Every 3 months on my Weekly Ecuador Insider’s Newsletter I try to bring you a market pricing report, instead of the normal investor news; here is a rundown of the real estate pricing changes I have seen over the last year in Ecuador:
BUILDING IN ECUADOR
As seen by me:
Building in Ecuador- $30-35 per square foot of construction for finished house. ($50/ft for a luxury finishing)
As reported in a good article by the NY Times in 2010:
Building in Ecuador- $46 per square foot of construction for finished house. ($73/ft for a luxury finishing)
As seen by me:
Over the last 5 years prices have risen about 10-12% a year (even during the financial crisis years)…but in well known towns appreciation has been a little more….
And I have seen more appreciation on the really cheap properties. Especially due to the new low interest loans the government is issuing to locals for purchases under $60k.
Quito and Cuenca are the most expensive places to buy a suite or apartment, with prices for a small one bedroom suite starting around $30k and for a 2 or 3 bedroom apartment in a decent area starting for around $50-55k.
Nearby Quito, in the Tumbaco Valley the real estate market has really taken off, 10-15 years back the area was just farm land, but now prices are ranging from $75-110k for a 120 sq meter 3 bedroom house.
Today, in Quito’s Colonial center, prices for renovated apartments are about $1,000 a square meter but fixer uppers can be had from $75-400 a square meter.
Renting in Quito is still relatively cheap…. A furnished room in a nice area is starting around $100-150/month, while a luxury furnished suite in a nice area is around $400-480/month, a 2-3 bed apartment decent area furnished $420-490/month, and a 2-3 bedroom apartment unfurnished located in an acceptable but lower income area $200-240/month.
In Cuenca costs for a new 2 bedroom apartment with nice tile and teak wood furnishings average around $45k-65k. A more luxury, 3 bed 2 bath condo…
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