The Ecuadorian real estate market has benefited from the 25% increase in sales in the construction sector and closed at USD 25 million in February 2023 within the Manabí area, according to the Internal rents service (SRI).
The agency pointed out that this is due to the momentum of the real estate boom in four of its cantons (regions), which are Manta, Jaramijó, Montecristi and Portoviejo.
The real estate authorities emphasize that together, these locations form a strategic investment ring, whether national or international. Currently, there are about 60 housing projects in the four regionsaccording to Leonardo Briones, president of the Ecuadorian Federation of Construction Chambers.
“The sea is the magnet. In Manta and Jaramijó, the main developers are facing the sea, that is the attraction”. In addition, he indicated that since the Covid-19 pandemic, more citizens want to spend more time near the sea, in quiet places with good ventilation, so properties that have these characteristics are in greater demand.
Likewise, companies offer real estate alternatives, whether to live, vacation or invest and according to the financial capacities of the clients. According to Leonardo Briones, the average home price ranges from 40 to 120 thousand dollars for people of a medium economic level.
People in Ecuador seek housing near the beach Photo: Pixabay
“Local authorities provide many facilities for investment, such as tax exemption for five or up to 10 years,” he emphasized.
Ecuadorian real estate market: growth of cantons
Different projects have been created in the four regions, an example of this is Herca Lifestyle, a real estate company that has an investment of 50 million dollars in real estate projects in Manta. One of the projectsDelamar”, is located five minutes from the beach.
Said land has 27 hectares, the first stage of development includes the construction of a building with 26 apartments and commercial areas, and about 36 residential lots of 300 square meters with a cost of 150 dollars.
Additionally, on Vía Barbasquillo, in the center of Manta, there is also a Grand bay Mantaa project of suites and apartments facing the sea to live or vacation, promoted by the real estate developer Millenium.
On the other hand, in Portoviejo the development of a shopping center of 123,000 square meters is planned with an investment of USD 90 million.
2023-05-04 22:33:31
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