A view of Bogotá's skyline from a proposed luxury residential building, Vitrvm, designed by U.S. architect Richard Meier, as shown in a rendering. Vize/Richard Meier & Partners Architects

Colombia's capital is seeing a rise in luxury housing; Richard Meier's vision in glass and steel

Architect Richard Meier's new residential building will feature his signature jutting planes and surfaces carved from white steel and glass. The 37 apartments, starting at about $2 million, are 73% sold even though ground won't be broken until June. The project, named Vitrvm, and the buzz surrounding it, is what you might expect from the designer of L.A.'s Getty Center except for one thing: It is in Bogotá, Colombia.

"Why not Bogotá?" asked Mr. Meier. "The economy is strong and there are people that want quality buildings to live and work in."

The real-estate market of Bogotá, population about 8 million, tells a more positive story today than what some might expect from the capital, which has a history of political and drug-related violence. Prices per square foot for new construction have more than tripled from 2003 to 2013, says a report published by Colombia's Bank of the Republic. Existing-home prices also have risen over the decade.

New buildings that have top-notch amenities and that are listed above $370 a square foot have sprouted around the city, bringing rare amenities such as gyms, media rooms, and tennis or squash courts; a few top buildings feature conference rooms for executive meetings. International real-estate firms, such as Engel & Völkers, a Germany-based luxury brokerage with offices in 38 countries, are setting up shop in the city.

Meanwhile, the kidnappings that gave rise to Colombia's fearsome reputation fell by more than 90% between 2002 and 2009; there were 43 kidnappings last year in the city, states a report by the U.S. Department of State, citing Colombian government figures. Peace talks between the government and guerrillas aim to put a cap on a 50-year conflict, local officials say.

"Colombia still has a bad reputation, but it's such a different place than people perceive it to be," said Angel Seda, chief executive officer of Royal Property Group, a real-estate developer.

Fueling demand for high-end homes is a rising class of local entrepreneurs, as well as high-earning executives from Venezuela, Argentina and Spain, among other countries. The country's gross domestic product has risen an average of 4.3% annually since 2007, according to the International Monetary Fund....Continue Reading

> via WSJ