Today, Cartagena is visited by thousands of tourists coming from all parts of the world, so the price of real estate continues to increase. In the old city, many foreign investors are looking to buy a piece of this colorful history by taking advantage of all it has to offer, such as the world-class emerald industry, exquisite cuisine, and unique hospitality. Cartagena presents an irreplaceable opportunity for foreign investors to find the perfect properties to build restaurants, boutique hotels and jewelry stores in order to get involved in the growing market of Cartagena.
Now is the time for you to come check out this world-class destination, and learn what all the buzz is about for yourself. The New York Times calls Colombia one of the best places for tourism. Its Colombia’s beauty, culture, affordability and safety that draws the tourists in, thus drawing more arrivals than any other Latin American country. Budget Travel ranks Colombia as one of the top ten ‘must see’ destinations for 2011. MSNBC’s Destination Travel states that Colombia is not only SAFE, but also has mass tourist appeal. It is now the perfect place to visit, buy a property, and/or retire. It is evident that travelers are quickly discovering what they’ve been missing!
There are seven major reasons that you should consider investing in Cartagena: (1) the negative international perception of Colombia as being unsafe is diminishing quickly (2) Colombia has implemented free trade agreements with US, Canada, and the EU (3) Colombia has the 3rd largest GDP in South America (4) Colombia is well organized with regard to the legal aspects of private property investment and ownership (5) property values are low compared to neighboring developing markets (6) there is an abundant amount of inexpensive, skilled labor and (7) the influx of hotel development.
Colombia’s commitment to tourism has created a renaissance of hotel development by increasing the number of hotel rooms to 9,757, and nearly 2,700 more to come by 2016. This influx of space is a result of all the new upcoming hotels within a nine-block stretch along the Caribbean beachfront (malecón). To the north between 12th and 13th Streets, the Hyatt Regency Hotel has begun construction and is to be completed by 2015-16. It will be complete with two towers and a 91-store shopping mall, Plaza Bocagrande. In total, this mixed-use development complex will have 261 rooms: 28 suites, 74 Hyatt residential suites, 100 apartments, and 2 upscale restaurants. Next in line, under construction, will be the new Morros City condominium high-rise. This is projected to finish in 2016 at 39 stories with 165 luxury apartments. A couple blocks further the Sheraton Hotel / Cartagena Ocean Tower complex is under construction and the final product will consist of two towers at 33 stories each. The Ocean Tower will have 152 luxury apartments and the Sheraton will be dedicated to solely hotel rooms. A couple blocks down the beach, the Spanish chain, Iberostar Hotel Group is projected to begin construction this year and will be 60 stories allowing for 224 suites. Down a block on the corner of Ave. San Martin and 5th Street, the InterContinental Hotel is projected to open in 2015 with 287 guest rooms and 27 suites. It’s anchored by a 215,000 square foot shopping mall that includes upscale shops, a large casino, convention center facilities, movie theaters and restaurants, which is already open and thriving with business. Palmetto Beach, just next to the InterContinental Hotel, broke ground this year and is projected to finish by 2016 with 33 floors and 103 apartments. The newest Palmetto high-rise apartment complex, Sunset, is on the waterfront in El Laguito with construction to begin late 2014, comprised of 36 floors, a 7 story parking garage, two floors of commercial locals, and 124 apartments. Other hotels that have recently opened, or soon to open are Hampton by Hilton, The Radisson, the Holiday Inn, and soon to be open Holiday Inn Express. One can only imagine what this will mean for investment potential and property values of all real estate for sale in the area over the next few years! So as you can see, the time to invest in Cartagena is NOW!