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PER SQUARE FOOT ANALYSIS OF CARTAGENA UPSCALE REAL ESTATE PRICES 2016

By: Paul Juan
Date: July 18 2016

Friends, colleagues and clients… I gladly present to you this analysis of the year 2016, the last analysis I made was in 2011.


1. What's the current price per square foot in Cartagena?
The above question is very frequently asked by prospect buyers, but it is very difficult to answer with some scientific or statistics basis, I'll try to explain why.

Fox example in the large apartment complexes near Hotel Las Americas, like Morros Ultra, Murano and Morros Epic, it is more valuable the specific location within the complex and the quality of the view. It is worth more an apartment with unobstructed ocean view than another with lake view. But why is this? Because there is more demand and less availability and because there are more buyers willing to pay the asking price for the ocean view.

Then question 1 should be more focalized on location, building or apartment complex where you are interested in buying. The question should be:


2. What's the latest price per square foot paid for a similar property?
A knowledgeable sales agent should give you an answer with solid basis to decide.

The results have no scientific or statistics basis, I simply take my listings and do the numeric exercise of dividing the price by the area and then averaging all.

Figures in U.S. Dollars and square feet based on: 1 U.S. Dollar = $3,000 Colombian Pesos, 1 square meter = 10.76 square feet. The original tabulated data was in pesos and square meters.

  Average price per square foot
 
HISTORIC CENTER
     Centro
     San Diego
     Getsemaní

$245
$279
$303
$170



CASTILLOGRANDE

$223   

Projects like RIVA and ICON 8 on Piñango avenue, have prices above $216, MONARCA, a new project on the beach side has average prices of $272 USD/SQ. FT.


BOCAGRANDE

$213

Projects on the beach like Morros City and Murano Elite, have average prices above $213. Murano Elite, están arriba de 7 millones por m2. Infinitum is an affordable option.


LAGUITO

$201

Palmetto Sunset dominates this market area with prices above $213


MANGA

$148



CABRERO AND MARBELLA

$151

Las Olas is the leader in this area with their projects Torino and Napoli with prices of $170.


CRESPO

$133

With the completion of the tunnel, new projects are coming on the beach side of Crespo, giving great boost to this area.


CIELO MAR

$127

Cielo Mar keeps good construction activity for affordable vacation apartments.


BOQUILLA

$157



BARLOVENTO

$151



CARTAGENA IN GENERAL: $198
Please keep in mind that I work in the higher strata areas of the city.


WHAT'S FOR THE FUTURE?
The mega project SERENA DEL MAR is a great factor of development, offering a wide variety of properties: housing for all strata, offices, marinas, social clubs, golf courses, shopping etc.


----- Previous Articles -----

Per square foot analysis of Cartagena real estate prices 2011.

Per square foot analysis of Cartagena real estate prices 2008.

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