Apartments in Salinas are being sold with discounts of up to 40%

Apartments in Salinas are being sold with discounts of up to 40%. This is due to several factors, including constant sewage problems and chaos during holidays that make property owners want to leave Salinas. Additionally, Manta is becoming a more popular tourist destination than Salinas. 'For sale' signs are increasingly visible along the boardwalk de Salinas, as property owners are tired of dealing with unresolved issues. The lack of a rainwater evacuation system causes problems year after year, affecting the three cantons of the province of Santa Elena. Insufficient controls during holidays in the past two years have led to crowds and excesses, driving away tourism and investors.

Four years ago, having an apartment in Salinas was a luxury and almost unattainable dream, but now medium-sized, almost new, two-bedroom apartments sell for USD 60,000, while older ones go for between USD 40,000 and USD 50,000. However, most sales do not materialize due to the inability of people to pay. According to the National Federation of Real Estate Brokers of Ecuador, owners are offering up to a 40% discount on their investments, especially since the pandemic, as people look for remote spaces with fewer inhabitants. Insecurity, mainly robberies and assaults, is another factor affecting the sale of apartments.

According to Edison Salinas, the owner of a real estate company with more than 12 years of experience in Salinas, increasing supply of apartments is due to underutilization by owners. Salinas believes that it's a good time for buyers to invest as the market is down, with apartments facing the sea on the Malecón de Salinas costing around USD 1,500 per square meter. However, sales are currently on hold, and most properties are vacational.

Manta is emerging as a more attractive tourist destination due to its tranquility, comfort, and security, whereas Salinas' image has deteriorated due to insecurity and high costs. In July 2022, Manta was visited by the first commercial mission of members of the National Association of Realtors from Florida to review real estate tourism projects. A real estate congress is also planned in Manta for 2024. There has been a decline in the construction of real estate projects in Salinas, with an increasing number of apartments for sale. Edison Salinas noted that Manta is a seaport and a big city with big problems, while Salinas is a small canton that could expand its offer with alternative attractions.