Cartagena de Indias, Colombia
Cartagena de Indias is Colombia's #1 tourist destination and one of the highest-ADR short-term rental markets on the continent. UNESCO World Heritage status, premium international demand, and major events push rates to levels rarely seen in LatAm. But regulation is more complex than Medellín, especially inside the walled city. This guide gives real numbers by zone, 2026 rules, and expected margins.
Effective ADR ~$200/night, pure international tourist profile. Expenses include historic building admin ($240), utilities ($110), cleaning ($540 × 18 turnovers for short stays), Airbnb fee (~$580), weekly manual pricing. 51% margin — Old Town is highest ADR but most operation due to turnovers.
Effective ADR ~$120/night with young tourist + digital nomad mix (7–14 night average stays). Fewer turnovers than Old Town (~12), cleaning $360. 52% margin — Getsemaní is the favorite market for hosts wanting high ADR with manageable operation.
Not every part of Cartagena behaves the same. Typical ADR and occupancy ranges by area:
UNESCO Heritage. Pure international tourism, colonial plazas, premium restaurants, sophisticated nightlife. Cartagena's top ADR but increasingly restrictive HOA bylaws.
Bohemian historic streets, murals, trendy bars and restaurants. 5-minute walk to Old Town. Mixed young tourist + digital nomad demand. ADR + operation + occupancy sweet spot.
Modern oceanfront zone. High-rise condos, more local and Latin American demand. Lower ADR but lower entry cost. Stable, less seasonal occupancy.
Residential island between Centro and Bocagrande. Quiet, larger properties, growing demand from travelers wanting proximity without Old Town chaos. Accelerating STR growth 2023–2025.
North of city, near airport. More authentic beaches, international backpacker + budget nomad demand. Low entry cost. Higher guest turnover.
Hosts who scale keep their calendar open for predictable peaks and raise ADR when they know the wave is coming.
January
ADR up 120–200% in Old Town and Getsemaní. 4-night minimum. Bookings close 4–6 months ahead. High international demand (writers, journalists, attendees).
November
ADR up 80–150% during Independence week + pageant. 3-night minimum. Intense national + LatAm demand.
March
ADR up 60–110% in Centro and Getsemaní. Film industry + international attendee demand. 3-night minimum.
March–April
ADR up 70–130%. Mostly national + LatAm demand. 2BR+ apartments most in demand (families).
Dec 26 – Jan 5
Absolute annual peak. ADR up 150–300% in Old Town. 5–7 night minimum typical. Bookings close 8+ months ahead.
With an average ADR of $135/night in Cartagena and 68% occupancy, knowing your break-even point is the difference between operating blind and operating like a pro. The calculator gives you your minimum nightly rate, marks your exact break-even, and projects income, profit, and margin in real time.
Yes, with conditions similar to Medellín but stricter in Old Town. You need valid RNT, declare VAT + ICA, pay local tourist lodging tax, comply with building HOA bylaws (many in Old Town prohibit it), and verify UNESCO heritage restrictions if inside the walled city.
Old Town for maximum ADR (premium international tourism) but stricter regulation and more operation from turnovers. Getsemaní for best ADR/margin balance, mixed demand (young tourists + nomads). Bocagrande for local + beachfront demand, lower ADR but stable occupancy. La Boquilla / Crespo for low capital entry, international backpacker profile.
Well-positioned 1–2BR: typical gross $2,500–$5,500 USD/month in average season. Net after taxes, utilities, cleaning, and fees: $1,100–$2,800 USD/month. In peak season (December–March) income can double; in September–October it falls 30–40%.
Only if you understand the complexity. Top ADR and pure tourist demand offset high purchase prices ($5,000+ USD/m²), but HOA bylaws may limit you, modifications need heritage authorization, admin costs are high on old buildings, and operation is intense from short stays. For new foreign investors, Getsemaní is usually the better entry point.
Three levers: (1) aggressive dynamic pricing — raise weekends + peak season + events up to 3× base, drop rainy season near floor (your minimum rate), (2) block 3–4 night minimums on events and peak season, (3) offer monthly discounts in low season to capture nomads who prefer warm weather over Medellín.
Yes, very common. You need: local legal representative with tax ID, cleaning and maintenance contracts (critical given Old Town operation intensity), ideally a local co-host or property manager living in Cartagena, and a 24/7 emergency contact. Most foreign investors use full-service property management given higher operational intensity vs. Medellín.