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      "body": "This time, we interviewed Carla Toledo Lafosse, an independent real estate agent who will tell us about the Peruvian real estate market, the types of projects with high demand, and the proximity to the big cities as a fundamental aspect with regards to real estate investments.\n\nHalloCasa: “Good afternoon, Miss Toledo. Thank you very much for letting us meet you and hear about the benefits of investing in the real estate market in Peru.”\n\nCarla Toledo Lafosse: “Good afternoon, it’s a pleasure to talk with you, especially about a topic of such importance for the country.”\n\nCarla Toledo Lafosse: “I am a registered real estate agent, with a specialization in negotiation. I have been in sales for more than 20 years and in the real estate business since 2007. I have had the opportunity to work with important construction companies of the Peruvian market before starting as a real estate broker, which constituted an important part of my professional training because one learns to manage, not only the sale of the property and the process, but also a lot of human relations. Apart from that I was able to learn technical things like to read plans, to work with certain software tools, the interpretation of construction systems and finishing. In fact, I can now see that those are very important points to differentiate yourself in the modern market.”\n\nHalloCasa: “Please, tell our audience who Carla Toledo is, how she got started with real estate and what her current business is about.”\n\n\nHalloCasa: “In what city or cities does your business specifically work?”\n\nCarla Toledo Lafosse: “We operate mainly in the capital, Lima.”\n\nHalloCasa: “What is Lima like.”\n\nCarla Toledo Lafosse: “There is a lot to say about it: tradition, vanguard, development, and potential. Lima is a privileged metropolis due to its geographical location right in the center of South America. Bathed by the fertile waters of the Pacific Ocean and by the roaring Rimac River, it flourishes in the arts, industry, commerce and, especially, in its urban plan in frank expansion. Just like the rest of the country, we have micro-climates that differentiate one district from another, which results in a picturesque variety of styles and real estate alternatives.”\n\n\nHalloCasa: “Peru is considered one of the fastest growing countries in Latin America. What impact does the real estate market have on this?”\n\nCarla Toledo Lafosse: “The real estate market responds to the fluctuations of our economy. Currently, in a full democracy, with openness to national and foreign capitals and fairly clear rules of the game, we have an almost unlimited potential for growth. “A family, a home” could be the slogan that motivates us to continue the upward trend of the real estate market.”\n\nHalloCasa: “What are the most demanded real estate solutions?”\n\n\nCarla Toledo Lafosse: “The current demand for housing is mainly focused on B, C and D socioeconomic segments. The requirements of offices and commercial premises show a rebound in the so-called “Boutiques” that innovate with an interesting format, since they are smaller and with commercial premises ready for use by small and medium investors, new professionals and many old professionals who have decided to stop working at home or meeting their clients in cafes. It has also been understood that by buying an office, a similar amount to the one paid for rent is invested monthly.”\nFree Peruvian Real Estate Guide! CLICK HERE\nThe Peruvian real estate market, a point of expansion\n\n\nHalloCasa: “Ms. Toledo, please tell us about the Peruvian suburban market and how much international investment is given in projects of this kind.”\n\nCarla Toledo Lafosse: “Our suburban market bets on the sale of land and large multifamily projects where large companies with national and foreign capital play defined roles in housing development.\n\nThe Peruvian market, in general, is concentrated in an important way in Lima, followed by Arequipa, Ica, Piura and other cities.\nIn general, the segment of homes and offices has backed down from the year 2016 and it is estimated that it will partially recover from this second semester of 2017 and totally in 2018.\n\nThe residential homes and premium offices have calmed their sale, manifesting more investors´ interest in smaller apartments of 1 and 2 bedrooms, as well as small format boutique offices that have greater demand.\n\nDuring 2016, the housing market did not show signs of an expected boom. The distribution of 25% of the AFP funds was destined to cancel mortgage loans, and not to buy real estate. Additionally, the problem of lack of access to mortgage loans in the sub-segment C remained during the year.”\n\n\n\nHalloCasa: “It is said that in Peru there has been an increase in the demand for one-bedroom properties, is that true? Is this fact because people are becoming independent at a younger age? Apart from this potential reason, are there any other reasons?”\n\nCarla Toledo Lafosse: “It’s true, young people are increasingly acquiring housing to live independently. Professionals, employees, they all aspire to have their own home.\n\nBut there is another population segment that demands one-bedroom homes. These are elderly people who live on their own or are accompanied only by their partner and live independently from their children. It is profitable for them to sell the bigger house they had to acquire a new one in resemblance to their new situation and to have a remnant of money to enjoy in their autumn years.\n\nAdditionally, changing a house for a department gives them an increased social element with close neighbors as well as greater security.”\n\n\nHalloCasa: “What are the new trends in the sector? What is the market demanding?”\n\n\nCarla Toledo Lafosse: “It is mainly about affordable housing. Apartments with one or two bedrooms. Not houses. These are being demanded rather by an “A” segment with the ability to also invest in beach and country houses. It is worth noting that this segment is in strong growth with the sustained liberalization of the market.\n\nAlthough it is true that in the last year the accumulated effect of the indecisions of the previous government was noted, a market reactivation is still expected in the current year.”\n\nHalloCasa: “How do you perceive the Peruvian market for the next year 2018? What will be those projects that will top the lists? “\n\n\nCarla Toledo Lafosse: “Despite our development in upturn, the previous government created some mistrust due to their mistakes in the decision making, a situation that always generates a bill to pay. In this case, the debt arrived at the end of their governmental period and continues to this date, reflecting in the real estate sector a slowdown in the market.\n\nHowever, experts’ projections point to an immediate reactivation after having made the appropriate corrections in the guidelines of our macroeconomics. The Peruvian Chamber of Commerce CAPECO estimates that we will recover from the second half of this year, that is, now, expecting a growth of 4% this year and with a more auspicious perspective even for 2018.\n\nOn the other hand, the real estate boom goes through cycles and at this moment we start to climb up the slope again.”\n\nHalloCasa: “Please tell us: how the real estate investment process is for foreigners? What requirements and limitations are there?”\n\n\nCarla Toledo Lafosse: “Sure, in very simplified terms: It has an approximate duration of 15 working days and works via the incorporation of a company. If the partners do not reside in Peru or are not in the country, they must present powers of attorney registered in SUNARP and translated into Spanish.\n\nThe corporate constitution file with a non-registered corporate name must be entered into a public notary’s office and they must also open a bank account with the social capital in its entirety or at least 25% of it. Once the company is registered, they must obtain the Taxpayer Registry and legalize the company’s books.\n\nThe partners can be from 2 to 750, depending on the type of company they want to set up. If the partners do not reside in Peru, they must present powers of attorney registered in SUNARP and translated into Spanish.”\n\nHalloCasa: “As for new developments and real estate projects in Peru, what could you tell international investors who want to invest in your country?”\n\nCarla Toledo Lafosse: “Peruvian legislation has recognized the need to open the doors to foreign capital, this is how, in addition to our internal legal framework, we have bilateral investment agreements, such as free trade agreements, agreements to avoid double taxation, etc., with the main states and with supranational commercial integration groups, such as the Pacific Alliance, the European Free Trade Association, the Andean Community, the TransPacific Association Treaty, etc. All this effort of commercial integration and legal adaptation for our integration into the global market results in a beneficial investment climate that is safe and profitable.\n\n\nIn this order, there are no percentage limits for foreign shareholders. There is no minimum capital required to establish a company. The average duration of the process of constitution of a company is fifteen working days. There are no restrictions for the foreign investment. Branches can be established with permanent legal representation and management autonomy. There is a free availability for foreign currency, free hiring for foreign personnel up to 20% of the total, and the promotion to investment and tax incentives.”\n\n\nHalloCasa: “In numbers, Ms. Toledo, how has the development of the real estate market been in the last decade?”\n\nCarla Toledo Lafosse: “All the analyses coincide that Peru, in the last decade, has had an accelerated economic growth with an average of 5.9% and an inflation of 2.9%. In addition to that, Peru had a poverty reduction of 26.2% between 2005 and 2015, from 45.5% to 19.3%, which means that 6.5 million Peruvians left poverty in that period. The World Bank attributes this to the presence of a favorable external environment, prudent macroeconomic policies and structural reforms in different areas.\n\nAccording to a BBVA analysis, the boom in the real estate sector translated into greater demand for housing is due to:\nThe increase of the income in the families.\nGreater credit facilities to acquire a home (lower interest rates and longer terms)\nThe housing deficit that exists in Peru\nOn the supply side, the real estate sector is attractive due to:\n\nThe profitability that it offers\nThe largest proportion of homes that are sold before having been finished, which reduces the financial cost of the builder\n\nHalloCasa: “What impact does the internet currently have concerning marketing real estate projects in Peru?”\n\nCarla Toledo Lafosse: “The Internet has positioned itself as an indispensable tool for the commercialization of real estate, both with the advertising in specialized portals, as in the individual search of the buyers, without forgetting the generic information that brings very useful points of view to the investor.”\n\nHalloCasa: “What constructive advances have been made so far this year 2017?”\n\n\nCarla Toledo Lafosse: “Despite the general good state of our economy, the real estate sector has suffered some deceleration in the first half of this year. However, an upturn is estimated according to some analysts in 2018 and according to others, from the second half of 2017. The truth is that the state has done its part and now it is up to the private sector to do the same. Banking, for example, by making consumer loans more flexible, has caused many potential home buyers not to qualify because they are paying some consumer credit or because they have delayed the payment of a fee. On the other hand, the investors who have retreated due to some erroneous measures of the previous government, can bet on the stability offered by the current administration which is willing to face the challenge of growth, especially if the rules of the game and the legal framework offer full stability.”\n\nHalloCasa: “Ms. Toledo, we know that your time is limited. We would like to thank you for this informative and in-depth interview. Would it be possible for interested readers to get in touch with you if they have any follow-up questions?\n\nCarla Toledo Lafosse: “It has been a pleasure. Investors can contact me through HalloCasa or contact me directly on mobile phone number 969 710 090 or email [email protected]. Thank you.”\n\nHalloCasa: “Thank you so much for being with us. Always welcome to HalloCasa.”\n\nCarla Toledo Lafosse: “Thank you very much.”\nFree Peruvian Real Estate Guide! CLICK HERE\nAbout HalloCasa:\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa’s mission is to build trust for vendors and investors with respect to cross-border real estate\ntransactions.",
