Now truthfully speaking, the politics in Ecuador is in disarray. No animosity toward foreign visitors or residents I hasten to add: as financial benefactors of the country, your credentials are beyond reproach. Still, despite the grubby and divisive political issues, Ecuador is what many are calling the future Costa Rica. Its a place where one can wallow in Pacific waters along more than 2,000 kilometres of coastline punctuated by fishing villages. The country also boasts one of the most diverse landscapes on earth, ranging from breaking waves through the high Sierra of the Andes and the Amazon rain forest to the eco-wonders of the Galapagos Islands.
Coming to the property market, which is the subject under discussion, it must be pointed out that foreigners hold exactly the same legal rights as Ecuadorians to owning property anywhere in the country. Once you have completed the purchase of a house, apartment or land in Ecuador, you can also apply for a residence visa immediately. This process is generally finalised within one month of application given the aid of a good lawyer.
The prices are undoubtedly good and there is much on the market ranging from hotels and guest-houses to more modest second-home purchases.
The examples given cover three distinctly different environments:
Deluxe ocean-front condos available in the province of Manabi for dhs 330,000. Boasts first-class landscape, barbeque area, jacuzzi, gazebos, valet parking and 24 hour security. Romantic, spacious and fully equipped river-front house on 5,990 square feet of land. Asking price: dhs473,000 (negotiable). Built in 2004, it is fully furnished and equipped to western standards.
Available on the beautiful vistas of the Andean mountains, a well-maintained apartment located on the seventh floor of a ten-storey building. Only two apartments per floor, with two elevators for each floor. Fully furnished with appliances. Asking price:dhs605,550. All in all, Ecuador may seem a long way from the UAE, but if you are pining for that now for something completely different second-home environment, it is most certainly worth the trouble.
Andy McTiernan is editor-in-chief of Property World Middle East. Contact him at pworld@eim.ae
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