Language (s): Spanish (Official)
Area: 276,841 (with Galápagos) km2
Population: 15,223,680 (2011)
GDP (PPP): 2011 estimate
Total: $127.426 billion
Per capita: $8,492
The smallest country in the rugged Andean highlands, Ecuador has an array of vibrant indigenous cultures, well-preserved colonial architecture, volcanic landscapes and dense rainforest. It also, now, has a growing economy.
People are moving towards big urban centers such as Quito and Guayaquil. There is a rush to the Pacific coast, and the eco-tourism boom in the Andean and Amazonian regions. There is also a clear political will to provide better housing conditions for Ecuadorian households. Plus, cheaper money is boosting investment.
The property market is steadily growing. Ecuador's National Bureau of Statistics does not calculate a house price index. But a general construction price index, which measures producer prices in the construction sector, helps in understanding the price dynamic in the property sector.
Ecuador's general construction price index fell from 229.54 in August 2008 to 210.79 in May 2009, in the aftermath of the international financial crisis. But since then, construction prices have reached a historical peak of 234.569 in January 2012. Construction prices rose by 6.88% in 2011 (+2.18% in real terms), after 1.95% rise in 2010 (-0.53% in real terms).