Known as the murder capital of the world at the start of the ’90s, by the late 2000s Medellin, Colombia, had undergone a revival. As violence ebbed, it welcomed new investment and visitors from abroad. Backpackers roaming the streets became a common sight.
Part of the city’s allure is in the spending power that foreigners enjoy: The Colombian peso slumped to record lows in 2022 . Another part is captured in Medellin’s nickname: “The city of eternal spring”.Nestled in a valley 1500 metres above sea level and surrounded by the Andes Mountains, Medellin boasts average temperatures of about 23 degrees year-round and is full of lush green vegetation. Its transport infrastructure, including a subway and a public bus system, makes it easy to get around.
These rents may be inexpensive for those accustomed to pricey cities, but it’s another story for locals. Properties that were once available for yearly leases are now being advertised instead on rental platforms that cater to short- and medium-term stays. The number of listings available on Airbnb and Vrbo in Medellin jumped by 45 per cent to 12,372 in June from 8532 a year earlier, according to data from analytics site AirDNA.
Businesses have also had to adapt. As a partner in Acrecer, a company that manages and rents real estate, Luis Miguel Pelaez noticed apartments being delisted as more owners chose instead to offer them on short-term platforms. He first noticed a slow trickle in 2021. Last year, “it started becoming much more massive, we were losing market share, and that’s when you really start to worry,” says Pelaez.
Earlier this year, the city placed metal barricades at the entrances of two of the city’s main tourists attractions: Parque Lleras in El Poblado, which includes a host of nightclubs, restaurants and cafes, and Plaza Botero, which displays 23 large bronze sculptures donated by world-renowned Colombian artist Fernando Botero.Some street vendors who work in these areas welcomed the move, saying the barricades keep prostitutes, peddlers and beggars from scaring off potential clients.
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