Ecuador has the best value beach and coastal real estate of any country on my beat. That says a lot. I travel to as many as 15 countries each year scouting real estate.
Built right on the beach, Manta is Ecuador’s third-largest city (260,000 inhabitants) and the fastest growing. It’s home to the busiest and biggest commercial fishing port in the world. (Tuna-catching and processing is the main industry.)
Manta is well-served with domestic flights from Ecuador’s capital, Quito, and there’s talk of new international flight routes, which would dramatically improve accessibility. In recent years there have been direct flights to New York during peak holiday times.
While there is a small and well-organized expat community in Manta, the property bargains are mostly snapped up by Ecuadorians looking for a weekend beach retreat. Even in this bustling city, you can buy luxury oceanfront condos for $100 per square foot. And travel just outside of Manta and your dollar will go much further.
For a high-end, beachfront finish in Manta expect to pay about $100-$120 per square foot. The nicest building is called Santorini and this is where I would buy if I planned to spend time in Manta.
The location is perfect…right on the beach (only the building’s pool is between you and the beach), and a short stroll to the malecon with its bars and restaurants. But you can still buy here for $100 per square foot. And head in from the beach and into one of the middle/upper class areas and a 1,000-square-foot condo can set you back as little as $40,000.
Forty minutes south of Manta, I saw something I’ve never seen before…a $30,000-home in a beachfront community. The developer is asking $20-$50 per square foot for a house and a lot. All beachfront lots have sold, but lots back from the beach are still available. These are small basic palapa-style homes. There are 1,500 lots in total. The developer’s plans call for a commercial and communal area. You can opt for a fiberglass room if you would prefer, which will cost you $1,200.
There are also killer land deals in this area. Halfway between here and Manta, I saw a large piece of land. The vegetation and gently rolling hills reminded me of parts of southern Spain and Italy in springtime…when everything is green. This 50-hectare piece of land was priced at an amazing $1 per square meter. That’s $4,000 per acre. This would be perfect for a development and Manta and all her conveniences are just 20 minutes away. The land looks straight across to Isla de la Plata, a national park with similar wildlife to the Galapagos.
You’re looking at a window of opportunity along Ecuador’s coast…and these aren’t just good deals—they are amazing deals.
P.S. Speaking of amazing deals, I’ve invited my top developer contacts to join me in Toronto in June for the International Real Estate Investment Forum 2011. Each will be coming armed with special off-market deals exclusively for attendees—who will share in more than $7 million worth of special discounts.
As director of Pathfinder Ltd. (International Living’s preferred real estate advertiser), I’m always on the lookout for potential investments… But I’m only one of the speakers you’ll meet with personally. This is your chance to meet all the contacts I know and trust personally. International real estate experts…finance guys…currency specialists…legal professionals…developers…and more.
But space is strictly limited and with the events team already taking registrations, the forum is filling up fast. Register now or find out what’s on the schedule here.