The construction sector in Quito shows symptoms of stagnation

Ecuadornews:

Construction is a mirror of the economy in this country, it reflects more than any other activity, lean or abundance times. Since 2016, the crisis, the plummeting oil prices, and the lower public investment were echoed in the number of projects -houses and buildings- that were built in Quito.

Since 2016, real estate operations have been declining, especially medium and large projects, whilst the number of small constructions, up to 500 m² (extensions, modifications), remained stable. This is explained by Jacobo Herdoíza, Secretary of Territory, Habitat and Housing of the District, who points out that the impact was greater in those projects that exceed the 2,000 m² of construction. The main reasons revolve around two issues: the economic crisis and the Capital Gains Tax. (I)

Source: http://www.elcomercio.com/actualidad/construccion-quito-estancamiento-inmobiliario-economia.html