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A fully probabilistic seismic risk analysis using a comprehensive approach is conducted for Medellin, the second largest city of Colombia, using a building by building database constructed and complemented from aerial images, considering characteristics such as building use categories, socio-economic levels and replacement values. The seismic hazard used for the analysis corresponds to the most updated study available in the country with the same model that was included in the national building code maps definition. Spectral transfer functions are determined for each of the seismic microzonation zones in order to take into account the dynamic soil response and amplification effects in the risk analysis. Several building types are defined for the city and individual vulnerability functions are assigned to each of them. Risk results are presented in the state of the art metrics such as the loss exceedance …