Manta, Montecristi, Jaramijó and Portoviejo are important real estate development rings in Manabí. Projects worth between USD 70 million and USD 100 million are being developed in Manta alone.
Construction of the Grand Bay Manta project, which is being developed in the Barbasquillo area, Manta.
Four cantons in the central south of Manabí, with Manta at the head, have become strategic ‘seducers’ for real estate groups to make investments and thus generate growth in the construction sector.
There are businessmen who have allocated up to USD 100 million for apartment buildings.
“At this moment there is an important line of investment that is undoubtedly led by Manta, with the development of apartments, towers and obviously urbanizations,” says Leandro Briones, former president of the Ecuadorian Federation of Construction Chambers.
Added to the above is the existence of “a ring of important development between Manta, Montecristi, Jaramijó and Portoviejo. That is a center that in a very short time will come together, a great metropolis will be generated, I believe,” adds Briones.
“In 2020, when we were in confinement due to the pandemic, we thought about where to invest and we said Manta, we are going to look for land to develop a fantastic project that we had in mind,” remembers Pablo Campana, executive president of Grupo Campana.
This company is building the Gran Bay Manta project, a real estate complex made up of four towers between 14 and 17 floors.
Why Manta? According to Darío Herrera, Manta 2024 Real Estate ambassador of the Ecuadorian Real Estate Chamber, there are some factors for investors and, therefore, apartment buyers, to choose the canton. Among them are:
- It has an international port and airport.
- It is a spa city and you can do business.
“There is nothing more beautiful than going to a place to do business and being on vacation,” says Herrera.
Leandro Briones agrees with this, who believes that, by having “a strong capital gain, Manta uses very well the privileged gift it has by hugging the port. Everyone prefers real estate development parallel to the sea and that contributes to the tourism and vacation issue. “.
There are other cantons on the coastal profile such as Portoviejo (Crucita), Sucre (Bahía de Caráquez) and San Vicente (Canoa), which could attract real estate investments.
But for that to happen, local governments must improve services such as drinking water, toilets or electricity, “obviously that is a limitation for urban development,” says Briones.
It means that, once the issue of services has been resolved, each city will have to establish the areas that will be developed. That is, you must have two plans that go hand in hand: One for the city and another for investment.
Real estate investment takes off
Another contribution to the real estate sector, and with it to construction, is the flow of housing, due to the work generated by the ” tuna industry that revolves around Manta, Montecristi and Jaramijó,” explains Briones.
In this sense, for example, Manta is a key city in national exports of canned tuna in the trade balance, because 70% of the sector’s industries are concentrated in the port city.
In 2023, sales in the construction sector in Manabí grew by 25%, but projections for 2024 would not be higher. “Perhaps the same, that will be enough. We are still in an economic recession,” considers Briones.
Even Darío Herrera adds that it cannot yet be considered that the city or the province is at its best moment for real estate investments, but it is “at the best moment for real estate investment to take off.”
Herrera also calculated that 40% of sales of apartments or homes in private developments in Manta are purchased from Quito, while 30% are from abroad.
Millionaire investments
In Manta, the area with the greatest real estate projection is Barbasquillo, where there are 20 residential buildings.
Additionally, the start of construction of Tower 3 of the Grand Bay Manta project was announced on May 1, 2024.
According to Millenium, real estate developer of the Campana Group, this will mark a “new milestone in the urban development of the city and will offer an exclusive selection of luxury apartments.” And each urbanized square meter facing the sea can cost up to USD 1,200.
For the real estate complex, whose first stone was laid in July 2022, more than USD 100 million of investment was allocated.
And, according to the executive president of the Campana Group, total sales already exceed USD 120 million. In the towers you can find apartments from USD 135,000.
The real estate groups Rosero, Arroyo and Carlos Garcés also stand out among the large investments that range from USD 70 million for the city.
