Engel & Völkers is now brokering property in Colombia: Metropolitan Market Center opens in Bogotá
Engel & Völkers is continuing on its course of global expansion and is now brokering prestigious residential property in Colombia with immediate effect. The opening of a new Metropolitan Market Center (MMC) in the capital Bogotá marks the 38th country in which the global company, which is specialised in the brokerage of premium residential property, commercial real estate and yachts, is now operational. The continuous growth of international market knowledge and experience ensures a high standard of quality and consultancy services within the global partner network of the Engel & Völkers Group.
The MMC is located in the exclusive district of El Retiro, one of the most sought-after residential locations in the Colombian capital. In addition to Bogotá, the focus of the MMC will be on the brokerage of high-end real estate in Colombian economic centres in major cities and popular second home markets such as Cartagena, Medellín, Barranquilla and Cali. The global network of Engel & Völkers will make it possible for the MMC to offer its portfolio properties through 500 different locations worldwide, as well as giving it access to an international pool of prospective buyers.
“I am delighted to be representing the global network and service competence of Engel & Völkers in Colombia. International demand for high-end homes and for professional consultancy is very strong. Having access to a worldwide network of buyers and sellers is absolutely the key to success,” said Cristian Fuenzalida, Managing Partner at Engel & Völkers in Bogotá. The entrepreneur brings with him many years of experience working in marketing and leading management positions at numerous South American companies. José Miguel Echenique, Managing Director and Partner at E&V in Bogotá, also has an excellent network of contacts and superb local market knowledge thanks to his extensive professional experience in strategic management.
“The key Engel & Völkers values of competence, exclusivity and passion fit in precisely with the needs of our sophisticated clientele and with the real estate market in Colombia, which has a strong international focus,” said Mr. Echenique.
The opening in Bogotá marks the initial stage in the conquering of a strategically important market for Engel & Völkers. Colombia is one of the emerging economic powerhouses in South America. The Colombian economy is benefiting considerably from a strong export industry resulting from its rich raw material reserves, as well as from its geographical location with access both to the Pacific and Atlantic oceans. The stable national economy, coupled with a low rate of inflation, is a very important factor for foreign investors. Such investments from abroad are also being helped along by efforts to improve the public infrastructure and combat crime in the long term. Whilst there are interested investors based around the world, particularly strong buyer attention in Colombia is originating from Chile, Venezuela and the USA. Other interested parties are based in Europe as well. This development is being bolstered, amongst other factors, by the free trade agreement with the EU that was signed in August of this year.
House prices in Colombia are increasing in line with this growing demand. Over the past decade, property values have risen continuously by an average of 15 percent per year. They are currently at an historic high. In the capital Bogotá, high-end residences in exclusive neighbourhoods such as Rosales, Santa Ana, Chicó, El Nogal, Santa Barbara and El Retiro hold the greatest potential for appreciation in value. Top prices of as much as 11 million COP (approx. 4.200 euros) per square metre have already been achieved in these areas. Some very exclusive new developments may even see prices exceed this level by ten to 20 percent in the near future.
Ultra-modern, large-scale apartments and lofts are currently in particularly strong demand amongst buyers. The most important criteria for purchase are a modern equipment standard and a minimalist design.