Amazing Ecuador Real Estate and Property

You can find real estate in Ecuador that is both charming and affordable.

Learn more about real estate in Ecuador in IL Postcards.

The prices of real estate in Ecuador have risen slightly in recent years thanks to Ecuador's growing economy, but they are still very inexpensive in comparison with U.S. prices and downright cheap when compared with real estate in Europe. As property prices are steadily appreciating, now is a great time to invest in Ecuador real estate. An oil boom-created by the completion of a new oil pipeline to the coast, combined with record oil prices in 2005/2006-has also added even more intrinsic value to a property investment in Ecuador. Combine this with Ecuador's equatorial sunshine, the choice of spectacular mountains, high plains, jungle, or coastal settings, and the unvaryingly friendly and welcoming nature of Ecuador's people, and you have a combination for a quality of life that's hard to beat.

Excellent Real Estate For Sale in Ecuador

Today there are lots of great real estate buys in Ecuador. For example, you can buy a two-bedroom condominium in Quito's historic center, close to good shopping, gourmet restaurants, and hotels, for under $55,000, with a 1,000-square-foot pre-construction condo going for under $30,000. A two-bedroom apartment property in Cuenca's colonial historic center, only a block from the main square, just sold for $39,000. A beautiful one-bedroom, furnished apartment can be rented in Cuenca's most luxurious neighborhood-directly on the Tomebamba River-for just $350 a month. In Vilcabamba, Ecuador's Valley of Longevity, a two-story traditional Ecuadorian house with five bedrooms on 2.5 acres, with lots of fruit trees and a fresh water source, was sold recently to an International Living reader for just over $60,000.

The Best Places to Buy Property in Ecuador Right Now

While there are good Ecuadorian real estate buys all over the country, the best buy right now in Ecuador's property market is unquestionably the purchase of old Spanish colonials in Quito's historic center. The city is in the process of restoring the old colonial center, something which caused property values to rise rapidly in Cuenca and Guayaquil upon completion. Yet the tremendous value found in these irreplaceable antique homes-many in the $40,000 to $50,000 range-has not yet been recognized by the Ecuadorian investors. Nevertheless, many IL readers have seen the writing on the wall and have already bought real estate here.

The other hot area for Ecuador real estate at the time of writing is the village of Vilcabamba in Ecuador's southern Sierra. Enjoying near perfect weather year-round and dramatic mountain scenery, it has Ecuador's highest concentration of IL readers. While the cheapest properties have been bought up by last year's settlers, and land prices have risen dramatically, lots of good real estate is still for sale in what may be the valley with the world's best climate.

Real estate on the Galapagos Islands has also been popular this past year with IL readers. Some 30 people have invested in vacation properties in this truly unique environment, where prices start at under $12,000.

How to Purchase Ecuadorian Real Estate

Once you've settled on where you want to live and are ready to purchase your new home, you're going to need to know the process for buying real estate in Ecuador. It is relatively simple, and with competent legal advice, you'll have no problem. The real estate business in Ecuador bears little or no resemblance to what you'll find in the U.S. There is no such thing as multiple listing, for example. Agents in Quito will have no idea what properties are available in Manta or Cuenca-or even necessarily what's available from other agents in Quito. Agents may be trained and certified, or they may not be. Many real estate agents are simply friends of the property sellers who happen to have the time and willingness to show the house. Lots of properties in Ecuador are sold by word-of-mouth and never make it into the newspaper or onto agents' lists. When properties are listed, it's not uncommon to find them listed with several realtors-at different prices.

Ecuador real estate prices are all over the board. A nice house in a good neighborhood may be selling for $70,000, while the owner of an equal property right next door might be asking for $200,000. Owners often confuse the sentimental value of a property with what it's actually worth.

Remember though, that the Ecuadorian economy is still fragile, and many people need cash badly. Interest rates are still high here compared to the United States, so if you can pay for real estate in Ecuador with cash, you have significant bargaining power. We've seen several shoppers submit offers of half the original asking price and end up paying 60% or 70% of the original. Statistically, the difference between asking and selling prices has run about 20%…a figure that's widening at this time.

Learn more about real estate in Ecuador in IL Postcards.

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Read related IL Postcards:

10/25/2006 - Great Locations, Cheap Prices for Ecuador Real Estate 
Although real estate prices are moving up in Ecuador, particularly on the coast, prices remain far below those in the hot spots of Mexico, Central America, and the Caribbean.

05/12/2006 - Real Estate Bargains in Ecuador's High Andes
Breath-taking scenery, world-class crafts, a thriving indigenous culture, year-round spring-like weather…and some of the lowest property prices in a country that's already one of the cheapest in the world.