Many people describe Cuenca as the most expensive city in the country for the acquisition of properties, and the Association of Real Estate Brokers of Azuay (ACBIR) agrees with this hypothesis.
Jorge Aguirre, president of ACBIR Azuay, explained that it is due to the lack of regulation where many people place the values of their properties without prior evaluation.
“It is believed that if a relative or a neighbor sells a property at a certain value, the cost of the other person’s property or real estate would be similar,” he said.
Additionally, people who do not have a Real Estate license tend to place exaggerated values on the properties they list.
To counteract this situation, the ACBIR Azuay has several new projects among its work plans. One of them is the launch of a real estate gazette, which will be published this month.
“It will have information with real sales and rental values that have been registered in the last quarter,” Aguirre said.
The gazette will have information on the sectors of the city with the highest demand for sales, as well as rentals.
“We have information on the areas of greatest demand in Azuay, for the sale of land and houses, with an expansion through the parishes of Baños, San Sebastián, Yanuncay, Sucre and Totoracocha.”
But in addition to knowing the sites with the highest demand, the real values of the goods will be published.
“The notary’s document may not contain the exact value of the property, but we as the Association of Real Estate Brokers have that information,” he said.
In addition, ACBIR Azuay says it is important that citizens are aware of this information, as well as the value of the square meter depending on the sector, whether in homes, apartments, commercial premises, or suites.
“It is important to differentiate why a suite is more expensive than a house or an apartment. Typically, it’s because it is furnished,” he explained.
Recovery in market
In 2020, the real estate sector of Cuenca and Ecuador as a whole, was affected by the pandemic.
“There were very few real estate transactions, either sales or rentals. There was also price speculation. But the situation improved in 2021,” said Aguirre.
The desperation of people to settle health debts or their economic situation, led to selling real estate at reduced values.
“You have to take into account that there was more supply than demand. The prices were lower, and the market was broken by the lack of need,” maintains Aguirre.
Similarly, several rental premises were vacated due to the pandemic and businesses moved to homes, many of them telecommuting, without the need to require a premises to serve their customers.
In the last half of 2021 there was an improvement in the real estate area and in the first ten days of 2022, the situation is excellent, with Aguirre predicting a recovery.
“Sales and leases are taking place, and this gives us a good preamble for this year,” he said.
To find out more about the release of the gazette, contact ACBIR Azuay at 4075807 / 095 890 6187.