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      "body": "![](https://steemitimages.com/DQmUP5poEF1MqQMX6Nd3Zyu2Z9i29ZAvWCstGKPfWKvjNcL/image.png)Today, we are pleased to present Sam Miller, leading real estate broker in Bogotá, who will talk a little bit about his journey to Colombia and his business.\n\nSam Miller Colombia International Real Estate Bogotá ColombiaHalloCasa: “Good afternoon, Mr Miller. Thank you for taking the time and to talk with HalloCasa. Why don´t you introduce yourself quickly to our audience and describe quickly your business?”\n\nSam Miller “Thanks for the invite. I am an Australian-born & raised, mixed breed American-Canadian. In 2009 I left Canada on motorbike to explore the Americas.\n\n![](https://steemitimages.com/DQma5HTMJorzJFpt1pEar6mwKesFJeEp8Fkmutbsqr7BHD7/image.png)After a year traveling from British Columbia to Buenos Aires, Bogotá and its eclectic lifestyle of opportunities drew me in. Very early on here, I became involved in real estate.\n\nI founded Colombia International Real Estate with a local partner, Sebastian Romero, creating an agency catering to foreigners investing in Colombia.\n\nLiving in Bogotá, Colombia\nSince then we have grown into a property group (partnering with First American Realty Medellin). We have 3 main operations: An international focused full service real estate agency called Colombia International Real Estate creating high-yield real estate investment products (TIPs & PREPs, more info below), and managing furnished rental properties through The Apartment Bogotá.”\n\n![](https://steemitimages.com/DQmWHXhXFNbgdiMzoq6geGYTxdRNurRfNP6f5FtcbKvw5dw/image.png)Bogotá Colombia Calle 19 # 6 Centro\nBogotá Calle 19 # 6\nHalloCasa: “Tell us a little bit about your life in Bogotá, do you enjoy it, what do you like the most, what the least?”\n\nSam Miller: “After 6 years, I still\n\nwake up everyday, inspired by the challenges and opportunities that are laid out in front of me here. Life in Bogotá is not for everyone.\n\nFrom the foreign perspective, low local wages, weather and traffic keep people from giving it a proper chance. These characteristics are deterring for some, but all can be alleviated fairly easily. Low wages? Start your own business, living on an entrepreneur budget can be more exciting in Bogotá than back home with a comfortable wage. Weather? Put on a light jacket. Bogotá is cold by Colombian standards but cool by international standards.\n\nI love the constantly comfortable temperature. Traffic? Get a motorbike or bicycle and use cheap taxis, it is a megacity afterall. With no distinct ¨Gringo Bubble¨, foreigners in Bogotá create lifestyles here that are only limited by imagination. I love sports, random weekend adventures, cultural events, concerts, trying countless new restaurants & bars, and the occasional game of Tejo.” (Read also our other interview with Edwin Schuh about life in Bogotá)\n\nHalloCasa: “How was the journey to setup your business? What for obstacles did you have to face? Can you recommend it in general to become an entrepreneur in Colombia?”\n\nBogotá Colombia - La Macarena\nBogotá Colombia – La Macarena\nSam Miller: “Comparing Bogotá offerings to international standard products and services will give you a 1000 ideas to start with. Our challenge was finding the ´adapter plug´ that took a local need (international standard real estate products and services) and make it appropriate for the international market.\n\nKnowledgeable partners and networking are especially key for entrepreneurs in Colombia. It takes persistence, trial & error and a deep understanding of what and how a Colombian prefers to do things.\n\nDelivering this ¨international standard¨ must be backed by talent all the way through your supply chain, otherwise you won’t be delivering on your promise. This is why we are continually bringing different services in-house.” (Read our long interview about the pros and cons of launching a business in Medellin!)\n\n![](https://steemitimages.com/DQmQhitqqEiadk45WCNEfxYq39HnuJaD6VzgRRXPCqS5E9Z/image.png)Real estate in Bogotá, Colombia\nHalloCasa: “Turning to real estate in Colombia (and in Bogotá), can you introduce the situation a little to people who don´t have any clue?” Do you see arbitrage opportunities in comparison to other markets / countries? Why is it so hot at the moment?”Bogotá Colombia - Centro\n\nSam Miller: “Colombia is playing catch up. For nearly 2 decades it has had stellar growth and the value of real estate is really being appreciated in certain areas.\n\nFollowing these trends are key to identifying potential properties that have both the meat and the milk of a cash cow i.e. equity growth and cash flow. Responsible fiscal management (with the exception of hyperfocusing on oil & gas), Colombia has been a silent achiever, hidden behind an outdated reputation.\n\n![](https://steemitimages.com/DQmSjEdE7wcXmTEgUnN5FneXpGZJFMd4AqikYc1RvgHZkwz/image.png)As the reputation continues to relegated down to a Netflix series, the foreign investment has started pouring in. Tourism growth has gone exponential in the last 10 years and will grow 23% approx. in 2016! (World average is 4%) What this means is the word will get out even further and Colombia will become a default must-see destination.” (Some additional insights: Jon Castro´s view on the transformation of Bogotá)\n\nHalloCasa: “Where would you invest right now? Which cities? Which areas in Bogotá? Which ROI is attainable / with which kind of properties? Which kind of properties do you regard as the most interesting ones in Colombia (maybe different to other countries)?”Apartment Chapinero Bogota Colombia\n\nSam Miller: “Bogotá is the beating heart of Colombia, most MNCs, national and governmental agencies operate from here. It receives 51% of all visitors to Colombia. It has 1 million more Colombians migrating to the city over the next 10 years.\n\nUsing local and internationally experienced eyes, the growing and appreciating areas of Bogotá are fairly straightforward to identify and sift through for opportunities. Buying and renting unfurnished will net on average 4% cash flow.\n\nThis is fine for some, but we look at properties with commercial development or furnished rental potential at 8-10% net cash flow.\n\nAppreciation is a bonus when we analyze a property, but averages around 8% in Bogotá over the last 2 decades. Picking in edgy areas will also catch the very traceable wave of appreciation that a capital city of an emerging country provides.”\n\n![](https://steemitimages.com/DQmTYjhC4kSdaqk5Hu2mFKiVMsgZXijzQWe4ehHY2CvAxhp/image.png)HalloCasa: “Now, about your new business model, can you describe it a little and what is the particular value are you adding? Which customers are you targeting mainly?”\n\nSam Miller: “Integrated investment options. For our first few years in the market, we could only identify properties with great potential and point the investor in the right direction.\n\nNow we can identify, renovate, design, furnish and administer the furnished properties, which provides a great passive way to get involved in the property market, cheaply and conveniently. We have two main investment products. We have TIPs (Turnkey Investment Properties) which are basically individually titled apartments that we renovate/furnish and enter into our property management system with cash flow between 8-11% net ROI.Apartment Chapinero Bogotá Colombia\n\nFor larger projects we have PREPs (Packaged Real Estate Projects), we create a Colombian business entity and open the project to funding for our investors. These are typically buildings that we find that can be converted into high-yield rental units.\n\n![](https://steemitimages.com/DQmcG6mtdw2vakTb4qhd29Aujk55Bic99hX52fneri27VPJ/image.png)ROI on these projects are paid out in preferred dividends and generate 8-10%, plus great equity growth as the property becomes a high-performing, cash flow asset. Our priority is to find what works, simplify, and scale up, so we call themTIPs and PREPs“.House Chapinero Bogotá Colombia\n\nOur typical clients are North American & European investors with $100-300K USD, who have heard of the rising star that is Colombia, and are looking for hassle-free, high-yield investments before the popularity of the country goes mainstream.”\n\nHalloCasa: “So, that means people can hire your full-service solution without taking care of the re-modelling and you also take care of the administration later on?”\n\nSam Miller: “Yes. It is a tall order to walk into a foreign country and then understand the market, identify a property with investment potential, navigate the process, interview designers, contractors, and property managers, hire based on trust and efficiency, and establish processes to have money sent automatically to your bank account.\n\n![](https://steemitimages.com/DQmPfJK8APYNHw5j3Ligi29BqxfMMQ2wmbimyTNWiHeA9eK/image.png)As a one stop shop, we can take a client with a budget to receiving paychecks into their bank account. People value time more than ever these days, so when we say passive investment, we mean it. We haven’t seen anyone else offering a product/service like this in Colombia, although I would respect the effort if they tried. We know what it takes.”\n\nReal estate trends in Bogotá, Colombia\nApartment Kitchen Bogotá Colombia\n\nHalloCasa: “From your perspective, what are trends in Colombia with respect to business travellers and also as a tourist destination”\n\nSam Miller: “We talked earlier about the tourism numbers going exponential in Colombia. The country still has a very long way to grow in terms of being a top Latin American tourist destination but it is clearly on that path.House Chapinero Bogotá Colombia\n\nLocal and international business ears are perked up right now about the opportunities here. A 30 year tax free incentive that expires in 2017 did great for just keeping up enough supply in the hotel market over the past decades. Occupancy rates across the industry have been steady at a healthy 60%, higher in some areas. The value-luxury, serviced apartment markets are overlooked and remain under-served. (More on tourism: Interview with Benita Glück about Pereira and her travel agency)\n\n![](https://steemitimages.com/DQmbRT9j55PudaWFzGZEoT2eWajDjaAq8FkmmtQNyTRiqF3/image.png)That is why we have put The Apartment Bogota into top gear. Luxury and standard accommodations are available, but lack characteristics a modern international traveler needs; Local recommendations & experiences, quality and high-tech furnishings, Whatsapp concierge, bi-lingual airport pickup, friendly check-ins, value location options, corporate services etc.”\n\nHalloCasa: “What do you like the most about Colombia?”\n\nSam Miller: “The value of experience over consumption, the charismatic people who surprise you with their kindness, the unpredictability, the diversity of people/climates/activities, the curvy mountainous  Bogotá Street Potatoesroads and unrivaled diversity of landscapes that make it the best country in the Americas for motorcycle adventure travel, a perseverant, smiley culture that continues to march onward in a positive direction, choose-your-own-season (within an hour or two you can take a cheap flight or drive to your climate of choice),\n\na land of opportunity only limited by your persistence and creativity, a people that are patriotic to the values of the culture and not the politicians that run it, superb three course lunch menu deals, you can get anything delivered, a massive amount of events/concerts/festivos, the nightlife, the breed of international expats it attracts that are not dependent on a path of least resistance, affordable, internationally inspired restaurants, many different sub-cultures in each region, it´s not (yet) overrun by foreign tourists, circus shows at the traffic lights, mobile snack stands whenever you need them.”\n\nHalloCasa: “What do you like the least about Colombia?”\n\nSam Miller: “Many countries have unseen potential, but Colombia is one of the greatest examples of that. It is progressing in leaps and bounds but there is still such a long way to go, and the traditional bureaucracy slows down its progress.Bogotá Street Calle 26 # 7 Colombia\n\nUnequal wealth distribution hinders the quality of life for the entire population, but is not a challenge considered top priority. With such a turbulent history of violence, scams, corruption, Colombian people can sometimes relegate their concerns to their families and immediate sphere of influence.\n\nIt means the upper class used to go from guarded communities to guarded schools to guarded holidays homes.\n\nThe situation has improved incredibly, but locals are just starting to get used to the freedom this improvement means. In contrast, the large majority of foreigners live outside of that traditional bubble and are creating incredible lifestyles for themselves.”\n\nHalloCasa: “Thank you so much for the interview! How can people contact you in case they have follow-up questions?”\n\nSam Miller: “People can contact me via email: [email protected], phone: (+57) 3203756521 or via our websites: Colombia International Real Estate (Turnkey Investments, Residential Sales): www.colombiainternational.co and The Apartment Bogotá (furnished apartment rentals, property management): www.theapartmentbogota.com.\n\nThank you very much!”\n\nAbout HalloCasa:\n\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.",
