Santa Marta leads the way in tourist housing in Colombia, with an annual growth rate of 7%, attracting both domestic and foreign investment.
Santa Marta, the capital of Magdalena, has positioned itself as the number one destination in Colombia for investment in tourist housing. According to Coordenada Urbana of the Colombian Chamber of Construction (Camacol), the city has recorded sustained growth of 7% in real estate sales over the past year. It stands out for its dynamic offering of non-VIS housing geared towards tourism, cementing its position as the undisputed leader in this segment.
The Boom in Tourist Housing in Santa Marta
Santa Marta’s real estate market has a unique profile: 62% of its offerings are aimed at tourism, making it a primary attraction for national and international investors. This phenomenon is not only due to its natural beauty but also to its annual profitability rate exceeding 6.59%, driven by a steady influx of tourists. In 2024, the city is expected to launch more than 3,000 new housing units, a key indicator of its robust real estate market.
Colombians residing abroad account for 19% of transactions, while 5% come from foreigners who see Santa Marta as a paradise for investment and relaxation. The United States and Spain top the list of countries with the highest demand, alongside Colombian cities like Bogotá, Medellín, and Bucaramanga.
Critical Areas for Tourist Investment
Santa Marta’s geographical location and the design of its real estate projects have made areas like El Rodadero, Playa Salguero, Pozos Colorados, and Bello Horizonte strategic hubs for tourism. Developments in these areas feature luxury and sustainable amenities, including gyms, pools, and relaxation zones.
Pozos Colorados, for example, is considered a top-tier destination. Resort-style projects like Marena offer exclusive amenities such as gastro-bars and spas. Meanwhile, Bello Sol, nestled between the Sierra Nevada and the sea, specializes in housing for short- and long-term rentals, ideal for those seeking nature and tranquility.
Historical Factors Driving Investment
Santa Marta’s appeal is broader than the present; its allure dates back to its founding in 1525 as Colombia’s oldest city. This historical legacy, combined with the cultural and natural wealth of Tayrona National Park, the Ciénaga Grande, and the Sierra Nevada, has made the city an iconic destination for tourists and investors.
In recent decades, Santa Marta has gained global recognition through rankings such as Live and Invest Overseas, which ranked it the second-best destination for retirement. Additionally, publications like Forbes and Booking highlight it as one of the ten most sustainable destinations in the world, a distinction that has led to a 30% increase in the average appreciation of its real estate from the launch phase.
Public Initiatives and Sustainability
Santa Marta’s real estate growth is supported by sustainable development policies spearheaded by the city government. Initiatives such as improved tourist signage, enhanced public transportation, and the construction of six tourist docks aim to establish Santa Marta as an innovative and responsible destination.
Furthermore, activities such as birdwatching and the construction of scenic viewpoints are being promoted. These initiatives attract tourists, protect the natural environment, and strengthen the local economy. Investment in tourist housing in Colombia, particularly in Santa Marta, has benefited from these policies, further fueling investor confidence.
The Future of Santa Marta’s Real Estate Market
Experts agree that Santa Marta’s potential for tourism and tourist housing will continue to grow. Landmark projects in areas like El Prado, known for its exclusivity and tradition, are raising profitability standards. Examples like the Tryp by Wyndham complex offer an annual net return of 12.5%, making Santa Marta a national benchmark for discerning investors.
Locally, construction companies have adopted innovative design strategies, integrating sustainable features and amenities that meet international standards. This reinforces Santa Marta’s appeal and projects it as a model for comprehensive urban development. As the sector evolves, investment in tourist housing in Colombia will increasingly look to Santa Marta for inspiration.
Santa Marta: The Epicenter of Tourist Housing Investment
Santa Marta has proven to be more than a tourist destination; it has become Colombia’s epicenter of tourist housing investment. Its sustained growth, backed by a privileged natural environment, a dynamic real estate market, and sustainability policies, positions it as the preferred destination for those seeking a blend of relaxation and profitability. With its unique mix of history, culture, and modernity, Santa Marta continues to set the standard in the real estate sector, solidifying itself as a model for the country and the world.
Conclusion
Santa Marta’s dominance in investment in tourist housing in Colombia underscores the city’s remarkable trajectory as a leader in tourism-driven real estate. By combining its historic charm, stunning natural attractions, and modern amenities with forward-thinking sustainability initiatives, Santa Marta has redefined what it means to invest in tourist housing. The city’s robust % growth rate of 7% reflects a thriving market that appeals to a diverse range of investors, from Colombians living abroad to foreigners drawn by the city’s exceptional profitability and quality of life. Areas like Pozos Colorados and Bello Horizonte have become emblematic of Santa Marta’s appeal, offering innovative projects that cater to short- and long-term rental markets. As the city continues to develop cutting-edge real estate options, it remains a benchmark for investment in tourist housing in Colombia, setting a national and global example. Looking ahead, Santa Marta’s blend of cultural heritage, urban innovation, and ecological responsibility promises to sustain its leadership in this sector, providing a template for other cities in the country to follow. Santa Marta is the ultimate destination where profit meets the purpose for anyone considering an investment in tourist housing in Colombia.