango shows are the most popular events, so you better make your reservations for the shows beforehand. 

Tango is one of Arteaga’s favorite genres, so this place is one of the dance floors where the annual Medellín International Tango Festival takes place.

Events like this are also a meeting place for true connoisseurs of tango.  Guests take hours talking about the subject, drinking wine, and sharing vinyl gems from their collections.

Musical Meetings

The second Wednesday of every month at 5:30 pm is dedicated to live ancient music. These nights are a perfect cultural space to share ideas, meet new people, and practice some Spanish language. 

If you didn’t know anything about the Colombian music of yesteryear, musical meetings are the perfect spot to learn about it. Some of the genres you can enjoy are:

• Bambuco
• Opera
• Zarzuela
• Bolero
• Criolla
• Porro
• Waltz

Bolero Thursdays

One of the most popular events at Salon Malaga, and for which you have to make reservations in advance, are the Bolero Thursdays. This event is a relaxing opportunity to take a sip of your favorite beverage while enjoying live musicians performing beautiful old-world songs.

This bohemian music event attracts locals, foreigners, and audiences of all ages. The atmosphere created around this event is very casual and elegant. Even if you don’t understand Spanish, the bolero is a music genre that doesn’t need words to express emotions and feelings.

Viejoteca

Every Sunday from 2:00 pm, the dance floor is open to anyone who wants to practice a few moves or admire the perfect dance moves of authentic old music lovers. 

Making a Reservation

You only need to book a table on Saturdays, the most popular day of the Salon. On the other days, entry to Salon Malaga is free, and you’ll easily be able to find a place to sit.

To make a reservation, guests must send a bank transfer, a photo of the receipt to Whatsapp, the number of people, the reservation name, and an ETA.

A phone number is located on the website if you have any questions.

Spend an Evening at Salon Malaga 

Without a doubt, Salon Malaga is one of the Medellin must-visits that you cannot miss. If you want to relive the memory of the old Medellin and discover a little more of its musical heritage, spend an evening at this yesteryear music sanctuary. 

So, what do you say? Are you thinking of practicing your dance floor moves at Salon Malaga? Let us know in the comments!

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The post An Honest Review of Salon Malaga appeared first on Medellin Living.