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Buy or rent in Santa Marta?
In Santa Marta, buying an apartment costs about the same as 17 years of renting the same apartment, from today's listings: a square meter sells for COP 8,230,000 and rents for COP 40,000 a month (5.8% a year). A 70 m² apartment would cost about COP 575,950,000 to buy or COP 2,800,000 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
- Rodadero: 14 years (7.0% a year)
- Don Jaca: 15 years (6.9% a year)
- Gaira: 15 years (6.6% a year)
- Rodadero Sur: 15 years (6.5% a year)
Where renting makes more sense
- Centro: 17 years (5.8% a year)
- Urbanizacion Salguero: 17 years (6.0% a year)
- Playa Salguero: 17 years (6.0% a year)
- Pozos Colorados: 16 years (6.1% a year)
FAQ
Is it better to buy or rent in Santa Marta?
In Santa Marta, buying an apartment costs about the same as 17 years of renting the same apartment, from today's listings: a square meter sells for COP 8,230,000 and rents for COP 40,000 a month (5.8% a year). A 70 m² apartment would cost about COP 575,950,000 to buy or COP 2,800,000 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 Santa Marta is buying relatively cheaper?
Where rent is high relative to price: Rodadero (14 years), Don Jaca (15 years), Gaira (15 years), Rodadero Sur (15 years).