Cuenca's Real Estate Boom: 15-Story Towers, a Novotel, and $40M+ in New Luxury Projects
Chip Moreno
The Skyline Is Changing
If you've noticed more construction cranes than usual across Cuenca lately, you're not imagining things. The city is in the middle of a real estate boom that's attracting national developers, international hotel brands, and investment money that used to flow exclusively to Quito and Guayaquil.
The numbers tell the story: 14% local construction growth in 2025 (nearly double the national average), 25 condo projects currently under construction, and property appreciation running at 8-12% annually — with raw land in growth corridors hitting 15%+.
Three Big Projects to Know About
La Maison — Av. Ordóñez Lasso
The most talked-about project in Cuenca right now. Developer Uribe Schwarzkopf — the biggest name in Quito real estate — chose Cuenca for this mixed-use tower:
- 15 stories: 5-star hotel on 8 floors + 70 residential apartments on 7 floors + rooftop terrace
- Location: Avenida Ordóñez Lasso (Cuenca's main western commercial corridor)
- Price: Average $2,600/sqm
- Status: All 70 units already sold — 30% to locals, 40% to Guayaquil buyers, 30% international
CEO Joseph Schwarzkopf's take: "Cuenca is a city with much to offer, above all good quality of life."
Paseo Solano — El Ejido
A mixed-use development on Avenida Solano, one of Cuenca's most prestigious addresses:
- $12M+ investment by Grupo Campaña and FeGroup
- 18 apartments (all sold), 21 food/beverage commercial spaces, 45 offices, underground parking
- 28-month construction timeline, starting Q1 2026
- Most commercial spaces already sold
AURUM Distrito Urbano — Zona Rosa
The one with the international hotel brand attached:
- $10M investment bringing a Novotel (Accor Hotels) to Cuenca — 74 rooms
- 80 residential units + public plaza + rooftop pool
- Location: Av. Gran Colombia & Eduardo Crespo Malo (the Zona Rosa nightlife district)
- 15-year franchise agreement with French hotel group Accor
- Opening: Q1 2027
Why Is This Happening Now?
Several factors are converging:
- Security reputation: Cuenca is consistently ranked as one of Ecuador's safest cities. Henry Astudillo, president of the Azuay Construction Chamber, says security is "the attraction"
- Remittance money: Azuay received approximately $1.8 billion in remittances in 2025 (up ~20%), much of which flows into real estate
- Foreign buyer interest: The expat community and international investors are driving demand for higher-end products
- National developers arriving: Companies like Uribe Schwarzkopf entering the market signals that Quito and Guayaquil developers see Cuenca as the next growth frontier
- Post-pandemic lifestyle shift: Remote workers and retirees choosing quality of life over big-city proximity
What This Means for Expats
If you're renting: Expect upward pressure on rents, especially in desirable neighborhoods like El Ejido, Ordóñez Lasso, and the historic center. New luxury supply will take 2-3 years to fully hit the market, and in the meantime, demand is growing.
If you're buying: More options are coming, but the best units are selling fast — La Maison sold out entirely before completion. If you see a project you like, waiting may cost you.
If you own: Your property is likely appreciating at 8-12% annually. That's a strong tailwind.
Hot neighborhoods to watch: El Ejido, Puertas del Sol, Misicata, Narancay, Av. Ordóñez Lasso, Av. Don Bosco, Av. Loja
The construction boom also means noise, dust, and road disruptions in growing corridors. If you're choosing where to live, consider checking what's being built nearby — a quiet street today might have a 15-story tower going up next year.