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      "title": "",
      "body": "thanks a lot for your comment, yeah, that´s true! \n\nWe are happy that you liked it!",
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      "body": "Interesting piece my fellow Steemian. \n\nColombia is a beautiful country with a very rich culture. The country is getting more and popular and they're doing a great job by investing in tourism. \n\nInteresting as well is the fact that we're seeing more and more Colombian actors and singers on the world stage.",
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      "title": "How Bogotá´s real estate skyline will transform in the coming years",
      "body": "![](https://steemitimages.com/DQmb8mjBsG4cKbaghLNwYkaBbcTaYdqYnvJYi7T1LkbPEd9/image.png)This time we are happy to introduce Jonathan Castro, a Colombian-American real estate agent based in Bogotá. Jonathan will give us his view about the real estate market in Bogotá and will talk about trends in Colombia.\n\nJon Castro International Real Estate Bogotá Colombia InvestmentHalloCasa: “Good evening Jonathan. Thank you very much for taking your time and talk with HalloCasa about the Colombian real estate market. Before digging into the topic itself, could you quickly introduce yourself and give us an overview of your background?”\n![](https://steemitimages.com/DQmbs2fr6xkVdvn1gA3oD6eohhhSsybyBJ4B3EfxcJdgF83/image.png)\nJonathan Castro: “Thank you very much for the invitation. I am happy to give potential investors an overview about the real estate market in Bogotá.\n\nIntroducing myself, I was born in Florida, USA, where I studied Psychology at the Miami Dade College. In fact, I lived in Miami for about 15 years.\n\nDuring the last years I was very active in marketing, high end retail, and real estate investments and could gain a broad experience in those fields. The fact that I was in Miami when the real estate boom occurred and when the bubble burst gave me first-hand experience. This was an impressive situation which I will never forget, especially since Florida was hit tremendously.”\n\nHalloCasa: “Great, let us directly stay with that topic. How was that when the bubble crashed?”\n\nThe burst of the bubble in Miami\nJonathan Castro: “Oh that was horrible, especially in Florida! Literally, most of the citizens which belonged to the middle class and lower-middle class went bankrupt. And if they did not, their credit rating went down the drain. Personally, I experienced it first-hand. I lived with my parents.\n\nThe value of our half-a-million dollar home with bay view and direct ocean access crashed. Within days, the market price decreased to the original price we had bought it from 3 years before at $200,000 USD. And if that was not enough, we had almost sold it a few days before the bubble burst, however, the deal had not been realized. That was definitely a lesson to be learned!”\n\nHalloCasa: “Ok, that sounds like a huge impact. And then, you left Miami and went to Colombia. Why did you go back to Bogotá?”\n\n![](https://steemitimages.com/DQmYZpkukzVmbLyRuANmCUyGYxUR8BeZeegzcZBmhNkeZzs/image.png)Moving to Bogotá, Colombia\nJonathan Castro: “That´s a good question. My parents are originally Colombian and they decided to move back to Colombia while I continued my journey in Europe to seek new frontiers and experiences. Less than a year after that I moved back to Bogotá to enjoy being close to my family again. Apart from that, I also saw many great professional opportunities in Colombia.\n\n![](https://steemitimages.com/DQmRrogoiUkMQeBH2UbPRP5wxpdEDJugDz1MMi9FrXGKkWr/image.png)So, I decided to start my own real estate agency here in Bogotá. The possibility to apply my combined knowledge in a market which is innovating and growing rapidly triggered my interest pretty much. In fact, my expectations were met very quickly after moving back. For example, being multilingual and of Colombian ancestry opened me many doors.”\n\nHalloCasa: “So, you know both the U.S. American and the Colombian real estate markets. With respect to that, what is the biggest difference between the USA and Colombia and between Bogotá and Miami, in particular?”\n\nThe real estate market in Colombia\nJonathan Castro: “The biggest difference is that in Colombia the real estate business is right now starting to become organized and institutionalized. Until recently, the real estate market was not accredited by legal regulations.\n\nNow, Bogota´s town halls and “Lonjas”, which are the educational parameters regulated by the state, are working on applying the MLS system which will connect both North American and South American markets making it very easy to purchase overseas.\n\nhttp://www.hallocasa.com/images/wcm/Neusa2.jpgWith respect to similarities, both Miami and Bogotá share a strong investor base. Even though it does not seem obvious, investors´ interests are pretty much alike. Both are looking for attractive fast-growing opportunities with high returns on investments in order to explore and invest in upcoming metropolitan cities.”\n\nHalloCasa: “Ok, so what are, in your opinion, the biggest reasons why investors should buy real estate in Colombia?” (Read also our interview about agriculture and real estate in Cali here)\n\n\n\nJonathan Castro: “In my opinion, it is a very good moment to invest in Colombia. There are two reasons for that. First, property values are steadily increasing nationwide and there are still a lot of untapped opportunities. Secondly, Colombian real estate is still very affordable compared to other countries in Latin America which, in the near future, might become the very opposite.\n\n![](https://steemitimages.com/DQmSbGSDYHX3cPBNzdRDqhJGrQQkzFHHe5YwUkPoqGbG8Yk/image.png)Also keep in mind Colombia holds a large portion of the clean water and fertile soil left on the planet and a very impressive bio diversity of animals, food, and nature, a true treasure that we must protect in an innovative way.”\n\n\n\nHalloCasa: “What formal obstacles must a foreign buyer fear?”\n\nJonathan Castro: “The biggest formal obstacle I see is the language barrier. Investors might have difficulties to understand the buying process properly and might therefore be afraid to invest. Apart from that, it is still quite a hassle to transfer money to Colombia and bank requirements are higher than in other Latin American countries, such as Panama, for example. This is mainly due to Colombia´s drug history and the fear of money laundry.\n\nBut with the right help and once a trustworthy relationship between the investor and the broker has been established, it is less difficult as it might seem in the very beginning.\n![](https://steemitimages.com/DQmZvQNd99V1yM2822dZmiuKcc1Re2pxvNEjvESE72o3Qas/image.png)\nAnother obstacle is the lack of transparency. International investors have basically no access to the Colombian real estate market and don´t know which broker is trustworthy and acts professionally. Therefore, I always recommend to only work with people who have been referred to you by someone that knows that person personally.”\n\nHalloCasa: “Ok, talking about Bogotá in particular, where do you see development needs for Bogota?”\n\nDevelopments in Bogotá\n\n\nJonathan Castro: “Bogotá has a major development need in public transportation and better access roads since more and more people come to the capital for better opportunities.\n![](https://steemitimages.com/DQmcByMJaUEaff666XZofmY1NgtzjnBGi2ZRdkYzpj9Yhaf/image.png)\nFor example, Bogotá has a bus network which is called “Transmilenio”. It is based on exclusive lanes for particular buses. The idea of the system is a good one, however, it is not enough to facilitate transportation in a town of 9 million inhabitants. More buses and routes are necessary. That´s also one reason why the city is planning to start a metro system which is, in combination with more “Transmilenio” routes, much needed.\n\nApart from that, streets need to be improved and high quality standards for the construction methods need to be implemented so that follow-up improvements do not need to be conducted.”\n\nHalloCasa: “How do you see Bogotá transform in the coming years?” (Another interview about the life in Bogotá here)\n\nJonathan Castro: “I see Bogotá transforming and growing upwards very rapidly.\n\n\n\nWe are starting to see that already. Bogotá will look like Santiago de Chile in a few years and that’s very exciting, since there are still many projects to be done, not to mention the outskirts of the capital that are still untouched and very affordable. Just to give you some examples that are making headlines worldwide:\n\nOne of the new mega projects is called “Torres Atrio”, located on Calle 26 with Carrera Boyacá (near the airport). Its construction began in January 2015 and it will be one of the first skyscrapers in Bogotá with more than 70 floors and an altitude of 270 meters. It has been designed by the 2007 Pritzker winner, Sir Richard Rogers, who is heading the company “Chaid Neme Cia”. The director of this project is Simon Smithson, who has also participated in other projects and urban planifications in Berlin, New York, and Paris. The project includes a hotel, offices, and residential apartments and will consist of two towers with more than 70 floors, 250,000 square meters which should be finished by the end of 2016 (Source).\nAnother mega project which will also contribute to the new center of Bogotá is called “Entre Calles”. It is said that it will be the tallest building in Colombia and in Latin America with 95 floors and 457 meters in altitude, higher than the Empire State Building in New York. It would be located on Carrera 7 with Calle 19. The planification, however, has not been finished yet (Source).\nFinally, there is the first actual skyscraper in Bogotá which is already halfway finished, the “BD Bacata”. \nBeing the first skyscraper in Bogotá, it has set some boundaries for the next to come. This tower will consist of 67 floors and 240 meters in altitude. It will consist of offices, a luxury hotel, apartments, and a commercial area in the bottom floors. The interesting part of the project is the way it’s being constructed with environmentally friendly materials.\nAlso, all windows are designed to maximize natural illumination hoping to reduce the usage of electricity by 30%. Natural ventilation designs are implemented to reduce the electrical costs even further. It’s also one of the first buildings to have sustainable systems of water reutilization using stored rain waters and a waste management program. All construction materials are also treated to prevent atmospheric contamination and health related problems (Source).”