Read here what an Norwegian businessman and real estate investor who has lived in Ecuador for years just shared with me about old Quito property.
I have been writing about Old Quito real estate for the past month and have a researcher inspecting properties now. A good friend who has been active in Quito real estate just confirmed how wise this decision is when he wrote:
“ Gary, I see that you are writing about real estate in the old town. I always thought that it would be a good investment in the long run…but now I see that changes may come much quicker than I thought. I am hearing that wealthy people from Quito are starting to buy up larger properties to develop. The municipality is working hard to change the image of the old town by removing street vendors, cleaning up the streets, painting and refurbishing the houses, restoring the churches, etc. There is now a new luxury restaurant next to the presidential palace and it is doing very well.
“ In the same building as the restaurant you will find an art gallery, bars and restaurants. Since Ecuador is still in deep economical problems and economists are talking about the start of a new recession (the economical goals for this year of 5% growth is now adjusted to only 2%…) it is of course hard to tell if this is something that will last or if the change was just for the 25th anniversary of the cultural heritage status…you never know here in Ecuador.
“ One good thing right now is that the inflation seems to be under control (7% the last 12 months and going down) and the
banks have promised to offer index linked bank loans before Christmas…I am quite sure that the prices have reached the highest level for a while and I can see that there are more and more promotions going on to be to generate sales.
“ Some restaurants have dropped prices and Burger king and McDonalds are promoting combos for $2! Let me know if you need some help for your upcoming tour here in Ecuador.”
Until next message, good investing.