By Paul Juan, June 18, 2008.


Figures in U.S. Dollars and square feet based on: 1 U.S. Dollar = $1,700 Colombian Pesos, 1 square meter = 10.76 square feet.

This Analysis is based on sq. footage asking prices of properties, and/or projects, listed in my Web sites: www.cartagenainmuebles.com (Spanish) and www.cartagenarealty.com (English).

My assistant Alejandra Amaya finished these spreadsheet tabulations on June 17th. 2008.

Please note that Paul Juan Realty specializes in high-end properties located in Strata 4, 5, 6, and areas that proximate on, or near the sea.

This Analysis is a response from many of my Internet Buyers and prospects who typically are interested in LOCATION, LOCATION, LOCATION, and prices per square feet relating to the areas of: Historic center, Bocagrande, Castillogrande, Laguito, Marbella, Crespo, Manga, Boquilla and North Zone.


» AVERAGE RESULTS : Relate to all of the above combined areas:

Average asking price per square foot in greater Cartagena: $217.90 U.S.D.
Average asking price per square foot of pre-owned properties: $201. U.S.D.
Average asking price per square foot of new, or under construction apartments: $231.30 U.S.D.

In 2003, when I began working in Real Estate, the base price in Cartagena was a $54.70 U.S.D. per square foot. In 2002, Constructora Barajas sold out their Estefania Building apartments during a lunch party,and the average price of $98.40 U.S.D. per square foot, which at that time was considered exorbitant! My first sale was at Torre Andalus, November 2003, was closed at $101.10 U.S.D. per sq. foot.

Selling prices of property in Cartagena have tripled (or more) within this past five year period.

NOTE: Cartagena properties are still a bargain compared with other countries. Plus, when you factor in our low living costs, and high standard of living, we are very fortunate to be enjoying Cartagena!


» ANALYSIS BY AREAS :

Historic Center is the most expensive area (here, and all of Colombia) with an average of $386.50 U.S.D. per sq. ft. The Captain's Apartment (see my website) is currently the most expensive property listed at $579. U.S.D. per sq. ft.

Then follows Bocagrande with an average of $210.60 U.S.D., slightly more than Castillogrande. Great projects on Malecon Avenue like Palmetto Eliptic or Infinito are selling at prices over $273. U.S.D. Listed pre-owned apartments in Bocagrande, fronting the Bay, are $220. U.S.D. per sq. ft.

Castillogrande has an average price of $209.30 U.S.D., influenced mainly by projects such as: Malibú, Trocadero, Puerta del Mar and Puerto Velero, which have averages close to $273. U.S.D. The projects on Piñango Avenue: Bahia Grande, Portobello and Mares have average prices below $218. U.S.D., thus helping lower the over-all average price of Castillogrande.

The North Zone demarcating from Cielo Mar to the Marahuaco Toll Booth, has an average price of $200.20 U.S.D. per sq. ft. It is important to differentiate prices between the strip of la Boquilla and the Mega projects: Barcelona de Indias, and Cartagena Laguna Club.

In Boquilla, where Conceptos Urbanos is the dominating developer with four projects: Morros 3, Vitri, Epic and Ultra, plus projects such as: Murano, Atabeira and Ocean Pavillion, the average price per sq. ft. is $218. U.S.D. Notice here that the asking prices of pre-owned apartments are the same as new units recently constructed. This area has experienced the greatest appreciation since the Cartagena real estate boom began in 2002. The average sq. ft. price at that time, was $54. U.S.D. less than Bocagrande and Castillogrande prices, while now it is only $11. less.

In Barcelona de Indias the prices per sq. ft. are $164. U.S.D which includes the lot and the constructed house. In Laguna Club the average price is of $136. U.S.D. per sq. ft.

Marbella, Crespo and Manga new projects offer a wider price range that varies between $169. to $207. U.S.D. per sq. foot.

Laguito presents a wide spread of prices for its mixed nature between tourist and residential, and also by the number of old buildings where one can still find cheap apartments. Poseidon del Caribe is the only project in execution. And amongst the preowned there are prices from $98.8 to $185.4 U.S.D. per sq. ft.

The least expensive area is Crespo with an average of $171. U.S.D., although there is one reference offered at the Beach Club project, Apartment 24C2. of Tres Carabelas, in Laguito at a bargain price of $96. U.S.D .per sq. foot.

» NUMBERS :

		Project	Price/sq. ft. (U.S.D.)
	Historic Center		$ 384.5
		San Diego 974	$ 422.5
		Pre Owned	$ 346
	Bocagrande		$ 210.6
		Galeón Azul II	$ 193.1
		Akashi	$ 200.9
		Marquis	$ 208.5
		Galeón Azul	$ 210.4
		Al Andalus	$ 213.4
		El Faro	$ 247.6
		Terrazas del Mar	$ 250.9
		Palmetto Eliptic	$ 277.8
		Infinito	$ 294.3
		Pre Owned	$ 180.7
	Castillogrande		$ 209.3
		Bahía Grande	$ 205.1
		Portobelo	$ 238.5
		Malibu	$ 239.6
		Heritage del Mar	$ 250.1
		Puerta del Mar	$ 262.3
		Trocadero	$ 267.1
		Puerto Velero	$ 272.2
		Aquamarina	$ 291.9
		Bahía Concha	$ 294.9
		Canarias	$ 332.8
		Pre Owned	$ 173
	North Zone		$ 200.2
		Laguna Club	$ 136.9
		Barcelona de Indias	$ 161.2
		Helios	$ 177.6
		Morros Vitri	$ 189.9
		Morros 3	$ 214.8
		Atabeira	$ 222.4
		Ocean Pavillion	$ 224.1
		Morros Ultra	$ 224.2
		Murano	$ 236.2
	Manga		$ 199.3
		Vista Cartagena	$ 187.9
		Torre Regatta	$ 210.7
	Marbella		$ 186.7
		Altamar	$ 177.1
		Terraza S.Sebastian	$ 182.9
		Zafiro	$ 198.4
	Laguito		$ 179
		Poseidón del Caribe	$ 208.1
		Pre Owned	$ 152.2
	Crespo
		Beach Club	$ 171.9
		Pre Owned	$ 127.5