\n\nHalloCasa: “That sounds like a lot going on in Bogotá, transforming the city massively. Switching to risks, where do you see the greatest ones in the market?”\n\nJonathan Castro: “I think that this depends mostly on the new laws and regulations assigned by the mayor of Bogotá. Yet, I’m sure it won’t be any major negative changes, since it’s a developing capital city with many large international investors. In addition, we are very close to finally sign the peace treaty with the FARC that has been worked on for so many years. I hope this will allow Colombia to grow even more in all aspects.”\n\nHalloCasa: “Now, we are curious about your point of view concerning a bubble. A lot of people in Bogotá talk about it and opinions diverge. What is your point of view on that?”\n\nJonathan Castro: “In my opinion, there is a small bubble occurring but nothing compared to the one in the United States which was backed up with empty credits and risky bank loans. One advantage of the current situation is that you can bargain for a greater discount if the payment is mostly in cash, especially with the more expensive properties. Another aspect about it is\nthat there are some areas that are not worth investing, so a detailed study of the market is a must in order to see positive results in shorter periods of time.\n\nAs a conclusion, I do see there is a small bubble in the real estate market. There are a lot of new properties being constructed and until now supply is increasing faster than the demand which is bringing a balance to the market value of the properties. So, we will see how it will result once the new projects across the city will have been finished. However, the fast increase of inhabitants into the city is unlikely to be expected to decline, since Bogota is where all legal procedures are made and which remains the biggest market for best paying jobs in the country.”\n\nHalloCasa: “Several times we have heard that investing in lots on the countryside gives great opportunities with respect to return on investment. What´s your opinion about that?”\n\nInvestment opportunities in Colombia\nJonathan Castro: “Lots are the gold mines of Colombia. However, you need to buy the right one, in the right location, for the right amount of money, and you need the permission to construct buildings for commercial and/or housing space on those. If you make the right decision, you can be certain to capitalize.\n\n![](https://steemitimages.com/DQme9v23dbvHqxuz23s8fzdthPp4ybC1sFEwnDYdBwYGQdZ/image.png)Especially commercial properties pay the highest prices per square meter and have the highest return on investment in the market. Another interesting strategy is to buy houses with 1 or 2 stories who hold the permission for additional ones. Experienced investors and construction companies convert those houses to 7-8 story buildings and therefore increase the amount of square meters and therefore the return on investment easily.”\n\n\n\nHalloCasa: “Great tip, now to our last two questions which we like to ask our interview guests. The first is “What do you love about Colombia the most?”\n\n\n\n![](https://steemitimages.com/DQmaHhrGJfUbGhW3kvA3B53B88RjmdbMdsdx3V5uG9XGaF3/image.png)Jonathan Castro: “What I love about Colombia the most is our rich culture, land, and our history. Not to mention the rich soil where we can grow whatever we please and all the clean drinkable water from the mountains which is still abundant. These things won’t have a price tag on it in the near future.\n![](https://steemitimages.com/DQmVSEvf5KtwWW88DkNG8qEs2CZ7mYLrQFgcpWpqgRv8jEk/image.png)\nI also love the Colombian people. I see so much potential in Colombia, so much passion in the people to improve the current situation to make a change in this world. All we need is to work together towards that common goal in order to achieve that.”\n\nHalloCasa: “And if you could change one thing in Colombia, what would that be?”\n\n![](https://steemitimages.com/DQmashG4uegpcrvYnn5Xu9fgatxys6yn3hBKSriBpTDBYse/image.png)\n\nJonathan Castro: “If I could change one thing about Colombia, that would be the political system.\n\nFor example, Medellin is being regarded as one of the most innovative cities on the planet at the moment. It has a lot of different ways of transportation. It’s incredible if you compare the advancement of Medellin to the rest of Colombia. A few months ago, I visited it myself where I could experience it.\n\nApart from the regular metro, which the citizens of Bogotá are still waiting for, they recently inaugurated a new way of transportation, the tram. I asked myself “How is it possible that parties in Bogotá have been planning a metro system for over 30 years and nothing has happened, while in Medellin those projects get done in a couple of years? What we need is a political party and a mayor which gets things done as it is in Medellin. This is what must be done all over Colombia not just in one city.” (Read also our interview about the launching a company in Medellin)\n\nHalloCasa: “Thank you very much for all your insights and feedback. In case readers and potential investors are interested to contact you, via which ways could they do so?”\n\n\n\nJonathan Castro: “Sure, readers and investors can contact me via email: [email protected] or skype: jcol11. I am happy to answer any kind of question.”\n\nAbout HalloCasa:\n\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.",
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      "title": "Pereira – Why buy real estate in Colombia´s coffee region now",
      "body": "![](https://steemitimages.com/DQmP3U2pdsSX5aKkRkp8aotdh7P9ggdV47JhfpwdQNhKZwo/image.png)HalloCasa conducted the third interview with Benita Glück, the founder and managing partner of CafeteraTours, a travel agency based in Pereira, Colombia. CafeteraTours offers Benita CafeteraTours Pereira Colombia International Real Estate Investmentboth individual trips and group travels. Benita will also talk about real estate investments in Pereira, Colombia.\n\n\nHalloCasa: “Good morning, Ms Glück. We are happy to host you to talk with us about your story and how you ended up creating your own business in Colombia. Could you tell us how everything started?”\n\nBenita Glück: “Thank you very much for having me. I am happy to give you an interview and to tell you about my story with all my impressions and experiences in Colombia. Introducing myself, I am originally from East Germany in Thuringia and moved to West Germany in 1989. I settled in the Hohenloh region around Crailsheim. There, I stayed for around a decade. Conducting my formation to become a formal healing practitioner I moved to Ulm in Germany. Then, I went directly to Colombia.”\n\n\nAbout the motivation to immigrate to Colombia\n![](https://steemitimages.com/DQmP3U2pdsSX5aKkRkp8aotdh7P9ggdV47JhfpwdQNhKZwo/image.png)HalloCasa: “That sounds like a fast decision. How did it happen that you are emigrated to Colombia?”\n\nBuy real estate in Colombia\n\nBenita Glück: “I’ve always dreamed to live in a country which would fit my personal temperament. Germany´s legal and administrative processes can restrict the way to start a business pretty much. For each small venture you have to provide countless studies and certificates in order to finally realize that your request does not fulfill general requirements to end up without the possibility to start your own business.\n\n![](https://steemitimages.com/DQmedNN1GMXnmvZLH6KG7yK4GyjjCJTUWvRMxVrNSErnwdZ/image.png)So, I was looking for a destination which would help me unfold my joy towards life and my vision of how to live a fulfilling life. When evaluating all my options, I defined that it should be a country that has an incredible variety with a lot of opportunities, is crisscrossed by lush vegetation and a year-round tropical climate. Buy real estate in ColombiaI know, it was a bold dream with high requirements. Then, after several years in my office job, combined with high hurdles to become self-employed as an alternative practitioner, I realized it was the time for something new. And I found it: the country where I could realize my dreams, my personal ideas, and my vision of a fulfilling life.”\n\nHalloCasa: “It is very interesting to hear you talking. The way you describe your goals and the Colombian landscape makes one feel sitting next to you somewhere in Colombia beneath some parrots. Coming to your business now: for foreigners who do not know Colombia, where are the most touristic areas and why should you go to Pereira?”\n\nBuy real estate in Colombia\n\nTourism in Colombia\n![](https://steemitimages.com/DQmZane46kYRJWkDRuAp3ycBUVLDx3zP1vSpnAgwUWxrAwJ/image.png)Benita Glück: “Well, to give you an idea, Colombia offers an incredible amount of attractions with respect to nature, art, culture and archaeological treasures. If you only count its 56 national parks and protected nature reserves, one can imagine the enormous potential for tourism. Colombia unites actually a continent in itself. Due to that complexity and variety, it is rather difficult to reduce this country to a few touristic centers. Nevertheless, there are clearly the following hot spots to mention:\n\nBogotá and the surroundings with the salt cathedral in Zipaquirá and the town itself and the colonial town of Villa de Leyva.\nSantander and its surroundings with the Chicamocha Canyon, the wonderful colonial villageBarichara and San Gil with its vast possibility of outdoor activities.\nBuy real estate in ColombiaThe Coffee Region with its scenic diversity, the famous and very pretty villages, the variety of excursions and sports.\nColombia´s south with the famous archaeological site San Agustín, Tierradentro and the “white” city of Popayán.\nThe Caribbean coast with Cartagena de Indias, the Parque Tayrona and the Guajira desert.\nThe Amazon jungle with the indigenous cultures.\nThe Pacific Coast with the natural paradises Nuquí and Bahia Solano.\nI could name many more regions and sights that are touristic attractions and not well known and which I personally regard as “natural pearls”, as for example the Orinoco Region. Furthermore, places and landscapes that radiate an incomparable charm and authenticity and reflect the true Colombia, are further “tourist treasures”.”\n\n![](https://steemitimages.com/DQmVU288QkCTBU1X4kEngDgS4ot14rciqyPj53MX56NEoeH/image.png)HalloCasa: “With all these options across Colombia, why did you decide to settle in Pereira? What is so special about the region?” (Read our interview about tourism in Mompox here!)\n\nTourism in Pereira, Colombia\nBenita Glück: “Pereira is a very attractive city. It is centrally located in the Coffee Region and has an infrastructure that is absolutely comparable to a European city. It is both a business and a trade city. Interesting to mention might be the transport connection with the international airport, which is being expanded under high-pressure at the moment.\n\nFurthermore, the city has great medical care with modern hospitals, several universities, with the UTP being the leader with currently about 18,000 students. With respect to free-time activities, Pereira offers a vast amount of art and cultural events, modern shopping centers and everything you need to get entertained, if desired.\n\nIn addition, Pereira is surrounded by a beautiful landscape and has a year-round summery warm climate. Its inhabitants are warm, very open and helpful.”\n\nBuy real estate in Colombia\n\nHalloCasa: “Very interesting, since Pereira is not well known among foreigners. How did you get the idea to start a travel agency?”\n\nBenita Glück: “As already mentioned, I had dreams and visions. I have always had the dream to make my hobby to my profession in the field of natural medicine, music, travelling, exotic cultures, all that coupled with a bit of adventure. So, the fact that Colombia is still an uncovered territory on the tourist map and that there is so much to discover here, I started the travel agency. According to my philosophy you can build individual and ecological tourist offerings here while also involving and sustaining the various existing cultures and traditions while maintaining and fostering the environment.”