New Zealand-based property broker Paddy O’Connor has revealed the most expensive houses in Ecuador and the cheapest prices in the country.
Paddy Ollenden, founder of Olland, has been tracking prices for the past decade and revealed the real estate market in Ecuador is a $1 billion market, while the country’s capital city of Quito is worth $843,500 per square foot.
The capital city has a $20 billion population and the average house price in Quito, which is only two hours drive from the capital city, is around $500,000.
While the average price in the Ecuadorian capital city is about $8.7 million, it is cheaper to buy in Quagoa, where the average home price is around one million dollars.
According to Paddy, Quagoas price is lower because the price of land is cheaper, and because Quagoans real estate agents are less experienced at pricing.
“Real estate agents here are more experienced in buying land.
We are the only ones in Ecuador who can sell to a foreign buyer,” Paddy told The Times.
The price of a house in Quagos capital is around 70 percent higher than the countrys average, and it is worth more than $1 million.
“It is a real estate miracle that Ecuador is one of the top five countries for expats buying houses, and I have been doing this for over 15 years,” said Paddy.
Papa Ollen, who has been working in the real-estate industry for over 10 years, said the country has been losing millions of dollars due to a shortage of land.
“Land is an important resource and it’s a big issue for Ecuador.
Ecuador has the lowest amount of farmland, so it’s difficult for them to find land,” he said.
The country is also struggling to make ends meet due to an economic crisis that is affecting the country for several years.
The country is facing a severe economic crisis, with the value of the national currency falling by 70 percent.
“The country has suffered a lot of hardship and we have lost the ability to generate revenues.
Our main source of income is from tourism and agriculture.
The cost of living has been so high that many have decided to flee to other countries,” said Papa Ollena.
While a large number of Ecuadorians have fled the country due to the economic crisis and the country is experiencing high unemployment, many others have stayed behind, with many living in their homes in Quagos city.
“Some have stayed for two or three years, and some have stayed longer.
Most of the Ecuadorians who have stayed in Quaguos are professionals and engineers, and they can’t find a better place to live in Ecuador,” said Ollonda.
Pete Diamanti, owner of the home brokerage Ollland, said Ecuador is now the fourth-most expensive country in the world for expatriates to live, with a $5 billion market.
“The most expensive property in Ecuador belongs to my partner, who is from Ecuador.
We bought the house for $1.4 million,” he told The Indian Express.