Many expats express their wonderment at being able to buy a house for $50,000 and live out their lives on what would, in their home country, be a fairly meagre pension.
In the past few years, the Ecuadorian property market has experienced a slump due to a reliance on cash-only deals. As a result, prices have come down by as much as 15%. Naturally prices depend on a number of factors, though in cities, location seems to have a big influence. If you want to live in one of Quito or Guayaquil’s more exclusive suburbs, expect to pay a lot more.
There are no restrictions on foreigners purchasing property in Ecuador. Indeed, if you invest more than $25,000 (likely if you’re buying a house) you’re automatically given the right to Ecuadorian residency - an attractive proposition for many expats.
On the whole, expat property buyers in Ecuador tend to come from the US as they have the advantages of proximity to home, vastly reduced prices and the ability to use the dollar. However, this isn’t stopping buyers from elsewhere getting in on the action. European buyers, despite having to move halfway around the world, are also realising the huge value for money the Ecuadorian property market offers.