\n\nStarting a travel agency in Pereira, Colombia\nBuy real estate in Colombia\n\nHalloCasa: “That sounds very ideological and like an approach which is less common in Europe or the United States. Talking about drawbacks: what were the biggest obstacles you faced when founding the travel agency?”\n\nBenita Glück: “Fortunately, there was only one: the ignorance of the Colombian authorities. However, that was 6 years ago. Today things are very different in Pereira. The consultations for starting a company have become more professional, the information and brochures provided are absolutely well-founded. Additionally, authorities are very open and helpful, especially towards foreign company founders.”\n\nHalloCasa: “What business error would you not make again in retrospect?”\n\nBenita Glück: “The fact that before immigrating to Colombia I had previously prepared myself for one entire year. In particular, I was studying a lot about Colombia, reBuy real estate in Colombia Pereiraading a lot of reports, newspapers and everything I could obtain in order to be ready for a new culture. During this time I met my Colombian friend, Alexa, who has become a very good partner and advisor during the time of the foundation in Pereira. With her and my husband everything went according to plan. I started small, concentrated on the essentials and never lost my goal for the travel agency out of sight. If you asked me today, I would do it exactly like that again.”\n\nHalloCasa: “Ok, very interesting. So, you say, that having contact to someone in Colombia beforehand helps a lot. This gives us, HalloCasa, confidence that our idea to connect Colombians with foreigners before investing here, has potential. Digging a little into the topic of networking, how did you experience the possibility to network with other business owners in Colombia?”\n\nBuy real estate in Colombia Pereira\n\n![](https://steemitimages.com/DQmT1jAb7zoHTjVnSa52JuztrUjRKEgwbrvGVqhBd7Ef7Kz/image.png)Benita Glück: “I have made very good experiences with respect to networking. Cafeteratours offers individual tours to all over Colombia. In order to ensure this professionally, we have built incrementally a small team of network partners which supports and accompanies our guests outstandingly in each of the various destinations. The network consists to 90% of Colombian partners and to 10% of German partners. Here, I can look back on a very constant, absolutely reliable and very good cooperation. Therefore, they deserve a very special thanks at this point! With their support and commitment we could extend our Cafeteratours-vacation portfolio perfectly.”\n\n![](https://steemitimages.com/DQmNZx64bXwksKg1rGiRbduN134e6YJFD7eT4Erh4dUcgc3/image.png)HalloCasa: “Great, we are very happy for you that everything has been going so smoothly! Now, having looked back, let´s take us a glance at the future: where do you see yourself in 10 years from now?”\n\nBuy real estate in Colombia Pereira\n\nDevelopments in Colombia\n![](https://steemitimages.com/DQmbtaGH5aq7gikukn1SkpzT4hpTs9qn7nKCGCEwiax6qwE/image.png)Benita Glück: “Well, as you know, Colombia is an emerging, incredibly fast developing country, where the agenda changes daily. Therefore, it is difficult to take a longer-term look at the future. However, there is one thing I have planned: establishing CafeteraTours more towards the Spanish- and the English-speaking market. It gives me a lot of fun to provide the service to tourists from Spain, the US. and Canada, especially to be personally with the guests here in the Coffee Region.\n\nOne thing which does not coincide with my philosophy is to conduct tours where quantity overrides quality. Every vacation should be something special and individual, to the same extent as Colombia is an individual and special destination. I would like to continue this with a gentle, ecological style of tourism in Colombia. There is no bigger gratitude for me to see my guests being satisfied with the quality provided and being able to relax to the fullest during their holiday. There are a lot of guests who have already booked their second time with us. This shows us that our our philosophy is the way to go.”\n\n![](https://steemitimages.com/DQmfWaAvWX8q4poGXt2ASPBk6Hg7JEw155cU6YPqTzWP98x/image.png)HalloCasa: “What are the biggest differences to Europe, the United States, or other (western) countries with respect to Colombia as a tourist destination?”\n\nBuy real estate in Colombia Pereira\n\nBenita Glück: “In my opinion, the most striking points are definitely the originality of the tropical nature, the warmth of its people, and the ability to improvise when unexpected things occur (energy shutdown, bad weather conditions), without to mention the obvious cultural and mentality differences. Another difference is that Colombia´s tourism is not very well established yet and cannot be compared to Europe or other destinations. Therefore, a lot of foreigners, who seek an untouched region, come to experience exactly this difference. It gives them a certain sense of freedom and adventure.”\n\nTrends in the tourism industry in Colombia\nHalloCasa: “That´s true, Colombia is so unique because it is so exotic. What do you think how long that will still last and what do you see as the trends in the tourism industry?”\n\nBuy real estate in Colombia Pereira\n\n![](https://steemitimages.com/DQmepkZ3kMTLzeNrSb77qoqyqVPa6LLeQPKtxMCGSGHDQXH/image.png)Benita Glück: “Clearly the holiday packages and mass tourism will establish itself in Colombia. This concerns in particular the tourist centers, such as the Caribbean coast with Cartagena, Santa Marta, Parque Tayrona, the Coffee Region with Salento and the Valle de Cocora, and finally the South with San Agustín and Popayan. At the same time the individual tourism will grow and will play a bigger part in Colombia, especially with respect to active outdoor travel. The reason for that is simple, Colombia has a vast size with a huge diversity. Its unique topography serves as a perfect destination for active and individual tourism. You don´t need to leave Colombia to experience all seasons, climates, and landscapes. Buy real estate in Colombia PereiraSpecial areas like active sports travels, such as cycling, are occupying its space in Colombia´s tourism landscape.\n\nEspecially for cycling, I see great tourism opportunities. In Colombia, a large cycling fan base exists for which adequate packages can be offered in a very unique way. Simply imagine you join a tour with desert landscape on one day, crossing snowy mountains the next day, and passing crocodiles the third day. Which other country could offer that? Moreover, the fact that Colombia has been a “Biker Nation” for several years now, can be seen by the amount and variety of already existing bike routes throughout the country leading through breathtaking landscapes.\n\nThe third trend I see is the ecotourism which will play an important touristic role in the future. Again, Colombia has sufficient potential. Last week, we have started a partnership with the owner of an eco-finca. Soon, we will have another new and attractive program for nature lovers and recreation seekers. The question remains: who thinks of himself having already discovered all exotic treasures of the nature? Who has heard of the incredibly healthy Inca nut “Sacha Inchi” or the cleansing effect of the “Moringa Tea”?\n\n![](https://steemitimages.com/DQmZbMGHpNKDeaaR2qJ9tjs3vHKHfiu5qJQizKL8LDPrnWx/image.png)The fourth trend I see is another niche sector such as horseback riding trips in Colombia. People being interested in this activity will meet their expectations in Los Llanos. It´s an area situated to the east of Bogotá and Villavicencio. It stretches towards the east and has vast tropical grasslands. Due to strong rainy seasons, it has not been an adequate area for farming and has therefore mostly been used for cattle. However, this area is perfectly suitable for horses and therefore horses and “llaneros” have an immemorial culture and tradition. In this region, tourists can already book various horseback riding tours. This offering will expand in the international niche markets as well.”\n\nHalloCasa: ”Thank you very much for these details. For those being more interested, recently, a documentary about Colombia´s nature started in the Colombian cinemas:\n\n\nTouching upon concerns potential tourists might have: how do you judge the security situation in Colombia? To what should foreigners pay attention to the most?” (Also interesting, our interview about Cartagena)\n\nBenita Glück: “The security situation in Colombia has improved continuously in recent years and has now reached a very good level. However, there are still regions which should be avoided. These regions are known and constitute impenetrable jungle areas and have very little infrastructure. Obviously, such areas will not be found in our portfolio. Basically, I don´t offer travel trips to risky zones. Apart from that, everyone should take basic precautions in order to avoid petty crime, such as theft, especially in the tourist centers. If you do that, you definitely will enjoy a carefree holiday.”\n\nBuy real estate in Colombia PereiraHalloCasa: “Ok, so considering a parent now reading this article and got interested to travel to Colombia, are there offerings for (exotic) family vacations in Colombia? Do you offer such a kind of vacation?”\n\nBenita Glück: “There has been a trend of increasing family vacations for several years now. Especially since last year, more and more families tend to spend their holidays in Colombia. The reason is simple: there is an amount of unknown things to discover. Especially children have been very enthusiastic to discover elements which they had never seen before in their lives. Therefore, we have been offering family vacations for about 3 years now, which has also been very well received. The next guest which we host will arrive tomorrow and will be a family of four people from Southern Germany.”\n\nReal estate investment opportunities in Colombia\nHalloCasa: ”Now, leaving the topic of vacation: where do you see investment opportunities in Colombia?” (Read more about that topic in our interview about Bogotá)\n\nBenita Glück: “Main drivers and industries in Colombia are the following: agriculture and manufacturing, services and tourism, freight forwarding and logistics, oil & gas production, and mining. Concerning investment opportunities, I cannot give you a detailed answer. I think it is always the best to consult the respective area of interest directly.”\n\nHalloCasa: “Ok, with respect to real estate in Colombia and particularly in Pereira, what do you see as opportunities and trends?”\n\nBuy real estate in Colombia Pereira\n\n![](https://steemitimages.com/DQmdpHcnULoVfNFctReSK2X8RNU62gH3rC49QenmebCNmBo/image.png)Benita Glück: “As already mentioned, Pereira is very popular, especially due to the many advantages it possesses. The potential is especially based on its excellent infrastructure and also on its coffee production and the related businesses. It is the largest trading center for the retail and wholesale trade in the coffee region and the 5th most important city in Colombia. Moreover, it offers great conditions for international trade and manufacturing. In my opinion, it offers ideal conditions for investment. Pereira will continue to grow and so it is really obvious, that you will obtain a good return on your investment if you purchase real estate or land in Pereira.”\n\nHalloCasa: “Great, now we are coming to our last two questions which we like to ask our interview guests in general. The first one is: if you could change one thing in Colombia, what would it be?”\n\nBenita Glück: “What I would implement here is a high-quality, free educational system for everyone. I would guarantee free education both on the job and in school.”\n\nHalloCasa: “Ok, and the second question is: If you could introduce one thing from Colombia to other countries, what would it be?”\n\nBuy real estate in Colombia Pereira\n\nBenita Glück: “Oh, limiting that answer to only one thing is a very tough decision. Obviously, I would like to introduce many things in other countries. Yet, since I have to nail it down to one answer then I would say the warmth and joy of life of the Colombian people with its solidarity and helpfulness, and tolerance towards each other.”\n\nHalloCasa: ”Benita, thank you so much for this interview. We have learned a lot about Pereira and have realized that we have to come visit this town. We wish you all the best tomorrow with your new guests! How can readers contact you?”\n\nBenita Glück: “Readers can contact me via email: [email protected] or via our webseite www.cafeteratours.com . Thank you very much for having me and for your wishes!”\n\nAbout HalloCasa:\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.\n ![](https://steemitimages.com/DQmdR5BMhuMraR5mBsbKRUN3bRPhqHTgseej4dbrt6gZA3k/image.png)",
