As expat destinations go, Ecuador has been a favorite in recent years due to its unmatched scenery, friendly locals, and bargain properties. The combination of these factors makes it an incredible option for expats and investors who are looking for a great return on their real estate dollars.
There are beautiful beaches, quaint colonial gems, and bustling cities with all the amenities you’d find even in a much more luxurious locale. Most areas have been growing steadily over the past few decades, but recent years have seen an even greater demand for properties as more and more expats are discovering the benefits of living and investing in Ecuador.
Darly N. meyer
Consider Ecuador’s Coast
Of particular interest are the areas along Ecuador’s coast, like the resort town of Salinas. With its glittering high-rise buildings and well-developed tourist infrastructure, it’s been nicknamed “Little Miami” for its similarities to the South Beach scene.
It also enjoys a surprisingly mild climate, despite its proximity to the equator. As a result, tourists flock there from all over the globe to enjoy the beautiful weather during the peak season, typically November to April.
However, even during the winter months, there are still a number of Ecuadorians who come to Salinas for a quick getaway. It’s frequented by families, who often come during June to September when the kids are out of school, and is even a popular honeymoon destination.
Its status as a tourist mecca also provides extra incentives for investors. Since many of its visitors are seasonal or weekenders from nearby Guayaquil, there’s great potential for rental income for those who don’t plan to live there year-round.
In fact, it’s not at all uncommon for expats to own multiple properties in Ecuador: a beach property to enjoy when the weather’s nice, a mountain retreat for escape, and maybe a condo in the city for taking in some cultural events.
Johnny Gustavo
An Expert Weighs in on Ecuador’s Real Estate Outlook
We recently learned a little more about the current real estate trends in Ecuador when we spoke with Kimberly Kagan, Managing Director of Island Estates International, who represents properties on Ecuador’s coast as well as throughout the country.
Who are your main clients who are currently buying property in Ecuador?
Mostly North Americans, from the U.S. and Canada, although we also have buyers from countries throughout Europe.
What trends have you seen in Ecuador’s real estate market in the last couple of years?
A tremendous increase in demand. There are more and more people retiring here than ever before. Prices have been on the rise, to the tune of 10 to 15% versus 5 to 6% in the past.
What do you anticipate happening in the next couple of years and why?
I have confidence that the market will remain healthy for the next couple of years. I do believe that more and more people will continue to look towards Ecuador as an option. My biggest fear is that, due to the rising prices, fewer retirees will be able to afford the properties. However, we are also noticing more and more young people moving down to Ecuador much earlier than they have in the past.
Pool area at Alamar on the Malecon
What types of properties (i.e. land, homes, etc.) offer the best deals in coastal Ecuador?
Many people choose condos as their best option for several reasons. They require little upkeep. They have 24/7 management and maintenance in most cases. Also, we see a lot of people who are looking to rent during the winter months, so condos are very good rental options for those clients who choose not to live in Ecuador full time.
What are some of your best deals right now?
I have a listing for a penthouse unit in a great condo building overlooking Chipipe Beach. It has 4 bedrooms, 5 baths, and comes fully furnished with exquisite furniture and high-end finishes. It’s almost 3,000 square feet and has an amazing spacious balcony that offers one of the best views in Salinas. It was just reduced $80,000 down to $495,000, a steal for such an incredible property.
I also have another fully furnished unit in a really great building with coveted amenities like a gym and theater room. It has 3 bedrooms and 2 baths. It’s currently listed at only $150,000, making it the least expensive property in this desirable building.
In addition, we also have over 150 rentals. That’s another great option for folks who want to give the area a try before they commit to anything permanently.
So whether you’re looking for your forever home in Ecuador or a property in a desirable area to generate some rental income, take a look at what’s available on Ecuador’s coast. If beach living isn’t for you, there are plenty of other options available in the country’s interior.
From both an investment standpoint and a choice in lifestyle, you won’t regret staking your claim in Ecuador.