ECUADOR REAL ESTATE 

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Ecuador Real Estate: Cotacachi, San Clemente, and Mindo, Ecuador

Process to Purchasing Real Estate in Ecuador   

Ecuador Real Estate

 

Real Estate in  Ecuador is at bargain basement prices. Compared to prices in the UK or USA and some other areas. The price may be different for a foreigner than a native. So do your research before buying Real Estate. You can find apartments, houses and land for sale in local papers in the area you’re looking or check with realtors, these properties may be a little more expensive. There are no MLS listings in Ecuador. The best buy usually comes from word of mouth from locals that have friends or family wanting to sale their property. Many times once they realize the property is for a foreigner the price will change, but with negotiations usually you can get the price down.  

 

Always hire an attorney that will represent you and your interest. If you don’t speak Spanish have the paper work translated into English or your native tongue. At the very least have your attorneys read and explain every paragraph. Be as careful, if not more so with business out of your own country as you would within your country.  

 

There is limited financing in Ecuador, so the people with cash are the ones that usually can get the best deals.  The price first quoted is not the price they will accept. So do negotiate the price, don’t pay the first amount they quote. 

 

There are no restrictions on foreigners buying Real Estate in Ecuador. There are transaction fees when purchasing Real Estate property. With lawyer fee’s ask what they're charges will be, you don’t want surprises. You will have a transfer fee called Alcabala Tax of 1%, Notary fee of 3.75%. Attorney fees usually cost between 1-2%.  

 

Property Taxes are based on a percentage of the municipality value where you purchase your Real Estate. City Taxes are more expensive than Rural Taxes. Example a house that cost you $150,000, tax could be $100 per year. A house that cost $70,000 the Tax could be $15.00 in a rural area. It depends on your location. The good thing is Property Taxes are very cheap compared to the States.  If you’re 65 or older you’re Property Taxes will be reduced 50% or less. 

 

 

Ecuador Real Estate