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      "title": "How Colombia has changed to a stable investment opportunity",
      "body": "![](https://steemitimages.com/DQmNzmhgre3zanSw1fd4qgyj2fP25cMoZgWR3vQZSsmM7Bv/image.png)HalloCasa conducted an interview with the Director for Colombia and Venezuela at Germany Trade & Invest. Germany Trade & Invest is the economic development agency of the Federal Republic of Germany. The organization promotes Germany as a business and technology location and supports companies based in Germany with global market information.\n\nEdwin Schuh International Real Estate Investment Bogotá ColombiaHalloCasa: “Good afternoon, Mr Schuh. Thank you for taking the time and to talk with HalloCasa. First of all, in order to introduce you properly, could you give a short description of how you came to be working for Germany Trade & Invest in Bogotá.”\n\nEdwin Schuh: “Thank you very much. I am pleased to be able to give you an interview about this exciting market. Originally I’m from Munich and did both my Bachelor and my Master in Economics at the University of St. Gallen. Now, I am working for the German Foreign Trade promotion organization, Germany Trade and Invest in Bogotá. After my semester abroad at the Universidad de los Andes in Bogotá I was fascinated by Colombia and the sprawling city of Bogotá, so I decided to move here permanently.”\n\nLiving in Bogotá\n![](https://steemitimages.com/DQmZRDGmcMUp5p9zcqSFxdq1kB6H55fQieG467LVcYVtVhX/image.png)Investment opportunity ColombiaHalloCasa: “When hearing “Bogotá”, at first it sounds very exciting but also very dangerous. Tell us how it feels to be living in this city.”\n\nEdwin Schuh: “Bogotá is definitely a very interesting place to live in, it is always exciting for foreigners. The city is chaotic and you will have a lot of experiences. It can be very livable, if you are prepared to have some financial flexibility. The city has numerous parks, excellent international restaurants, there are beautiful destinations in the area, or you can treat yourself occasionally a short trip to the Caribbean to catch some sun.”\n\nHalloCasa: “That does not sound like the Bogotá of 1980´s. It is true that Bogotá is one of the most inspiring and stylish cities in world. Its street art and “imperfectness” inspire a lot artists from around the world. We created a Pinterest Board Real Estate investment opportunity Bogotá Colombiawhich includes a decent amount of street art images. Now, let´s move to Colombia, in general. As an expert, what do you think could motivate foreigners invest money especially with respect to safety?”\n\n![](https://steemitimages.com/DQmdBZ9zuv1NokBbAZKyHDpLxUX2krQVE6VoiAYcpSRoYZj/image.png)Edwin Schuh: “As a foreigner, security concerns should not pose an obstacle to invest in Colombia. The situation has improved significantly since 2002. There are still sporadic guerrilla attacks, but they are located in remote parts of the country. In cities, the crime level is comparable that other Latin American cities. For example, in the north of Bogotá, i do not know any foreigner that has had something happened to them.”\n\nReal Estate investment opportunity Bogotá ColombiaHalloCasa: “You mentioned other Latin American countries. Why is Colombia a better destination to invest in than other Latin American countries?”\n\nEdwin Schuh: “Colombia, unlike other Latin American countries such as Argentina, Brazil or the extreme case of Venezuela, is a conservative country with a lot of pro-business policies. In addition, due to the conflict in the 1980´s and 1990´s the country has still got a lot to catch up with. The geographical location with connections to both the Pacific and the Atlantic oceans is another unique advantage which other Latin American countries do not have.”\n\nInvestment opportunities in Colombia\n\n![](https://steemitimages.com/DQmeUAbhieQeoFczzajX1HxzT1LAJRiq2JY5pYR5qkeA8By/image.png)HalloCasa: “That sounds like it has great potential. What fields of investment do you consider are very exciting in Colombia right now?”\n\nEdwin Schuh: “There Real Estate investment opportunity Bogotá Colombiaare a lot of plans concerning investment in infrastructure across the country, such as the construction of new highways and railroads, the navigability of the Rio Magdalena and the modernization of ports and airports. Furthermore, cities are investing in public transport, such as the major project of the first metro line for Bogotá. This might be certainly very interesting for foreign companies. In general, for investors Colombia provides a field where proven business models can be adopted from other countries because of its large demand due to investment backlogs.\n\nReal Estate investment opportunity Bogotá ColombiaFor example, European private equity companies and Abraaj Group launched the company “Koba International”. Within a few years, they launched successfully the German supermarket discounter model “Aldi”, called D1. This supermarket chain has grown very rapidly and has opened 330 stores across the country. Other interesting possibilities are definitely within e-commerce, or for example McFit, the German gym discounter.\n\n![](https://steemitimages.com/DQmTiS8xy6vy4ZBXD5pMHtBpi8c1hKnNui5QwSqro8rBYfJ/image.png)In addition, there is potential for investment in Colombia in the commodity sector, as large parts of the country have not been opened up because of the guerrilla conflict in this area. Apart from that, due to the favorable Colombian climate and the geographical location, Colombia´s agricultural sector reflects a huge potential. With the use of high ­technology it could give rise to an agribusiness like in Brazil.”\n\nReal Estate investment opportunity Medellin Colombia\n\nHalloCasa: “Yes, that’s right, gyms are very expensive here. Regarding the government investment in roads and traffic, we have planned an interview with the Instituto de Desarrollo Urbano. Let’s now have a look at investments in real estate. How have real estate prices in Colombia developed from 1980 to 2010. Is there a clear trend? “\n\n![](https://steemitimages.com/DQmdr7LeYhHeRTu5uVG9cEjKoFLXsjm3qLzoVM71TMjhYGz/image.png)Real estate opportunities in Colombia\nEdwin Schuh: “This is quite difficult to generalize. Due to the large uncertainty, until 2000 real estate prices in Colombia had not change very much year over year. Since then, however, a boom can be observed, especially within the luxury real estate sector. The strong economic growth, driven by the oil sector and foreign investment in Colombia, have allowed the real estate prices to rise sharply.\n\nAlso, the inflow of capital from Venezuela and the return of wealthy Colombians from abroad influenced this trend. Meanwhile, in the north of Bogotá the peak has probably been reached, where real estate prices in the last ten years increased sixfold. There are various people who are talking about a housing bubble. In other areas of Bogota, however, there is still room for improReal Estate investment opportunity Medellin Colombiavement. For example, the historic district of La Candelaria and La Macarena have become the focus of the wealthier people, also due to its liveliness and some projects, which are designed to restructure the city center of Bogotá.\n\n![](https://steemitimages.com/DQmbTxhLC2CViRK29Qez7iSbkFuoe478aZH6J8vuDpaERK3/image.png)In other cities like Medellin, Cali, Barranquilla and Bucaramanga housing prices are about 10-30% below the level of Bogota. Here, within the luxury real estate sector there is still potential. In addition, medium-sized cities like Santa Marta or Pereira are particularly good prospects for a rise in property prices. In particular Santa Marta can be predicted to develop as much as Cartagena where the colonial old town is being renovated. Therefore, local property prices might sky-rocket there as well.”\n\nHalloCasa: “Concerning the development of Santa Marta, we can only agree. It has changed remarkably within the last 4 years. One last question: If you had one wish, and could change one thing in Colombia, what would it be? “\n\nReal Estate investment opportunity Bogotá ColombiaEdwin Schuh: “I would hope that car drivers take more care of each other and drive less aggressively, red lights to be complied with, aimless honking to be fined. Apart from that, every day I hope that I do not need an ambulance. Car drivers never give them access. This is something very disappointing.”\n\n![](https://steemitimages.com/DQmeepWx8vT3qmSVocg213zdgViE6qwF8fX7Yv7ovRcfnXE/image.png)HalloCasa: “Mr Schuh, we know that your time is limited. We would like to thank you for this informative and insightful interview. Would it be possible for interested readers to contact you if they have some follow-up questions? Thank you for the interview.”\n\nEdwin Schuh: “Yes, of course. Investors may contact me at [email protected]. Thank you.”\n\nReal Estate investment opportunity Bogotá Colombia\n\nAbout HalloCasa:\n\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.\n![](https://steemitimages.com/DQmciLYVqrpspA5wAhw2tEDy7tqUpJCXJbcUxFoij8DTRDv/image.png)![](https://steemitimages.com/DQmUoBr2neH7UwU8NrGtMC4gKnTc1j8ZubnMXUyUZxp1qwX/image.png)",
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      "title": "20 insights about launching a company in Medellin, Colombia",
      "body": "![](https://steemitimages.com/DQmasdNNkEQb3DbBJyLjXeL7uAffWnR7b8Rox2D8zTpKGQi/image.png)HalloCasa conducted its second interview with David Feldsott, the Founder / CEO of PanTrek Inc. based in Medellin. David Pantrek Medellin International Real Estate Investment ColombiaDavid talked about starting a business and real estate investment in Medellin, Colombia. PanTrek is a free online search engine for booking inter-city bus and ferry tickets in Latin America. The platform provides in-depth company profiles, user reviews, ratings, amenity listings, photos, and other qualitative information to help backpackers, tourists, and locals book the best route for them. The startup comprises a team of 5 employees and is currently building out its beta with the a\nspiration to launch in October, 2015.\n\nHalloCasa: “Good afternoon, Mr Feldsott. Thank you for taking the time and to talk with HalloCasa. First of all, in order to introduce your startup properly, could you give a short description of how you came up with the idea of PanTrek?”\n\nInternational Real Estate Investment Colombia MedellinDavid Feldsott: “Thank you very much for having me! I am happy to give you an interview about opportunities in Colombia and insights about Medellin.\nConcerning PanTrek, I came up with the startup idea as I was planning a backpacking trip through Central and South America. Everyone told me to travel by bus since airlines are more expensive here because there are no low-cost carriers like Southwest, EasyJet, Tiger Airways, or RyanAir.\n\nAs I was looking for information online about how to travel by bus, including the best bus companies with the nicest amenities, prices of tickets, route information, schedules, etc. I couldn’t find anything useful. There was little info online and no comprehensive search engines, so I decided to build one.”\n\n![](https://steemitimages.com/DQmV6ep2vzCdqTGGBv3eqqSucufWkUsyPn2QDTt1XsgdLdz/image.png)Why starting a company in Medellin, Colombia\nHalloCasa: “Ok, that means you encountered yourself with a problem and wanted to solve that problem yourself. A common start of a business. Less common is to start a business abroad. This leads to our next question: what was your motivatioInternational Real Estate Investment Colombia Medellinn to live in Colombia and why did you choose especially Medellin?”