Once you’ve settled on where you want to live and are ready to purchase your new holiday homes in Ecuador, you’re going to need to know the process for buying real estate in Ecuador. It is relatively simple, and with competent legal advice, you’ll have no problem. The real estate business in Ecuador bears little or no resemblance to what you’ll find in the U.S. There is no such thing as multiple listing, for example. Agents in Quito will have no idea what properties are available in Manta or Cuenca—or even necessarily what’s available from other agents in Quito. Agents may be trained and certified, or they may not be. Many real estate agents are simply friends of the property sellers who happen to have the time and willingness to show the house. Lots of properties in Ecuador are sold by word-of-mouth and never make it into the newspaper or onto agents’ lists. When properties are listed, it’s not uncommon to find them listed with several realtors—at different prices.

Ecuador real estate prices are all over the board. A nice house in a good neighborhood may be selling for $70,000, while the owner of an equal property right next door might be asking for $200,000. Owners often confuse the sentimental value of a property with what it’s actually worth.

Remember though, that the Ecuadorian economy is still fragile, and many people need cash badly. Interest rates are still high here compared to the United States, so if you can pay for real estate in Ecuador with cash, you have significant bargaining power. We’ve seen several shoppers submit offers of half the original asking price and end up paying 60% or 70% of the original. Statistically, the difference between asking and selling prices has run about 20%...a figure that’s widening at this time.