The growth of the Medellin Colombia Real Estate industry is heralding major land development projects for commercial and residential uses. Among these projects located in varying estratos, it's worthwhile to learn that a few concern demolition of existing constructions. Others among them are pending their completion into residential homes, commercial spaces and so on.
Such mixed development is both good and bad for the city because modern architecture can supply the required urbanization through it. But although at the cost of doing away with the heritage constructions, developing land is the hottest trend of decades. Parallelly, another opportunistic idea is developing land in the hilly areas, where lies opulent opportunities and challenges equally.
Land Development in Medellin Colombia
The 382 km2 area of Medellin has plenty of its ground carpeted with smaller shrubs beside lush trees & the like. However, not all of it can be claimed because the Constitutional Court of Colombia protects private properties that are of public utility and social interest.
Other than those properties, the rest of them are classified between 0 to 6 estratos, whose rank also shares a connection with geolocation in most cases. To identify these lands, you can seek the help of a realtor or real estate advisor. They can also assist you with furnishing the due paperwork to the Constitutional Court of Colombia or other authorities.
As per the Colombian constitutional provisions, the following types of Land Development are legal and also the most preferred in the Medellin regions:
Mixed Use Development
Tourism Development
Sustainable Development
Infrastructure Development
Urban Renewal Development
Mixed Use Development
Land Development concerning mixed-use development mainly foresees undertaking and completion of projects of the residential-commercial type. So complexes offering housing, retail and commercial establishment are a leading choice as they also contribute to the development of the local communities.
Tourism Development
The need for resorts, hotels and vacation homes or rentals in Medellin will always be on the uprise seeing that it's known for its tourism borne from cultural events. Likewise, one can expect healthy tourism development in terms of land development even in hilly areas of 3-6 estratos.
Sustainable Development
It mainly concerns incorporating sustainable development practices and technologies by sourcing local help in constructing establishments of varying types. One key aspect of sustainable development is the involvement of local authorities and communities. So, working with a local real estate advisor can be highly fruitful for success.
Infrastructure Development
The majority of the Medellin Real Estate market is eyeing to grab opportunities concerning infrastructure development, as it can also reward them with tax benefits and other advantages. Based on certain requirements, it's also possible to obtain citizenship in Medellin, Colombia, if one invests in Infrastructure development projects concerning transportation, telecommunications, etc.
Urban Renewal Development
Although some might regard it as a type of sustainable development, the urban renewal land development projects specifically focus on revitalizing neglected or less developed areas. Becoming a contributor to such development projects can not only offer legal benefits but also may possibly offer long-term benefits like citizenship, tax write-offs, etc.