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:
The ranking for the Latin American Markets is:
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:
| Country | Market | 2007 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:
| Country | Market | 2007 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
Whether it is cheapest or the highest rates.
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