Category: Investor News/Analysis

This past week I began my property hunt here in Ecuador… with a $30k budget.

I did quickly notice prices have risen a bit since I last looked in 2009, but desirable properties under $50k can still be found. In fact, it only took me a couple days to find some very interesting buys (more on that in next weeks newsletter).

But this week, while property hunting with a friend of mine who has a much larger budget than me, I witnessed something astonishing.

We found a small hotel for sale on the coast. We sat down with the owner, a young Ecuadorian girl married to a Foreigner. During our conversation she mentioned the asking price was $500,000.

A few days later my friend (as I was sitting by his side) emailed his offer to her, $135,000. And to my surprise, the owner received the offer very warmly, responded quickly and was very close to accepting, I believe my friend will up a bit to $150 or $175k and it just may do the trick.

Which serves for a very important lesson this week! In Ecuador, asking prices are HIGHLY negotiable, and its not uncommon people offer from 25% of what is being asked. This kind of stuff never ceases to amaze me but this is how it really is down here in Latin America. Gotta love it!

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The Ministry of Tourism and the paper El Universo released some interesting stats this week…

30.59% of all the tourists who arrived came from the US, Canada, UK and Germany.

Americans spend on average $4000 per trip, Canadians $2,600, Germans $6000, and the British $8,000.

I myself have worked in tourism businesses in Ecuador and have seen a rise in tourism over the years, particularly of American tourists.

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New “sin” taxes will be instituted on cigarettes and alcohol if the current “green” laws get approved.

So the current low prices for beer (often under $1 a bottle) and cigarettes (usually under $2 per pack) will probably see increases in the near future.

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Big news this week in Ecuador as ex-police chief Rolando Tapia was sentenced to 3 years prison for his role in the September 30 police riots of last year.

In other news, President Correa seemed mildly pleased but noted others involved still need to be brought to justice.

What do you think, was the sentence too steep?

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USaid, an organization that promotes politically oriented projects that protect “democracy” pledged this week $19.8 million dollars to future plans in Ecuador.

The question that many have is “why”?… Put what you think in the comments below…

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