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Are you looking for property and prepared to take a gamble?

Discussion forum for expats moving to or living in Colombia.

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Are you looking for property and prepared to take a gamble?

Post Posted: Thu Oct 17, 2013 1:12 am

If you are looking for property in the Medellin area, the recent tragedy may have worked in your favour.

Following the collapse of the Tower block in El Poblado Medellin, where an as yet unknown number of workmen were killed whilst trying to do a repair, the property prices in an area which many consider the place to be, are already tumbling.

It is a terrible thing to profit from the loss of life, but if you put on your business head, this is definitely the time to be looking in that area, if only for investment property.

For the Residents of the six Towers, it is an uncertain time, because the Building Companies Insurance Company have said that structural defect is an exclusion, and they will not consider any claim. These properties were built by a long established Company, although there is a lot of speculation, that at least in this case corruption played a part, as the Officer who signed the Building Permit and owns two apartments in the complex, has been asked a number of times live on air, how a man in his position can afford to buy in El Poblado!

There was a similar incident in 2010 where a number of low level houses collapsed in El Poblado following heavy rains, and land shift, therefore there is always the chance of this happening again.

If you weigh up the pros and cons, you may find there is a bargain to be had. Will I be looking to buy there?... I wasn't before, and nothing has changed my mind, that lifestyle is not for me, even ignoring the obvious risks of doing so.


If you want the rainbow, you got to put up with the rain - Steven Wright


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Re: Are you looking for property, prepared to take a gamble?

Post Posted: Fri Nov 01, 2013 8:41 pm

OK, there are times, when I admit that maybe I was wrong, and this is one of them! My advice now is to stay well clear of El Poblado.

Following the tragic deaths of eleven in collapse of the apartment tower, extensive checks are under way on all similar properties in the area, and so far, five other Complexes have been evacuated as a result of similar structural problems, and all by the same Developer.

It has been stated that it would be possible to repair these Complexes, but as the Developer has declared himself bankrupt, it will be left to the property owners to fund any repairs.

So contrary to the many Expat views, of "Come to El Poblado", I would say there are many places that are cheaper, both to buy, rent, and live, now I would add to that 'Safer'.


If you want the rainbow, you got to put up with the rain - Steven Wright


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