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PER SQUARE FOOT ANALYSIS OF CARTAGENA UPSCALE REAL ESTATE PRICES 2016
By: Paul Juan
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?
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?
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.
Palmetto Sunset dominates this market area with prices above $213
Las Olas is the leader in this area with their projects Torino and Napoli with prices of $170.
With the completion of the tunnel, new projects are coming on the beach side of Crespo, giving great boost to this area.
Cielo Mar keeps good construction activity for affordable vacation apartments.
CARTAGENA IN GENERAL: $198
WHAT'S FOR THE FUTURE?
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Office: Bocagrande, Cra. 1 Calle 13 Edificio Cartagena de Indias - Local 1. Tel.: (57 5) 665 0515. Celular: (57) 311 660 2756. Cartagena de Indias, Colombia.
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