The Ecuador Insider

Cuenca property is hot.

Actually smoking, baby.

But not just due to an increasing demand from foreign retirees, but also locals who for the first time since 2009 have access to reasonably priced loans form their local Social Security system, the BIESS.

According to Marco Rodriguez, the president of the Realtors association in Cuenca, the properties, particularly the condos on the Tomebamba River, Ordonez Lasso Avenue and Gran Colombia Avenue have increased in value year on year by a whopping 40%.

I’d agree, from my own market investigations, it seems most foreigners prefer to buy or rent right along the river, on the outskirts of the old town (not right in it), or along the upper class areas of Ordonez Lasso and the Gran Colombia.

Now, the president of the realtors association stated in an article by the Comercio recently the increase in these areas was due to foreign demand.

I’d agree.

This is where most foreigners in Cuenca prefer to be.

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Last Friday, cocoa closed on the NY stock exchange at $2112 per ton, a year ago at this time it was at $3200 per ton.

The drastic fall in prices has caused an 11% decrease in revenues generated on cocoa export sales in Ecuador in the first trimester of 2012, compared to the same period a year ago.

Locally, the price per “quintal” is at $90 when a year ago it was at $160.

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According to the Municipal Office in Cuenca, in January and February if this year, they approved 551 building projects.

Over the same period last year in 2011 they approved 332 projects.

A view from an apartment on Ordonez Lasso in Cuenca.

Many believe the hot market is due to the loans that have started to flow from the countries’ social security system, the BIESS.

Since 2009, for the first time in recent memory, Ecuadorians have had access to reasonably priced credit.

As prices rise, it’s important to note deals can still be had, so lok well young Jedi.

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Due to new measures by the Ecuadorian government to cut the quantity of imported cars in Ecuador by 30%…

…Both prices for new and used vehicles are expected to rise sharply in the coming months.

It’s true, traffic, particularly in Ecuador’s 2 major cities, Quito and Guayaquil, is bad.

Very bad!

I’m talking an absolute stand still during rush hours.

They’ve go to do something to get some cars off the roads, or improve the roads.

My 2 cents.

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