Not all of the best places to retire overseas qualify as an inexpensive and great option, let me mention some of the ideas why we believe that Ecuador should be an excellent choice for you…
- A year-round spring or summer climate in a beautiful setting
- A low cost of living and high quality of life
- An established English-speaking expat community
- Excellent, inexpensive health care
- Inexpensive furnished rentals
- High-speed internet and cable or satellite TV
- Many things to do, including educational, cultural and outdoor activities
- Safety and security
- All the comforts and conveniences of home
Ecuador is full of culture, fresh and healthy food, an exotic lifestyle and daily adventures.
Sure there is something special about being in a beautiful tropical place where time slows down or seems to stop, you can enjoy a walk on the beach, daily fresh seafood for lunch, and also good conversations with the locals.
You got to come and see it for your self, just make sure you contact directly all the local services to get straight forward information, otherwise just post a comment here or request any information you may need, and we will try to obtain the best local contacts or options for you, and that´s a promise…
A word of advice, If you want a real bargain in Ecuador don’t buy from foreigners who just arrived earlier and are reselling properties and land as real estate agents. Here you have one of our clients comments:
“The american agent in Bahia has a place listed in the back of my building for $76k before fees. Mine was 45K with all fees in front. This is typical. I bought my place directly from a wealthy Ecuadorian”
This shows us that they are creating an inflated housing bubble just like we observed in Costa Rica, and they did in Panama. They are just setting up shop in Ecuador so there should be bargains for at least the next 3-5 years.
Welcome and Discover Ecuador!
What is so appealing and exciting about Ecuador? Why so much talk about it?
- Local currency is the American dollar which allows your pension or income budget to stretch that extra mile.
- Property prices have been steady through the past eight years; local people in Ecuador are hoping to keep the rate of inflation low in the long run.
- Not a large amount of expats yet that will increase the price tag on the real-life property market. In places like Costa Rica or Dominican Republic, the real price-pushers were the expats who focused on beachfront areas closer to their homeland.
- Great accessibility from the U.S. — today you can fly direct from Guayaquil to Miami, Atlanta, Houston, New York, and Atlanta.
Local Real Estate tips:
- Coastal properties found at bargain basement prices, since Ecuadorians don’t value beach properties the same way that Americans do. Ecuadorians like to spend time at the beach mainly during school´s vacations holidays, which varies according the country´s region. The two basic high seasons are: between January through April for the Coastal Region, and between May through September for the Highland Region.
- If you are searching for an overseas investment option, you could get a long term return on a property that you can rent out to local seasonal travelers and international tourist travelers. Most of the locals like the hip trendy places, close to hotels and resorts. Places were they can party and then go home to their big cities. The rental prices during those high seasons for locals can be: a 3 bedroom condo (depending on location) could go from $00 US up to $1.500 US per month. Another good season is during Christmas and New Year, prices for this short week on a nice condo close to a small beach town were you can watch the fireworks and all the amusement can go from $1.200 US to over $2.000 US for the week.
- Lately with the new vogue on Ecuador, we are seeing few international resort companies investing on the Ecuadorian´s beachfront. These companies and some of the local developers are trying to attract overseas investors into the local market with the concept of condos or suites with hotel management services included. Remember this is still a fairly new trend in the local Real Estate market; there is a no legislation to warranty your investment financial return on properties with these services. Your only financial certainty and real gain will basically be on the property value it self and the rental income you could obtain for it.
- Real estate prices in Ecuador have risen slowly since 2000. This almost dormant market may be attributed to the government switched to the American dollar as their currency in that year. My experience from mainly working with local experts has been that prices have stayed the same in recent years with the exception of select areas.
- House and condo rental rates in places that are not crowed and to the taste of overseas travelers are so cheap in Ecuador; it would be totally feasible to enjoy Ecuador without investing anything apart from your monthly expenses, thus reducing your investment risk dramatically.
- Coastal Ecuador is completely out of hurricane paths, and also this is your best option if you’ve ever wanted to walk away from long, bitterly cold winters and brutally hot summers.
- Foreigners could own property in Ecuador. You can buy directly from local property owners with nothing stopping you to do so. Search local real estate agents, preferably in person. Ask about their career background and their Ecuadorian real estate practices.
- The sales commission is only paid by the seller. Right now in the Ecuadorian market the commission on Real Estate goes around 5%.
- Purchasing costs are low, hire a well informed Ecuadorian attorney that handles contracts, title searches and visas, one that does it all. Ecuador has one of the lowest investment requirements to obtain a residency visa of any country I’ve investigated. One way to qualify is to purchase a property valued at $27,000 or more.
Be aware of the following:
- Mostly there are no licensed realtors and there is NO MLS or other listing agencies to help you on your property search.
- Real Estate Agents are not licensed professionals in Ecuador, since there is no recognized national authority that governs the licensing process, set guidelines or handles complaints for the licensed agents. It is not likely to change any time soon.
- There is no Multiple Listing Service; it is almost impossible to get online information for Real Estate in Ecuador, what you get mostly expats and gringos selling online. Just be careful, do your homework as there are many that will prey on an unsuspecting foreigner.
- You do not need to search out an “English” speaking real estate agent. I think a better course of action would be to seek out a trusted local that will help you with the language so you can deal with Spanish speaking owners directly.
- The increased exposure will push and turn Ecuador in to the next hotspot on the world´s beachfront real estate scene.
- Places a long the coast still lack basic infrastructure, especially for retired expats, like good access roads and some basic services. You could get by with wireless internet, bottle water, fresh fish and market stocks.
- The opportunity for rapid growth is due to a limited supply of property land. The Ecuadorian coast is not that big and large sections of it are uninhabitable due to national parks or swamps.
- In Ecuador, like most of Latin America, if the land is not in use, someone else could come “squat” on it, build, and claim it as their own. It doesn’t matter if it is legal or not, it happens. If you buy land, start building on it immediately.
- Try to be present when constructing your house if possible. If you are not around, you may have delays and cost overruns. It is a fact in Ecuador that many construction workers will steal materials and slack off if you are not around to apply a little pressure and enforce the deadlines.
Check every year for this “Home Expo fair in Guayaquil” to purchase from local constructors your dream property in Ecuador.
When you make the decision to buy a home to live in, or for an investment, it is critical that you immerse yourself with information and insights from trusted, experienced experts – and this is on-tap at the show.
With a major exhibition and high-powered seminars across three information-packed days, visitors will leave each show with a greater understanding of what’s required to make smarter (and more profitable) decisions when researching, finding and buying their next property in Ecuador.
As an independent exhibition participant our objective is to provide visitors with the opportunity to gain direct access to the most impartial, highly qualified and successful experts from Ecuador and with expertise around the world.
So if you only attend one property education event this year – make it EXPO-HABITAT in Guayaquil, Ecuador, one of the most leading events.
Local projects, properties and contractors… all in one place for you to search your best local priced property of your dream.
I trust the following website will provide you with an inside view of the show, http://www.expoplaza.ec/ferias/habitat/, I could help you out with all the information you need since everything will be outline in Spanish.