\n\nDavid Feldsott: “I should preface this by saying that since I am building a Latin American focused company, I felt the need to live in Latin America. And after exploring all of my options, including a short 6 month stint living in Cuenca, Ecuador, I decided Medellín was the best place for me to set-up my startup for multiple reasons, both personal and professional. In particular, there are both personal and professional reasons for Medellin:\n\n![](https://steemitimages.com/DQmQRSwRPAHifYNcd27B4MLP8xXYvpBsCYceZjFi9HkVaAr/image.png)Concerning personal reasons, the first one is that Medellin´s climate is simply incredible. Medellín is known as the “city of eternal spring” and the weather here is incredible. The temperature is usually between 75-80 (24-27 Celsius) degrees everyday. The city is also surrounded by stunning mountains and quaint towns and there are an abundant amount of outdoor activities to pursue. The local government even sponsors free guided hikes in the surrounding area.\n\nInternational Real Estate Investment Colombia MedellinAs a second personal point I regard as essential that Medellin is a city with good infrastructure. The city is large enough to keep most people entertained.\n\nThe city of Medellín is filled with ~2.5 million people and almost 4 million in total when you include the metropolitan areas of Bello, Envigado, Itagui, and Sabaneta.\n\nInternational Real Estate Investment Colombia Medellin\n\nThe city has an extensive public transportation network including a well-run metro system, dedicated lanes for the MetroPlus bus system, the MetroCable, and a lot of ordinary “cooperative” buses too.\n\nThe last personal reason was the variety of offerings in recreational activities. Medellín is often referred to as the “Cultural Center of Colombia”. There are almost 40 museums (e.g. Museum of Modern Art and an interactive museum called Parque Explora”) in the city, along with multiple theatres and even a planetarium and the largest freshwater aquarium in South America. The nightlife in Medellín is legendary and there is also a gigantic and free sports complex in the Estadio neighborhood (where I live) for anyone to play almost every sport imaginable.\n\nInternational Real Estate Investment Colombia Medellin\n\nAs for professional reasons, Medellin´s entrepreneurial culture was definitely striking.People from Medellín are known as “Paisas” and the Paisa culture is very entrepreneurial. Historically, there was not much government support, so Paisas had to be resourceful and earn a living on their own. I have met many local people who fully embrace entrepreneurship and are very interested in taking on side-projects and lending a hand in new ventures. Much of PanTrek’s design work has been accomplished through two local designers helping us out in their spare time.\n\nInternational Real Estate Investment Colombia Medellin\n\nIn addition, Medellin has relatively low cost of living and hence lower salaries. Software engineers in the United States are extremely expensive, with many commanding salaries of $120,000+ a year. In Medellín, you can find top-quality developers for 1/3 of that cost. Rent in Medellín is very inexpensive, which is great for bootstrappers. I used to rent a room in a beautifully renovated, high-end apartment with gorgeous city views in the most expensive neighborhood and my rent was only ~$500 a month. Now, I rent a room in the Estadio neighborhood to save more money and I only pay ~$200 a month. Expats can live very comfortably in Medellín. Also, due to Colombia’s heavy reliance on the oil & gas sector, the Colombian Peso has been one of the worst-performing currencies worldwide this year (over 45% depreciation since I arrived in Colombia only 7 months ago), which means the US Dollar now goes a lot further!\n\nInternational Real Estate Investment Colombia Medellin\n\nAs a further point I would like to mention the desire to succeed. No universities in Colombia offer “computer science” degrees, but rather a degree in “systems engineering.” Colombians learn high-level concepts and algorithms with little practical coding experience. While some people might look down upon this, I think it’s a beautiful thing because it means that most software developers are self-taught. They have the drive to learn new concepts and programming languages. The desire to strive for a better life is incredibly helpful to succeed in building a technology startup.\n\nThe fourth professional reason was that people in Medellin have a growing interest in technology. The logistical shipping problems in Colombia, combined with high taxes on import like electronics, has stifled much of the potential for e-commerce in Colombia. Less than 2% of purchases in Colombia are made online, but the desire to do more with technology is readily apparent. Social media penetration is very high in Colombia, smartphones are ubiquitous, and even the Tigo, one of the nation’s wireless carriers, is offering free internet access to many websites, including Facebook. The interest in technology and the internet is much higher here in Colombia than it is in many other Latin American countries like Ecuador, Bolivia, and Paraguay.\n\nInternational Real Estate Investment Colombia Medellin\n\nAs the penultimate point, I would like to mention the stable and growing economy in Colombia generally. Argentina, Brazil, and Venezuela are likely all in recessions right now. Many other South American countries are struggling to find economic growth, but Colombia keeps growing. The Financial Times reported that Colombia’s GDP grew by 4.6% in 2014 and inflation is expected to be relatively stable around 3-4% according to Colombia’s Central Bank. Of further note, the violence and political instability that existed during the drug-fueled Pablo Escobar days has largely subsided. Personally, I feel just as safe here in Medellín as I did living in NYC.\n\nThe final reason for Colombia had a lot to do with my business idea. Colombia is perfect for intercity bus travel. Colombia’s geography (kind of a square shape) allows for a plethora of bus routes and I want to prove that a search engine for inter-city buses can thrive even in a country with a low-cost airline (Viva Colombia). Colombia’s inter-city buses are also of high-quality and combined with its rapidly expanding tourism sector, the country feels like the perfect market to build my travel startup”\n\nTrends in Medellin and Colombia in general\nHalloCasa: “That sounds like plenty of reasons to move to Medellin. With respect to the future, which trends do you see in Medellín and also in Colombia as a whole?”\n\nInternational Real Estate Investment Colombia Medellin\n\nDavid Feldsott: “The technology scene in Medellín is vastly over-hyped on the Internet. While I did not expect to find a technology scene to rival that of my previous homes of Boston, New York, or San Francisco, I still expected to quickly find the go-to people and groups of tech entrepreneurs, since it is a smaller community. Boy was I wrong! Many of the previous articles written about the large technology scene in Medellín were from individuals who had a vested interest in attracting more foreigners to the city, in part to profit off of them.\n\nThat might sound harsh, but it is true. However, since arriving in Medellín almost 7 months ago, I do believe the tech community is finally starting to reach a point of critical mass. Not a day goes by that I don’t meet a foreigner who has just arrived in Medellín looking for talented programmers to help build his/her tech startup idea. There has been a recent explosion in technology-focused groups on Meetup.com. Two angel investor networks (AIM Network and Langon Capital) have launched recently to\n![](https://steemitimages.com/DQmVbdm4bYup21NQ8yj6cShEbnpDh45TDLKBaP7cVtCawJr/image.png)\n\nfill the need for early-stage financing, and 6 co-working spaces have opened (or are opening) their doors recently too.\n\nA Founder Institute program was created not too long along as well as Colombia’s first Ruby on Rails bootcamp named “Make It Real.” They even conducted their first hack-a-thon 3 months ago. My friend (Miah King) created the first factory in Medellin for robotics / hardware, in the neighborhood of Envigado. It is called Gora and affiliated with a co-working space called 20Mission. There are pockets of innovation in the tech community in Medellín, but it was very hard for me to find them, especially for a foreigner. That is why I am building 2 communities myself, a Python/Django meetup group to help find talented programmers for my startup as well as a “support” group of Medellín entrepreneurs who are focused on building scalable products.\n\nWith this “support” group, I hope to unite the entrepreneurial community, not just tech but also other scalable products, including medical devices, food/beverage product lines, etc. By creating a more cohesive and informed community, Medellín might one day become the Silicon Valley of Latin America. But right now, there is a lot more work to be done to get there.”\n\nInternational Real Estate Investment Colombia Medellin\n\nHalloCasa: “Ok, that is definitely different from what we heard, too. Concerning, launching a new company as a foreigner in Colombia, people might be curious about obstacles when launching a company. What do you see as the biggest challenges when it comes to starting a business contrary to the US.?\n\nChallenges of starting a business in Colombia\nDavid Feldsott: “Firstly, there are no advantages to creating a business in Colombia (from a legal or tax perspective) compared to the United States. That is why we are a US company with an office in Medellín, but we have not incorporated in Colombia. We are trying very hard not to incorporate a company here, as long as our business needs permit it. I have been told that most large tech companies in Bogota do not even have subsidiaries in Colombia either.\n\nOverall, the problems with setting up a business in Medellín have to do with government bureaucracy / inefficiency, government taxes / fees, slower transaction lifecycles & assistance, banking / payment processing shortfalls, reluctance to conduct business over email / internet, shipping & customs problems, and introductions are almost mandatory.\n\nThe first problem is the government bureaucracy and inefficiency. Everyone here hates the idea of doing anything that involves interacting with government entities because the government over-complicates everything. For example, the government recently changed the process for obtaining a “business-owner visa”.\n\nInternational Real Estate Investment Colombia Medellin\n\nIn order to get the visa, you must have a business bank account, but in order to get a business bank account, you must have a cedula (government identification card), which can not be obtained without first having a visa. Notice the big problem here?! The regulations make no sense! And yes, corruption still exists here, whether people like to admit it or not. They just prefer instead to call it “doing favors.”\n\nThe second issue I want to mention is taxes and fees. As a foreigner, incorporating a company in Colombia and obtaining the “business owner visa” is actually more expensive than incorporating a company in the United States. Most people need to hire a lawyer to handle the process, which costs around 4.2 million Colombian Pesos (~$1,700). Then every year (after the 1st year), you owe a minimum tax of 3 million Colombian Pesos in taxes, even if you do not have any income. You must also file monthly financials with the Colombian government that were completed by a registered accountant. The expenses really add up over time.\n\nInternational Real Estate Investment Colombia Medellin\n\n![](https://steemitimages.com/DQmY8s4aFLt2nk3L5t5mdSrBmyeYyfVGpGAghGpzCMNfAWv/image.png)The employee taxes here are also astronomical, which is why even Colombian companies prefer to classify their workers as “independent contractors” whenever possible. Employee taxes add 51.87% to the cost of an employee salary. If you have a software engineer with a monthly base salary of 4 million Colombian Pesos, the cost to the employer is actually ~6.1 million Colombian Pesos. Colombian corporations have the 6th highest tax rate in the world according to the World Bank!