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Buy or rent in Cartagena?
In Cartagena, buying an apartment costs about the same as 16 years of renting the same apartment, from today's listings: a square meter sells for COP 7,690,000 and rents for COP 40,500 a month (6.3% a year). A 70 m² apartment would cost about COP 538,460,000 to buy or COP 2,840,000 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
- Pie De La Popa: 11 years (9.5% a year)
- Ternera: 11 years (9.4% a year)
- Manga: 12 years (8.1% a year)
- Torices: 12 years (8.1% a year)
Where renting makes more sense
- Manzanillo: 26 years (3.9% a year)
- Bocagrande: 20 years (5.0% a year)
- La Boquilla: 19 years (5.1% a year)
- El Centro: 18 years (5.4% a year)
FAQ
Is it better to buy or rent in Cartagena?
In Cartagena, buying an apartment costs about the same as 16 years of renting the same apartment, from today's listings: a square meter sells for COP 7,690,000 and rents for COP 40,500 a month (6.3% a year). A 70 m² apartment would cost about COP 538,460,000 to buy or COP 2,840,000 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 Cartagena is buying relatively cheaper?
Where rent is high relative to price: Pie De La Popa (11 years), Ternera (11 years), Manga (12 years), Torices (12 years).