In its annual outlook, a Panama-based publication recently ranked the best global locations to buy real estate this year, and two of the largest cities in Colombia — the “irresistible” Cali and gentrifying Bogotá — made the top five.
Only two markets in Portugal — Algarve in first place and Lisbon coming in second — beat out the Colombian hotspots on the list of the “Best Places to Buy Real Estate Overseas in 2017” compiled by Live and Invest Overseas.
Its complete top nine ranking features these cities:
- Algarve, Portugal
- Lisbon, Portugal
- Cali, Colombia
- Bogotá, Colombia
- Las Terrenas, Dominican Republic
- Playa del Carmen, Mexico
- Cocle, Panama
- Ceara, Brazil
- Cape Verde
When looking at Cali, the editors are experiencing deja vu. They see the Valle del Cauca capital following the same path that another Colombian city has already taken. “Cali is Medellín 10 years ago,” wrote the publication.
“Property values are an absolute global bargain,” continued Live and Invest Overseas. “The rental demand is expanding — this is one of the fastest-growing tourist markets in Colombia — as is the city’s middle class. The U.S. dollar is at a record high against the Colombian peso, making this undervalued market irresistible.”
The capital, while always appealing as one of Colombia’s largest and most connected cities, is also on the rise. The currency deflation in recent years has hit at the exact same time that high-quality food, coffee, and cultural attractions are popping up more and more throughout Bogotá.
“This is a hub for Latin American business, meaning a strong business traveler rental market,” according to the outlet. “At the same time, this is Colombia’s most popular tourism destination and international travel to Bogotá is increasing. All this adds up to a growing tourist rental market. Neighborhoods are being gentrified and the local middle class is expanding quickly, meaning this city offers a capital appreciation play as well.”
Photo: An aerial view of Bogotá shows its development in recent years. (Credit: Jared Wade)