The Real Deal Miami

Here are the best Latin American cities to buy real estate: report

Punta del Este, Uruguay was least affordable for a two-bedroom apartment
Medellín, Colombia was No. 3 on the list (Credit: Seth Pipkin)

Medellín, Colombia was No. 3 on the list (Credit: Seth Pipkin)

What do Cali, Colombia; Granada, Nicaragua; and Medellín, Colombia all have in common?

They top the list of the best cities for real estate investment in Latin America, according to the results of a new survey from Live and Invest Overseas. The survey looked at prices of a two-bedroom apartment in the top 20 Latin American markets.

“A strong dollar coupled with expanding middle classes in some markets and windows of crisis opportunity in others make this is the best time in a decade to diversify into foreign real estate, specifically in Latin America,” Katheleen Peddicord, the survey’s author, said in a press release.

While a strengthening dollar has dampened foreign investment in South Florida, the opposite is true for U.S. investment in Latin America. For the second consecutive month, Colombia has led the world in consumers searching for South Florida real estate in January, according to the Miami Association of Realtors. Brazil, which has seen its currency fall in value over the past year, came in second place after having led web searches for 17 of the past 19 months. – Katherine Kallergis

Check out the full list below:

CityCountryUS dollars per square meter
CaliColombia$587
GranadaNicaragua$1,013
MedellínColombia$1,119
ArequipaPeru$1,136
CuencaEcuador$1,199
AsunciónParaguay$1,224
Puerto VallartaMexico$1,273
BogotáColombia$1,759
Montevideo CentroUruguay$1,567
Santa MariaColombia$1,759
MendozaArgentina$1,868
San JoséCosta Rica$2,293
Panama CityPanama$2,300
SantiagoChile$2,492
Buenos AiresArgentina$2,660
CartagenaColombia$2,676
MontevideoUruguay$2,679
San Miguel de AllendeMexico$2,736
Punta del Este Uruguay$3,350