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Ecuador Real Estate
Amazing Ecuador Real Estate and Property
You can find real estate in Ecuador that is both charming and affordable
The prices of real estate in Ecuador have risen slightly in recent years thanks to Ecuador's growing economy, but they are still very inexpensive in comparison with U.S. prices and downright cheap when compared with real estate in Europe. As property prices are steadily appreciating, now is a great time to invest in Ecuador real estate. An oil boom--created by the completion of a new oil pipeline to the coast, combined with record oil prices in 2006--has also added even more intrinsic value to a property investment in Ecuador. Combine this with Ecuador's equatorial sunshine, the choice of spectacular mountains, high plains, jungle, or coastal settings, and the unvaryingly friendly and welcoming nature of Ecuador's people, and you have a combination for a quality of life that's hard to beat.
Excellent Real Estate for Sale in Ecuador
Today there are lots of great real estate buys in Ecuador. For example, you can buy a two-bedroom condominium in Quito's historic center, close to good shopping, gourmet restaurants, and hotels, for under $55,000, with a 1,000-square-foot pre-construction condo going for under $30,000. A two-bedroom apartment property in Cuenca's colonial historic center, only a block from the main square, just sold for $39,000. A beautiful one-bedroom furnished apartment can be rented in Cuenca's most luxurious neighborhood--directly on the Tomebamba River--for just $350 a month. In Vilcabamba, Ecuador's Valley of Longevity, a two-story traditional Ecuadorian house with five bedrooms on 2.5 acres, with lots of fruit trees and a fresh water source, was sold recently to an International Living reader for just over $60,000.
The Best Places to Buy Property in Ecuador Right Now
From an investment standpoint, Ecuador’s coastline probably offers the best value. Prices on the coast are being compared to those in Mexico and Costa Rica 20 years ago and Panama 10 years ago. Until recently, annual appreciation has been in the single digits, but this is changing quickly. A check of the real estate market in Salinas in 2006 showed real estate prices moving up 30% and more.
New three-bredroom condos with ocean views go for less than $100,000 in Salinas, Manta, and Atacames. Small beachfront houses are selling for $65,000 to $80,000 in such pleasant villages as Punta Blanca, Olon, and Canoa. For something more grand, you’ll be hard-pressed to pay more than $225,000.
Despite the high level of interest on the coast, most IL readers still prefer the great weather and cosmopolitan lifestyle of the colonial mountain cities of Quito and Cuenca. Prices for new, luxury condominiums in the two cities run from $50 to $65 a square foot. If you’re willing to take on a project, check out a historic building in need of restoration. Many travel books report that the best Spanish colonial districts in Latin America are in Quito and Cuenca, both UNESCO World Heritage Sites.
Other hot areas for Ecuador real estate are north of Quito, in the Otavalo and Cotacachi area, and in the southern Andean village of Vilcabamba. Both areas have great weather and lots of rural countryside.
How to Purchase Ecuadorian Real Estate
Once you've settled on where you want to live and are ready to purchase your new home, you're going to need to know the process for buying real estate in Ecuador. It is relatively simple, and with competent legal advice, you'll have no problem. The real estate business in Ecuador bears little or no resemblance to what you'll find in the U.S. There is no such thing as multiple listing, for example. Agents in Quito will have no idea what properties are available in Manta or Cuenca or even necessarily what's available from other agents in Quito. Agents may be trained and certified, or they may not be. Many real estate agents are simply friends of the property sellers who happen to have the time and willingness to show the house. Lots of properties in Ecuador are sold by word of mouth and never make it into the newspaper or onto agents' lists. When properties are listed, it's not uncommon to find them listed with several realtors--at different prices.
Many of the realtors who sell to foreigners work as buyer’s agents and charge the buyer a commission. Our experience, in recent years, is that the buyer usually gets a better deal working with a buyer’s agent due to the lack of controls in the local real estate market. Plus, a buyer’s agent who works with foreign buyers will have a better idea of what you are interested in than a local agent--and he’ll be working for you.
Ecuador real estate prices are all over the board. A nice house in a good neighborhood may be selling for $70,000, while the owner of an equal property right next door might be asking for $200,000. Owners often confuse the sentimental value of a property with what it's actually worth. A good realtor, particularly one familiar with foreign buyers, can help sort things out for you.
Although Ecuador’s economy has recovered from the debacle early in the decade, cash is still king here and gives you significant bargaining power. We've seen several shoppers submit offers of half the original asking price and end up paying 60% or 70% of the original. Statistically, the difference between asking and selling prices is running about 20% for houses in 2007. For new condos, where more comparative data are available to both buyer and seller, negotiation room runs from 5% to 10%.
Learn more about real estate in Ecuador in IL Postcards.
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05/12/2006 - Real Estate Bargains in Ecuador's High Andes
Breath-taking scenery, world-class crafts, a thriving indigenous culture, year-round spring-like weather…and some of the lowest property prices in a country that's already one of the cheapest in the world...