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The Capital Gains Act hampers the transfer and sale of houses
Posted On 24 Jan 2017
The construction sector begins the year not only trying to survive despite the balances in red left by 2016 but the new rules of the game that threaten its recovery this year. According to the Association of Real Estate Developers of Ecuadorian Housing (Apive), so far in 2017, the sector records about 1,000 cases of houses that could not be transferred.
The main reason, explains Jaime Rumbea, director of Apive, is attributed to the new Capital Gains Act which, among other things, requires municipalities to update real estate appraisals from this year, a process that, in many cases, has not been completed. This slope, he says, has generated a delay in the property records of Guayaquil, Milagro, Daule and Samborondon, where the formalities are not made by inconsistencies between the appraisal of the property and the price fixed in the deed. “Only the real estate housing sector represents about 2 billion dollars a year, only in January, the industry has stopped receiving at least $ 50 million (in the counties mentioned). Do you know what that means for the economy of the sector?” Rumbea questions.
Source: http://expreso.ec/
