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Buy or rent in Armenia?
In Armenia, buying an apartment costs about the same as 14 years of renting the same apartment, from today's listings: a square meter sells for COP 5,260,000 and rents for COP 32,100 a month (7.3% a year). A 70 m² apartment would cost about COP 368,420,000 to buy or COP 2,240,000 a month to rent.
Medians of today's listings (asking price ÷ area, unfurnished apartments of 40 to 200 m²). Excludes down payment, interest, fees, property tax and appreciation. Not financial advice.
Where buying costs fewer years of rent
- Armenia: 14 years (7.4% a year)
- Laureles: 14 years (7.2% a year)
- Avenida Bolivar: 14 years (7.1% a year)
- Fundadores: 14 years (7.1% a year)
Where renting makes more sense
- Oro Negro: 17 years (5.8% a year)
- Avenida Centenario: 15 years (6.5% a year)
- La Castellana: 15 years (6.6% a year)
- Avenida 19 Norte: 15 years (6.7% a year)
FAQ
Is it better to buy or rent in Armenia?
In Armenia, buying an apartment costs about the same as 14 years of renting the same apartment, from today's listings: a square meter sells for COP 5,260,000 and rents for COP 32,100 a month (7.3% a year). A 70 m² apartment would cost about COP 368,420,000 to buy or COP 2,240,000 a month to rent. Renting is usually cheaper month to month when buying costs many years of rent; buying builds equity and protects you from rent increases. It depends on how long you'll stay, your down payment and mortgage rates. Not financial advice.
Where in Armenia is buying relatively cheaper?
Where rent is high relative to price: Armenia (14 years), Laureles (14 years), Avenida Bolivar (14 years), Fundadores (14 years).