In today’s video Marcello talk to us about how we can make a fortune investing in Medellin, Colombia.
Obviously, the coronavirus has caused some sort of curveball in all our plans, but that’s not necessarily a reason to not look for opportunities.
When we talk about real state, property value is always fluctuating. Prices go up in some places while the fo down in others. And since the economy is reopening worldwide, the housing market is also going to start gaining strength again.
One of the things Marcello’s been able to do during his career, and thanks to the fact that the world is now accessible to all of us, it’s looking for opportunities overseas that can give him the best return in profits.
Colombia has an extremely dynamic economy when compared to other Latin American countries. It has an excellent bank for your buck, and because of the coronavirus pandemic, the dollar has exploded to the upside letting you get a very significant discount when looking for property around the world and especially in Colombia.
Colombia has a tumultuous past but has overcome most of it. Colombia is one of the fastest-growing economies in the world (Not the fastest, that title belongs to India and China) and since it has been living in some sort of stability lately, it is a lot safer to visit and there are also many more opportunities to be found. Marcello has been based in Medellin, Colombia for the lastest years and has been able to witness how the city has transformed and become one of the big economic powerhouses of the country alongside its state, Antioquia, making them as important as Texas or California to the U.S. He has some investments and ongoing projects placed in the city and believes opportunities are there for everyone.
One of the great things about Medellin and its property value is that now that everybody thinks that it’s safe, there are a lot more people pouring into it, opening businesses, investing in Colombia. Also, tourism has increased significantly in Colombia, even though the coronavirus probably hurt that too, but it will recover and regain that soon. So it’s an opportunity you can’t miss since, as we already said, the strong dollar will make you get a property for 60%-70% the price of what the property is worth, due to the current amazing exchange rate, then the real state will continue to rise its value; according to the DIAN, which is like the Colombian IRS, the properties are valuating at 7% annually, but Marcello argues that the real value of a property is what someone is willing to pay for it, not what the organization says, so it can go really higher than that due to all the great characteristics of this growing region; and once the dollar goes back down when you bring back the money you will be able to make a fortune.