Cuenca… buy or sell? Market update Oct ’11

hacienda-in-cuenca-for-sale

I know what everyone else is saying on the net…

Cuenca? Now? Buy, buy, buy, buy, buy!

Yeah, whatever… I’ll let the other guys hype the place up, they’re doing a great job, I’ll just call it like I see it…

This week I was in Cuenca, talking to a few contacts, having a look around…

Here’s what I dug up…

No doubt about it, over the last 2 years, since Cuenca was put on the world retirement destination map, prices have jumped. In fact, there’s rumored to be over 3000 expats living in Cuenca already.

Also, favorable local government policies for new Ecuadorian home owners have also pushed prices up a bit, cash for homes is an easy way to get money for your home.

For instance, in the area of San Joaquin, land was going for around $40 per square meter in 2009, now in October of 2011 the same land can be sold quickly for around $80-100 per square meter… a 100% increase.

Land around the city center of Cuenca is going for around $300-350 per square meter. And to build you’re looking at around $400 per square meter of construction, just like elsewhere in Ecuador.

In the center of nearby, highly promoted, Yunguilla valley lots are going for around $25 per square meter. You can find cheaper lots on the outskirts of the valley. A few short years back before the international promotion lots were quite a bit cheaper.

But Yunguilla is still an interesting buy because that’s where everyone wants to have their hacienda, the locals included.

The good news is you can still find one bedroom suites near the center of town for $35-40k, two bedroom condos for $50k, and desirable three bedroom condos starting around $65k just like you could two years back, but the options are less at those prices and you’ll have to look harder.

Also, I did eat a delicious full course lunch with chicken and vegetable soup for $2, just like I did 2 years ago.

Buying a property to rent is also a good idea, I’ve noticed a strong surplus in demand over rental supply. You can rent 1 bedroom high-end furnished suites in a relatively new building for around $300-400/month, 2 bedroom furnished condos for $450-500/month, and 3 bedroom furnished condos for $700/month.

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Suites near Beach, Salinas, from $34,800

Suites and 2 bedr condos for sale in private cmplex near beach in Salinas, Ecuador.

Condos 1 and 2:
Living room, kitchen, dining room, 2 bedr, 2 bath, laundry room, garage for 1 car.
Construction area: 75m²
Asking: $ 59,800

3 suites available with living room, kitchen, 1 bedr, 1 bath, 1 parking spot, 37m2, $34,800… 41m2, $37,800… 44m2, $39,800

For more info:
Italo Tapia:
Ecuador Tel: (593) Cell: 097 264 196 / 087 750 051 Local
Office Tel: 72850 144 (Fijo)
Cuenca – Ecuador

Write Seller via the form below:
[contact-form 5 “Italo”]

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Newly Finished Oceanfront Condos in Manta, from $90k

manta-condo-for-sale

Oceanview, oceanfront condos for sale in elegant, posh new building near the Howard Johnson Hotel in Manta.

Description:
2 -3 bedroom condos available, 2 bath, living room, kitchen, hall, laundry room, garage for 1-2 cars

2 bedroom condos from $90,856, 1056m2
3 bedroom condos from $98,384 1120m2

For more info:
Italo Tapia:
Ecuador Tel: (593) Cell: 097 264 196 / 087 750 051 Local
Office Tel: 72850 144 (Fijo)
Cuenca – Ecuador

Write Seller via the form below:
[contact-form 5 “Italo”]

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Price and Demand of Used Cars Increase in Ecuador

Due to the recent hike in import tariffs on new cars of 5-18% used cars are now in greater demand, and have increased in price roughly 10% compared to the beginning of this year according to the local paper, El Comercio.

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1843m2 Lot in Cuenca with Views, $80k

Lot for sale in Cuenca of 1843m2 behind the MIRAFLORES CDLA. JAIME ROLDOS Asking:$80.000
Has access to main roads

lot-for-sale-in-cuenca

For more info:
Italo Tapia:
Ecuador Tel: (593) Cell: 097 264 196 / 087 750 051 Local
Office Tel: 72850 144 (Fijo)
Cuenca – Ecuador

Write Seller via the form below:
[contact-form 5 “Italo”]

And to get notified of all the latest property deals in Ecuador NO ONE else knows about, as soon as they become available, sign up for the weekly Ecuador Insider’s Newsletter below (you can unsubscribe at ANY time):

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* = Required Field