Colombia, The cheapest real estate market in the world.

Well it sounds overstated, but it’s true. The results was given according to the 2007 Coldwell Banker Home Price Comparison Index (HPCI). This annual “apples to apples” comparison of similar middle management homes finds that an average 2,200 square foot, 4 bedroom, 2 and a half bath home in Bogota costs an average price of US$140.100, making the city as one of the cheapest real estate market in the world, and one of the most attractive markets for foreign real estate investment.

Serving as a “snapshot” study, the Coldwell Banker HPCI evaluates average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage in 394 markets across the United States, Puerto Rico, Canada and a sampling of 55 countries/territories outside of North America where Coldwell Banker has a presence.

Dublin is the most expensive studied market outside of North America (prices converted to U.S. dollars as of Sept. 7, 2007) where an HPCI subject home averages $2.1 million U.S. dollars. Coldwell Banker charts a total of 13 markets outside of the United States which average more than $1 million, including Milan ($1.9 million), Rome ($1.7 million) and Paris ($1.7 million). Bogota, Colombia, ($140,100) is the most affordable foreign studied market.

Several markets including Egypt’s Sharm El Sheikh ($144,896), Charlottetown, Canada, ($157,630) and Granada, Nicaragua, ($158,375) also average below $200,000. Warsaw ($417,760) in Poland is the foreign market closest to the $422,343 U.S. average.

The most expensive studied international markets included:
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Country Market2007 Avg. Sales Price in U.S. 2007 Average Sales Price in Local Currency
SPAIN Madrid $1,135,351 829.798 EUR
ITALY Florence $1,352,167 1.016.667 EUR
IRELAND Cork County $1,630,061 1,187,500 EUR
FRANCE Paris $1,677,878 1,208,863 EUR
ITALY Rome $1,793,838 1.348.750 EUR
U. S California $1,826,258 1,826,258 USD
ITALY Milan $1,917,195 1.441.500 EUR
IRELAND Dublin $2,133,891 1,562,500 EUR

The ranking for the Latin American Markets is:

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Country Market2007 Avg. Sales Price in U.S. 2007 Average Sales Price in Local Currency
COLOMBIA Bogota $140,100 281,600,000 COP
NICARAGUA Granada $ 190,000 3,616,080 NIO
PANAMA Panama City $ 201,333 204,655 PAB
MEXICO Guadalajara $ 246,522 2,746,810 MXN
HONDURAS Tegucigalpa $ 377,500 7,182,881 HNL
COSTA RICA San Jose $ 389,900 206,545,626 CRC

Comentarios

adrin ha dicho que…
Real estate investment has always been profitable in the long term.
Whether it is cheapest or the highest rates.


Boise real estate

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