Compared with most foreign markets, the cost of living in Colombia is generally very reasonable. Therefore, the country is becoming increasingly attractive to immigrants. Although Colombia itself has a long history and is more controversial, significant changes have taken place in the past decade. So, what do you expect from life in Colombia?
Before we begin to analyze the cost of living in Colombia, it is worth noting that the GDP has grown dramatically in the past decade, from 2.2% in 2001 to 8.2% in 2007. In my imagination, these growth figures are impressive and perfectly reflect the changing economy and the changing situation within Colombia. Although the government must still use about 50% of GDP to repay the country’s huge debt, Colombia still has room for investment in the economy and society.
The country is very rich in natural resources, and the export industry continues to account for most of the country’s income, of which oil, coffee, coal and gold are very important in this field.
Colombia’s cost of ownership
Although it is difficult to establish an average real estate value in Colombia due to the huge differences between different regions of Colombia, there is no doubt that the industry has experienced significant real growth since 2000. The credit crunch and global economic recession struck in 2007. In 2009, the market will continue to grow at a real growth rate of 8.2%. Many experts predict that this situation will continue for some time.
It seems that security strategies and criminal activities have discouraged many investors because of major changes in government strategies that have improved these specific areas. As a result, these changes seem to have opened the floodgates for foreign investors, who are now more satisfied with local conditions and the potential for short-, medium-, and long-term capital growth.
Cost of living in Colombia
In contrast, for example, in New York City, the cost of living in Colombia is only a small part of the rental value, which is about 87% lower than the rent in New York City. Restaurant expenses have been reduced by approximately 65%, while food prices are only half of Big Apple. Dining in Colombia is also relatively cheap. Although utilities are more expensive than countries such as Mexico, they are still far behind leaders such as Panama.
Interestingly, the rental values? are very similar both inside and outside the city, which shows that although there will be more economic activity in Colombia, they are not as strong as other regions. all around the world.
Colombia, like many other countries in Central and South America, enjoys a reputation many times higher than it is today. If you potentially want to move to Colombia to start a new life, you will be surprised by the standard of living, economic growth, future prospects, and cost of living.