The world's best-kept retire overseas secret

Medellín, Colombia, has yet to capture the attention it deserves and remains off most retirees' radar. However, this is beginning to change. Medellín, specifically its central El Poblado neighborhood, sets the standard for world-class retirement living and does so at a surprisingly low cost thanks to the current exchange rate between the U.S. dollar and the Colombian peso.

What's more, at the current rate of exchange, it's possible to purchase a comfortable apartment of your own in this beautiful city for as little as $50,000. You can own in Medellín's most exclusive and upscale neighborhoods for as little as $100,000. Here are 11 reasons Medellín deserves the attention of any retiree considering overseas retirement options:

1. The weather is comfortable year-round. You can dine al fresco every day. The city takes full advantage of its great weather, with outdoor seating for restaurants and cafes and many parks, gardens and public areas. There are also open-air malls and even open-air gyms and fitness centers. Apartments come with balconies, and you can leave doors and windows open to the breeze day and night all year long. The temperate climate also means you need neither air conditioning nor heating, helping to reduce your monthly budget.

2. A clean, modern and first world setting. Medellín's well maintained roads, a new Metro system, pure drinking water, modern cable TV and high-speed Internet lay the groundwork for a convenient lifestyle.

3. A rich cultural scene. You can enjoy the orchestra, theater and countless events and shows throughout the year.

4. Great restaurants. From fine dining to quaint sidewalk cafés, you'll find it here. The elegant restaurants compare with the best places you've eaten anywhere in the world with respect to variety, quality and creativity. And the sidewalk cafés are numerous and also diverse.

5. No car required. You can live in Medellín without owning a car. Everything is within comfortable walking distance, including banks, shopping, businesses, dry cleaners and fitness centers. Living without a car means no maintenance or parking hassles and none of the expense associated with owning a car. When you want to travel beyond your neighborhood, you'll have no trouble finding a taxi. The flag drops at just 80 cents.

6. Plenty of expats or go local. In contrast to as recently as five years ago, Medellín is now drawing larger numbers of retired couples, single women and younger people with portable careers. You'll find more Americans here today than ever before, meaning you can congregate with other expats if you want to. Or, if you prefer, you can make friends with the very welcoming Colombians and avoid the expat scene altogether. The best case can be to blend the two lifestyles, living in a Colombian setting, but also frequenting expat get-togethers at the local Irish pub, for example.

7. The cost of living can't be beat. The dollar is at a record high against the peso right now, making life in Medellín more affordable than ever. The overall cost of living is about half what it was just a few years ago. In addition, not having the overhead of a car and not needing heat or air conditioning lowers the cost of living even more.

8. Plentiful, well-stocked shopping. You don't have to do without. Medellín offers everything from mom and pop corner stores to high end shopping malls. You could get your groceries at old fashioned markets or gleaming supermarkets. Fashion options range from discount clothing bazaars downtown to exclusive boutiques in El Poblado.

9. Accessibility. Medellín is only a three-hour flight from Miami and just over five hours from New York.

10. Colombia offers a fast and easy residency program. The requirements to qualify are detailed on the government's website. Simply follow the instructions, and you can obtain residency in as little as an hour. Furthermore, it's possible to complete the process without the help of an attorney, meaning the cost of establishing residency, like everything in Colombia, is a bargain.

11. Medellín offers a large inventory of high quality properties at low prices. Real estate sales in this city are breaking all previous records. Some agencies report sales volumes up significantly from just a few years ago, as buyers take advantage of today's strong dollar and low prices. Property prices are actually going up sharply in Colombian peso terms. However, property value appreciation is being masked for foreign buyers by the favorable exchange rate.

RELATED: See more countries to retire to

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.

Copyright 2015 U.S. News & World Report