In recent years, Medellín has experienced a real estate boom that has generated an increase in the cost of both renting and purchasing a home.
The fact that it has become a tourist destination, the arrival of digital nomads and the growing trend of tourist or short-term rentals has made it increasingly complex and expensive for a person to find a place to live.
To analyze this situation, the portal Fincaraíz.com.co and the company Real Estate by Mis Propias Finanzas carried out a report on the value of the square meter in the capital of Antioquia.
One of the main findings was that, despite the wide range of properties for sale and rent, prices per square meter present notable variations depending on the socioeconomic stratum.
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Rentals and home purchases in Medellín
Photo: Courtesy of Real Estate
The report says that in stratum 2 the price per square meter of an apartment for sale is $3,021,532 while for stratum 3 it amounts to $3,883,901 and for stratum 4 it reaches $5,098,164. In stratum 5, the cost per square meter is $5,564,076 for apartments and $4,742,705 for houses, while for stratum 6 the prices for these two properties are $6,589,162 and $5,984,750 respectively.
“In the case of leasing, the numbers also reveal interesting trends. The price per square meter of an apartment in stratum 2 is $18,775, while for stratum 3 it is $25,218 and for stratum 4 it reaches $37,004; in strata 5 and 6 it reaches $43,693 and $53,933 respectively,” the investigation reads.
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Most demanded and offered regions
This study reveals that in terms of sales, Bogotá (37.7%), Cundinamarca (13.4%) and Antioquia (12.6%) lead the places where people most consult real estate to buy, while Bogotá to rent , Antioquia and Valle are the preferred ones with 53.9, 13.5 and 9.7 percent respectively.
However, at the national level Antioquia led the housing supply in 2023, both for sale (23.2%) and for rent (32.4%).
Apartments, once again, occupy first place in terms of supply, representing 53.4% of the total inventory
In the capital of Antioquia, 7 out of every 10 people who consult a home do so with the intention of renting, the report indicates. Additionally, the apartment gets 65% of all inquiries made in the city.
“In the area of housing supply, Medellín maintains a constant flow of opportunities; during the fourth quarter of 2023, an average of more than 23,000 properties for sale and more than 22,000 for rent remained available each month. “Apartments, once again, occupy first place in terms of supply, representing 53.4% of the total inventory, followed by houses with 15.5% and premises with 12.5%,” says the study. .
Likewise, during 2024, housing demand has shown signs of recovery as there was an 18% increase in the number of total property inquiries nationwide compared to the first six months of the previous year.