Introduction

Bogotá is booming. It is a city on the rise with new skyscrapers, cable cars, mega developments and a subway on the way in the coming years. The Colombian capital is innovative architecture, ever-evolving mobility and dedication to the arts. Here are five reasons why now might be the time to buy property:

Fall in the value of the peso

The drop in oil prices has led to a drop in the value of the Colombian peso, which is good news for those with dollars to invest. Several factors have led to this decline, which has averaged around 40% this year, but oil prices are the most important. Colombia produces more than a million barrels of crude oil every day. This change in price means that properties in Bogotá are now even more attractive to buyers who have dollars to spend.

Properties are increasing in value

Bogotá's real estate boom began in 2009, and although the market began to slow down a bit in late 2013, prices are still heading in the right direction. High-end properties are the most desirable, especially among foreigners, and are the strongest on the market. High-end property prices have increased by more than 10% in the last year alone.

It's a buyer's market

Although properties in Bogotá now offer better value for foreign investors, and high-end prices continue to rise, the capital remains a buyers' market. It now takes 270 days on average to sell a house in the city (it used to be 180) and most foreigners are cash buyers, meaning that, with a little patience and persuasion, there are plenty of bargains out there.

There are no restrictions

Colombia welcomes foreign investment and there are no special restrictions on foreigners buying property in the capital. Buying a house can even help a homeowner secure a visa or residency rights, and although it can be complicated to negotiate the purchase of a house abroad, most foreigners do it easily with the help of a good real estate agent and independent legal advice.

Bogotá is a great place to live

It helps if you love your new home. City neighborhoods such as Rosales, La Cabrera, Santa Ana, Santa Bárbara, Chico and Usaquén are popular with foreigners, thanks to their innovative new buildings and quality workmanship. The city's colonial neighborhood, La Candelaria, has some of the most beautiful buildings in the area. Colombia's capital is a hive of activity with new cafes, restaurants, theaters, art galleries, museums, concert halls, parks, sports centers and the best universities in the country. There really is something for everyone.

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