Ecuador real estate prices among lowest in Latin America; Cuenca prices are lowest in Ecuador
The cost of middle-income real estate in Ecuador is substantially below that in other countries of Latin America. In a survey that included major cities of the region, Lifull Connect Marketing reported that the Puetro Madero neighborhood in Buenos Aires, at $5,291 per square meter, was the most expensive in the region while the San Sebastian neighborhood in Cuenca, at $1,087, was one of the least expensive.
Among other high-price neighborhoods were Ipanema (Rio de Janeiro, Brazil) with an average value of $4,028 per meter, Vitacura (Santiago, Chile) at $3,570, Del Valle (Monterrey, Mexico) at $3,566 and Vila Nova Conceição (Sao Paulo, Brazil) at $3,404.
The survey averaged prices for new and existing construction.
In Ecuador, the highest per meter price for middle-class housing was $1,657 near Quito’s Parque La Carolina followed by $1,503 in Samborondón, Guayaquil.
In its survey, Lifull Connect said it focused on neighborhoods of equal value within the cities it reviewed. “Every attempt was made to compare ‘apples to apples’ to provide a fair comparison throughout the Latin America region.”
In Ecuador, the survey included Quito, Guayaquil and Cuenca.
In Cuenca, the survey noted the prices of two upper-middle class neighborhoods: $1,540 per meter in El Barranco and $1,250 in Challuabamba.
In comments on sales and market conditions, Lifull said that the Covid-19 pandemic had “produced downward pressure” on prices, although it “froze” prices in some countries, including Ecuador. “With the pandemic on the wane, prices in most of the surveyed neighborhoods are beginning to show modest increases,” Lfiull said.
Compared to 2021, prices have increased 4% in La Carolina (Quito) and 5% in Samborondón (Guayaquil) while dropping 2% in San Sebastián (Cuenca). In Challuabamba (Cuenca) one-year appreciation was 5.5%.
In Ecuador, Lifull predicted Quito and Cuenca would see the largest prices increases in 2023 and 2024.