Key takeaways
- Long-term rentals in the area have yielded 5 to 9 percent gross a year and short-term rentals 8 to 15 percent gross.
- A COP 200 million kitchen refit does not, on its own.
- Closing normally takes 30 to 45 days once the deal is agreed, and a buyer who can meet that calendar is worth more to you than one who needs ninety days and a sale of their own.
- Capital gains on a property sale are taxed at 15 percent when the property was held for two years or more, and your net proceeds are what matters, not the headline.
Set it in pesos first, then convert. A luxury penthouse in El Retiro should be priced as a COP figure you can defend line by line, with the US dollar number treated as an approximation at that day’s rate. Sellers who price in dollars re-price themselves every time the TRM moves.
That is the step most sellers skip, and it is the one that costs the most. The Antioquia apartment market gives you the floor you are arguing above: apartments in the department start at about US$97,000 with a typical asking price near US$199,000. A penthouse in El Retiro is not that property, and your price has to explain why in specifics, not adjectives.
What do you anchor the number to?
Three things, in this order.
The comparable, adjusted. Find what finished units with similar area, terrace, view and parking are asking in El Retiro and the surrounding corridor. Then adjust for what is actually different: covered terrace square meters are not the same as interior square meters, and a penthouse with exclusive rooftop use is a different product from one with a shared deck. Write the adjustments down. You will need them when a buyer’s agent pushes back.
The replacement cost. What would it cost today to acquire an equivalent unit in a new project and finish it to your level? If your number sits far above that, you are asking a buyer to pay a premium for immediacy, and immediacy is worth something but rarely what sellers think.
The hold economics. Long-term rentals in the area have yielded 5 to 9 percent gross a year and short-term rentals 8 to 15 percent gross. An investor buyer will run your asking price against those bands. If the arithmetic produces a number below the range, expect a low offer, not a quick one.
Appreciation in the area has historically run 7 to 8 percent a year. That is history and not a forecast, and it is not a reason to add a year of imagined growth to your price before listing. Buyers in this bracket read that move instantly.
What is the most common mistake?
Adding the cost of your renovation to the last sale price and calling it value.
Kitchens, bathrooms, climate control and built-ins recover at a rate the market decides, not at invoice value. The exceptions in a penthouse are structural and legal: an enclosed terrace that was properly permitted, an extra parking space with its own registry entry, a storage unit titled separately. Those are assets with their own paperwork and they justify a line in your price. A COP 200 million kitchen refit does not, on its own.
The second mistake is pricing before the file is clean. Pull the certificate of tradition and freedom using the registry number and read it. It shows the registered owner, mortgages, liens and encumbrances. If there is a mortgage still registered, an unregistered terrace enclosure, or a parking space the deed does not mention, those are discounts a buyer will claim at the negotiating table. Fix them before you set the number, not after an offer arrives.
How do you build in negotiating room without scaring buyers off?
Decide your walk-away number before the listing goes live, then set the asking price with a deliberate, narrow margin above it. In this bracket, a wide spread reads as a seller who has not done the work, and it attracts opportunistic offers rather than serious ones.
Price the terms as well as the figure. Closing normally takes 30 to 45 days once the deal is agreed, and a buyer who can meet that calendar is worth more to you than one who needs ninety days and a sale of their own. Say so in writing. Flexibility on timing, on included furnishings, on the handover date: these are concessions you can give instead of cutting the headline price.
What do taxes and costs do to your floor?
Run the net before you commit to a number. Capital gains on a property sale are taxed at 15 percent when the property was held for two years or more, and your net proceeds are what matters, not the headline.
Your buyer is also doing arithmetic. Buyer closing costs run about 2 percent of the price: notary at 0.27 percent, registry at 0.67 percent and beneficencia at 1 percent, plus their lawyer’s fee. Annual property tax runs from 0.3 to 1.2 percent of cadastral value depending on the municipality, and a well-informed buyer will ask what yours is before offering. Have the figure ready.
One more thing worth knowing: the Devimed highway concession reverts on July 31, 2026, with the financing trust expected in 2027 and handover to Invías in 2028, so major works would not begin before late 2027. Do not price a road improvement into your asking figure today.
Frequently asked questions
Should I list the penthouse in pesos or dollars?
In pesos. Colombian pesos are the source of truth for every price in this market. A US-dollar figure is an approximation at the day's market rate (TRM) and should be labelled as such, otherwise your price moves every time the rate does.
Does my renovation add to the asking price?
Partly. Kitchens and finishes recover at a rate the market sets, not at invoice value. What does justify a line item is anything with its own paperwork: a permitted terrace enclosure, an extra parking space, or a separately titled storage unit.
What document should I pull before pricing?
The certificate of tradition and freedom, requested with the property's registry number. It shows the registered owner, mortgages, liens and encumbrances. Anything unresolved there becomes a buyer's discount later, so clear it before you publish a number.
How long will the sale take once I accept an offer?
Closing normally takes 30 to 45 days once the deal is agreed. Transfer happens by public deed before a notary, then registration at the property registry. Until it is registered, the buyer is not the owner against third parties.
What tax will I pay on the sale?
Capital gains are taxed at 15 percent when the property was held for two years or more. Calculate your net proceeds at that rate before you fix an asking price, so your walk-away number reflects what you actually keep.
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