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)
OVERALL PRICES
As seen by me:
Overall:
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.
The cities:
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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Ecuador has many touristic places because it has four regions and in each one there are a lot of beautiful places like: in the coast, Atacames is an amazing place and you can get an apartment with the price that you want.
In the touristic places of Ecuador such as: Atacames, Tonsupa, Puyo, Tena and others places I´m sure that you can get an apartment or a house, additionally you can visit museums, go to the beach, etc..; because these places are far from the principals cities.But If you want to go Quito and Cuenca, also you can get an apartment or a house. In fact the houses are very nice, nevertheless the price is more expensive depending on the area where you want to buy your house.
Does anyone understand what cost Ariel is referring too?? Can anyone interpret what he means in terms of specific values when he writes;
“I’m sure you can ‘get’ an apartment or a house”…….
How much is “get”??