When you think of "the land that time forgot," what do you imagine? Maybe something like Havana, with its magnificent architecture and stately plazas. But what if you could have that Havana romance and the modern conveniences of the US… at a third of the price?
And not four time zones away in Europe, but in an equatorial country with the best mountain climate imaginable. A place with welcoming people (who actually like Americans) and a rich culture… known for family values, colorful traditions, and remarkable crafts and cuisine.
A place with a fascinating history and burgeoning art scene, known as "the Athens of the Andes."
A place like… Cuenca.
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A Rare "Second-Chance"
Today, Cuenca is poised for a much-deserved resurgence. A rare "second-chance" opportunity is here—if you’re ready to reach out and grab it. But let me back up a little, for perspective.
In 2009, International Living named a single city as the world’s #1 retirement destination. That city was Cuenca, Ecuador.
In an America still reeling from the global financial crisis, it was the answer we and many others were urgently searching for. And indeed, the Cuenca we moved to back in 2010 was idyllic, if a little rough around the edges.
There were supermarkets, but the selection was limited—the tiny frozen food sections held mostly ice cream. The deli counters had ham (lots of ham) and little else. Barely drinkable boxed wine was the beverage of choice at expat gatherings. The internet was abysmal, and ancient buses rumbled down the cobblestone streets belching diesel fumes.
Food was mostly fresh and cheap and expat gatherings were impromptu. We were giddy at our good luck as pioneers of sorts. Having landed in such a blessed location, in that early expat wave, we celebrated—neither knowing (nor caring) how much better life would get.
In the decade that followed, Cuenca flourished, coming into its own as a thriving, modern city with a population of nearly half a million. The outdated buses were retired and bike lanes were added. We saw innovative restaurants, brew pubs, and coffee shops pop up everywhere.
With a large, active expat community—we watched it explode from perhaps 500 to over 5,000—it became an easy place to meet new friends. Online publications made it even easier, offering opportunities to buy and sell, gather information, and keep up with the many fun events going on around town.
From our initial weekly "Gringo Happy Hour," new groups formed at a dizzying rate—for fly-fishing, bird-watching, hiking, New Age philosophy, cooking, knitting, bridge, and pickleball.
It was great. Really great. And then… Hard times hit Ecuador.
Cuenca’s Second Coming (Spoiler Alert: It’s Now)
If you’re newly curious about Cuenca, you’re in good company. Recently, Paul Wilches at Relocation Services of Ecuador has noted a swell of interest from prospective expats. "Those who’ve done proper research see past the negative news from other parts of the country. They home in on Cuenca to find it checks a lot of their boxes," he says.
Ashley Rogers, owner of Ecuador at Your Service Real Estate, has noticed an uptick in potential buyers, as well… both expats and Ecuadoreans. "Due to the current situation in the States, Ecuadorians are repatriating," says Ashley. Some have returned because they were undocumented, but many were legal US residents who decided to retire in Cuenca "because they miss our beautiful way of life," she explains.
Here are some compelling reasons you, too, may want to consider Cuenca:
Construction boom. Our real estate sector grew by 18% in 2024, while the rest of the country was largely stagnant. In response to increasing demand, residential construction is popping up like wildflowers in the desert after a rainstorm.New hospitals are also on the way, and Mall del Alto, the largest shopping center this city has ever seen, is scheduled to open in the spring.
Attractive real estate prices. In so many international destinations, wealthy prospectors moved in and prices shot up. While the early days of buying a historic district mansion on the cheap have passed, real estate in the rest of Cuenca has defied that pattern.
And while the current average cost per square foot in the US is around $230, a new condo in Cuenca will cost you $80 to $93. (Or snag a large single-family home in the suburbs for as low as $32 to $37 per square foot.)
No vehicle needed. People are always amazed when we tell them we haven’t owned a car for 15 years. By thoughtfully choosing the location of our residence, we ensured 90% of our daily life was within a 10-minute walk. Until 2020, we took taxis to farther destinations with typical fares from $1.50 to $3 (incredibly, those prices have never gone up). Then, the new Tranvia light rail system began operation. It connects the city from east to west. Fares for locals are only $0.35, and seniors pay a paltry $0.17 per ride. With these low prices, vehicle ownership truly is 100% optional. Plus, walking is great exercise… and a big reason so many expats get healthier here without even thinking about it. (At an elevation of nearly 8,400 feet above sea level, the Cuenca air does take some getting used to, so give your body time to adapt.)
Insider Investing. The average savings account in the US earns only .59%, and the typical yield on a one-year CD is about 4%. Ecuador, however, offers high yields on investments, and it’s possible to earn up to 10% on these. Rates have dropped a bit, but they’re still above 9%. And the CDs are insured by the government up to $32,000. (If investing larger amounts, I would simply spread the money across multiple financial institutions.) As an extra bonus, the savings account where the interest is deposited each month can yield a 7% return. It’s true… all that is green grows in Ecuador.
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