What is the current Ecuador real estate situation in Cuenca, Ecuador?
It seems that in recent years, people have been going on and on about how great it is to live in Ecuador. The climate, the people, the low cost of living and even the affordable Ecuador real estate have been one of the many reasons to pack up and move in this country.
While there are many great places in Ecuador, Cuenca remains to be on top of the list when it comes to the best locations. It is right along the alley of the capital of the country, which is Quito.
Cuenca is the third largest city in Ecuador. It is a city that is rich in history and most of all, architecture. In fact, a portion of the city is listed as one of the UNESCO World Heritage Trust site for the many historical buildings that is still standing today. Anyone who lives here will enjoy the perfect weather, lively ambience, friendly people, tasty and fresh meals and environmental beauty.
If you want to live in Cuenca, you have to research on your living accommodations. That being said, let us discuss what it takes for a foreigner to own an Ecuador real estate in Cuenca.
What is the current real estate situation in Cuenca
Buying a property in Cuenca is as straight forward and easy as the rest of the country. You need to be a citizen of the country to own a home. This is fairly easy to do and is discussed in another article in our site.
You may want to prepare 100% of your cash payment because mortgages is not a common arrangement here. There are options to get a loan but it usually ends up to be more costly than you would want it to be. Anyway, most of the properties in Cuenca are listed at $50 to $70 per square foot. It is really quite cheap for most expats so a cash payment is typical.
In case you do want to purchase an Ecuador real estate with a mortgage, the average payment in 2014 is $338 a month. That is quite cheap compared to the average rental price of $390 a month in this city. You can get a loan of up to $125,000 with a term of 25 years to pay. Most of the locals go for the National Social Security Mortgage Financing or the Bank of the Ecuadorian Institute of Social Security.
In 2014, 69% of the the houses in Cuenca are occupied by their owners. In fact, it is known to be the highest home ownership in the country. Homes, on an average, have 100-200 meters of space to live in so it can be quite spacious for a couple.
If you want to buy a home here, it would delight you to know that there are several residential construction going on in the areas of Misicata, Monay, Ricaurte, Challuabamba and El Valle.
The best way to look for a property to buy is to go around town and look over homes with signs on them. There is no official MLS in this country apart from what is individually put up by real estate agencies. You will find that scouting for an Ecuador real estate property is better of done personally. In most cases, you will find cheaper deals when you do this.
When you find a home this way, you can simply get in touch with an Ecuadorian real estate lawyer to help you with the legalities of buying a home. There are real estate agents here but their reputations has yet to improve when it comes to representing home buyers well.
Living in Cuenca is great but you have to ensure that your living arrangements are taken cared of before you move here. If you want to take your time in buying an Ecuador real estate, it is okay to rent first. There is no rush because you will not run out of home to buy in Cuenca.
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