\n\nFurthermore, economic slowness complicates many processes. Overall, business moves slower here in Colombia than in the United States or Europe, and this is especially true in Medellín (compared to other cities like Bogota). If you are having problems with your Internet in the United States, you can probably get a technician to come within a 2-3 days to fix the issue. In Medellín, you are lucky if you get this accomplished in 2 weeks. Investors in Colombia are also very risk-averse, so raising a seed / angel round takes a lot longer in Colombia than in the United States. Signing and implementing a business partnership can be painfully slow too. While I don’t have concrete data here, I would estimate that creating B2B partnerships here in Medellín is 50% slower than in the United States.\n\nInternational Real Estate Investment Colombia Medellin\n\nLinked to this is the point that has to do with deficiencies in banks and payment processing.Oh banks…where to even begin here! An article in Colombia Reports by venture capitalist Michael Puscar perfectly sums things up in a nutshell, “Being able to send text messages while waiting in line at the bank would be a great start.”\n\nLines at the bank are astronomically long, online payments are quite difficult, lending fees are substantial, there is even a 0.4% tax on withdrawals from corporate bank accounts, and bank transfers can require a lot of paperwork / bureaucracy and many times people’s assets are frozen for “no apparent reason.” If you wish to accept payments online from customers in Latin America, you better be ready for a lot of headaches as the banking system is fragmented from country to country and many banks / LATAM payment processors do not work with international credit cards. The largest payment processor (PayU) only works with banks in 7 out of the 18 major LATAM countries. While payment processing fees in the US can be as low as 2.9% on transactions, it can be over 5% in Colombia.\n\n![](https://steemitimages.com/DQmSDUtMx7g7KdEGW8twMZtQtPprLWTTNagutxMmaLz7nbY/image.png)\n\nIn addition, the reluctance of companies to communicate via e-mail imposes a big challenge.While this area has been improving over time, many Colombians are still hesitant to conduct business via email or over the Internet. I’m not saying nobody does it, but it’s more of a rarity / exception when it happens. For example, I emailed a co-working space in Medellín to ask about their prices, hours, and when they would open their doors so I could work there. I never heard back from them; which is pretty common. In the US, that just does not happen since that is a great lead on a potential customer.\n\nAlso, e-commerce only represents ~2.2% of sales in Colombia, so don’t expect your new product to fly off the shelves if you start selling it to Colombian customers.\n\nInternational Real Estate Investment Colombia Medellin\n\n![](https://steemitimages.com/DQme7fW5h4antVJiBVNHfKuSjm4DqSYSJTMaSXichHatemt/image.png)The penultimate point, I would like to list might be familiar to entrepreneurs which are active in the e-commerce business: delivery and customs problems. A major reason Internet sales are low overall is because of the lack of integrated shipping / logistics solutions in Colombia. If you purchase a pair of shoes over the Internet, it is very difficult to track your order throughout the purchase cycle.\n\nThere are rarely tracking numbers, so you are not sure if your product has left the store / factory, when the courier receives the package, when the package is out for delivery, and when it has arrived on your doorstep. Also, the taxes for importing luxury products, such as electronics, are quite substantial and many people report significant delays in delivery or the outright seizure of their goods because of incorrect paperwork or failure to pay customs fees.\n![](https://steemitimages.com/DQmZhB1zE7AVfPe7SJNPxVZK3J9GeLBURArYNKzh1V2ZbBY/image.png)\nLastly, the fact that personal introductions are almost mandatory complicates to a great extent the market entry for unknown startups. International Real Estate Investment Colombia MedellinMichael Puscar’s article identifies the root of this problem: there is a deep-seeded lack of trust amongst Colombians. In general, Colombians do not trust other Colombians that they do not personally know. So, in order to do business with Colombians, most of the time, you need to be introduced or you are unlikely to cultivate a relationship.\n\nThis can actually be a big advantage to being a foreigner in Colombia. Surprisingly, Colombians are known to trust foreigners more than their fellow Colombians. Many apartment listings by Colombians are advertised as “solo para extranjeros” (for foreigners only) and most businesses have been more willing to set-up meetings with me than some of my Colombian colleagues.”\n\n![](https://steemitimages.com/DQmX3keorDvu6vboEk5ZSHv5qE9J1feasjrhNdL3HT28kYF/image.png)ational Real Estate Investment in Medellin, Colombia\nHalloCasa: “Very interesting. Yes, it seems that there are far less challenges in Bogotá. For example, ordering furniture on e-commerce sites in Bogotá arrives within one working day, including tracking number. No obstacles there at all.\n\nAnother example is to apply for your working visa. It takes a couple of hours and is definitely a faster process than in several Western countries and you can do most of it online. Getting a new internet connection takes some working days and bank accounts have very easy-to-use online banking options and no signs of “solo para extranjeros” ads.\n\nObviously, it always depends on the particular case. Now, touching the topic of real estate a little bit. How was it to rent your office? How was the process and what are the expenses you face?”\n\nInternational Real Estate Investment Colombia Medellin\n\nDavid Feldsott: “In the beginning, I worked out of a co-working space in Medellín. However, once I built out my team, we decided that we were not impressed with any of the co-working spaces and the cost for space for 3 people was more than we would have to pay for office rent. So, we decided to look into acquiring some office space.\n\nThe problem with renting real estate in Colombia is the requirement of having a fiador (MedellinLiving has a good fiador explanation).\n\nSo, it is easiest to negotiate directly with the landlord whenever possible to avoid the fiador requirement. I was able to find affordable office space directly with the property owner, above a café, in the beautifulSegundo Parque de Laureles area. We are paying 700,000 COP a month (~$250 USD) for an office that fits our team and includes all utilities (electricity, water, internet) and has a shared kitchen with other offices. I pay 1 month in advance directly to the landlord to secure against any damages.\n![](https://steemitimages.com/DQmdkm4sstgMUwVmkhxmfnf3CgEdmyQz5Tk99fq9PLXpLqT/image.png)\nThe process has been smooth and I recommend working directly with the owner of an office space whenever possible. There is also a decent website to help find office space: EspacioUrbano. If you wish to hire a real estate company, just know that most Colombian real estate groups do not have the same customer service standards that foreigners would be used to. There are also real estate agencies run by foreigners, with comparable customer service standards to the United States, but you will pay aInternational Real Estate Investment Colombia Medellin lot more for that level of service.”\n\nHalloCasa: “You say that it is necessary to work with a Fiador, if you don´t do the deal directly with the owner. Is that always necessary when you work with a broker? Or does that only apply to foreigners? Might a fiador also have some advantages, since it makes the process easier and it allows you to rent real estate, since the owner has a trustee and you are creditworthy?”\n\nDavid Feldsott: “The fiador (which is a property owner) is basically someone who acts as a guarantor (insurance) of the property on behalf of a tenant. If no property owner will act as a fiador on your behalf, then you can hire an insurance company or sometimes pay the entire rental contract in advance, which sometimes happens when dealing directly with a property owner.\n\nIf the tenant does not pay rent, the fiador is responsible for the payment. The Fiador requirement (which is also common in Brazil) is never a good thing (for the renter) and does not make the process easier.\n\nInternational Real Estate Investment Colombia Medellin\n\nIt has nothing to do with creditworthiness since the renter could have amazing credit or a lot of assets as collateral, but if they do not own property within Medellin proper (the suburbs of Medellin do not count, like Envigado or Sabaneta) then it does not count towards their benefit. The fiador just adds an extra layer of bureaucracy and cost to the process.\n\n![](https://steemitimages.com/DQmbZikPvirigH5B8tpp9G45tZzy5XZwCA115QpPa4tZXLw/image.png)It does not only apply to foreigners. My local Colombian friend had to get his friend’s parents to act as a fiador for him because he could not rent a place without having fiadors. From the perspective of a renter, it is a terrible law that needs to be gotten rid of. But, from the perspective of the landlord, they like the fiador requirement because it adds an extra layer of security in case the renter leaves town and does not pay their bills.”\n\nHalloCasa: “Ok, that might be interesting information for people who are planning to invest in Colombia and would like to rent out their apartments or houses. This gives them an additional layer of security. If you could wave a magic hand, what would be the one thing you would change about Colombia?”\n\nInternational Real Estate Investment Colombia Medellin\n\nDavid Feldsott: “Wow! That is a tough one. The simple answer would be for business to move at a faster pace, like in the United States. Our partnership deals have been creeping along and it is very irritating.\n\nBut, my biggest complaint here in Colombia is that when there is a conflict, most Colombians ignore the problem instead of attempting to resolve it. This is a cultural thing that occurs in both business and in people’s personal lives, such as in dating.\n\nFor example, I had a date scheduled with a Colombian woman. Rather than the woman telling me that she did not want to go out or that she just did not feel like it that day, she just ignored my repeated attempts to confirm our date. Two days later, she finally sent me a text message, saying “Que pena!” She did not apologize or give me a reason for why she ignored me for 2 days.\n![](https://steemitimages.com/DQmVkCbZoZ22v31odmUaExSQJEuP5Av7bkYD7v9aTsdFfB1/image.png)\nSo, rather than be direct and potentially “confrontational,” she ignored the situation and hoped it would resolve itself or go away. This type of behavior happens all the time, including with the Director of Partnerships at one of the largest bus companies in Colombia. It is incredibly frustrating!\n\nHalloCasa: “Mr Feldsott, we know that your time is limited. Therefore, one last question: Overall, how do you feel about living in Medellin and do you plan to stay in Colombia long-term?”\n\nDavid Feldsott: “Overall, I love it here. Medellin is a beautiful city. The people are friendly and I feel safe living here. The climate is great as is the transportation. There are plenty of fun things to do / see and the quality of life is excellent! I am building my company’s headquarters here and I hope to live and work here long-term.\n\nIt has become my 2nd home and right now, I am truly happy. In my opinion, the positive characteristics of Medellin and Colombia outweigh the downfalls and hopefully those downfalls continue to decrease over time and make life here even better than it already is.”\n\nInternational Real Estate Investment Colombia Medellin\n\nHalloCasa: “Mr Feldsott, thank you very much for all your honest and frank opinion. We really appreciate that! Would it be possible for interested readers to contact you if they have some follow-up questions?”\n\nDavid Feldsott: “Yes, of course, readers may contact me via my LinkedIn Profile or my\n\nTwitter Profile or via our corporate links: PanTrek.com, Facebook Page\n\nThank you very much!”\n\nAbout HalloCasa:\n\nHalloCasa, the marketplace for international real estate properties, is being founded by a German in Bogotá. HalloCasa´s mission is to build trust for vendors and investors with respect to cross-border real estate transactions.",
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