This is the comparison I get asked about most by US-based investors. They've watched Miami prices double since 2019, their yields compress to 3–4%, and they're looking for somewhere that still makes the math work. Colombia — and specifically Medellín and Envigado — keeps coming up.
I'm not a Miami expert. I am an Envigado developer who has been building and selling residential real estate here for over 20 years. So I'll give you my honest read of both markets, using publicly available Miami data and my direct experience in the Colombian market.
1. The Setup: Same Budget, Two Markets
We'll use a $200,000 USD investment budget — enough to be meaningful in both markets — and track what you get, what it earns and what it costs over 5 years.
- Miami (Brickell / Edgewater): Studio or very small 1BR, 35–50m², older building, possibly high HOA fees
- Envigado, Colombia: 2–3BR apartment, 75–100m², newer building (2020+), elevator, parking, stratum 4–5 finishes
2. Entry Costs Compared
3. Rental Income Compared
4. Annual Carrying Costs Compared
This is where the comparison shifts dramatically. Miami's property taxes, HOA fees and insurance are among the highest in the US — and they've risen sharply since 2021.
5. Appreciation Compared
6. 5-Year Total Return: The Full Picture
Appreciation 5yr: ~$45,000–$80,000 USD
Total 5yr return: ~$70,000–$125,000
Appreciation 5yr: ~$55,000–$110,000 USD
Total 5yr return: ~$97,000–$168,000
Estimates based on mid-range scenarios. Currency risk applies to Colombian returns. Past performance does not guarantee future results.
7. The Verdict
On a pure numbers basis, Envigado outperforms Miami on net yield, total return potential and purchasing power — with significantly lower carrying costs and a larger, more functional property for the same budget.
Miami wins on liquidity, market depth, USD denomination and familiarity. If you need to exit quickly, Miami is easier. If you're comfortable with a 5+ year hold in a less liquid market, Colombia offers substantially better returns.
The investors who do best in Medellín are those who approach it as a long-term position, do proper due diligence, work with established local partners and aren't trying to flip in 12 months.
At Inversiones OTA, we show investors the same numbers we use internally. No tourist markup, no inflated projections. If the deal makes sense, we'll tell you. If it doesn't, we'll tell you that too.
Want to run the numbers on a specific project?
Tell us your budget, investment timeline and return expectations — we'll build you a realistic projection based on current market data.
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