Construction Boom: Noboa Says Cuenca Leads the Country in Building Permits

The Numbers

President Daniel Noboa declared 2026 "the year of construction" and released sector data showing significant growth (source):

• Construction sales (Jan-March): up 20.5% above national averages
• Real estate sales: up 17.8%
• Purchase-sale promises: $6.5 billion nationally, sold out through 2028
• Sector confidence index: jumped from 45.5 to 61.6 (January 2025 vs January 2026)

The Cuenca Connection

Noboa specifically called out Cuenca, stating that the city "holds the national record regarding construction regulations" — noting that in Cuenca, "you cannot get a permit to finish construction until it is 70% advanced" (source).

This is both praise and critique. Cuenca's strict permitting process means construction quality tends to be higher, but it also means projects take longer and cost more. If you've wondered why buildings in Cuenca seem to be perpetually under construction, the regulation framework is part of the answer.

Government Incentives

The government is fueling the boom with several programs:

• Miti Miti and Credicasa — preferential mortgage interest rates for social housing
• IVA refunds for builders — tax incentives for construction companies
• Social housing law — entered into force in 2026, creating new frameworks for affordable housing development

What This Means for You

• If you're looking to buy property in Cuenca, the market is active but prices are rising with demand. The $6.5 billion in purchase promises nationally means developers are confident — but it also means competition for good properties is increasing
• If you're renting, new construction eventually means more supply, which should moderate rental prices long-term. Short-term, construction noise is the reality
• If you own property, values are likely appreciating. The sector confidence index nearly doubling in a year is a strong signal
• Construction noise and disruption will be a feature of Cuenca life for the foreseeable future. The scaffolding isn't going away — it's expanding
• Quality remains high. Cuenca's strict permitting is annoying for builders but good for buyers. The regulation Noboa referenced means buildings here are generally well-constructed

Source: El Universo