Ecuador has been hit by a wave of real estate agents and brokers abandoning their local markets in search of the lucrative foreign contracts.
Now a new wave of contracts are being issued, with the Ecuadorian real estate agency offering contracts for properties in Colombia, Brazil, Chile, Chile and Mexico.
Ecuador’s Real Estate Commission (CER) has said it has issued 5,700 contracts, with more than 40,000 of them in Brazil.
“This is the second wave of new contracts issued since the government declared a shortage of real property.
In the first wave, in the second quarter of this year, CER issued a total of 6,000 contracts,” CER said in a statement.
“The current wave is the largest ever issued and the largest single wave for any country in the world.”
In Colombia, for example, the CER says it issued 6,900 contracts in January.
Colombia’s real estate market has been particularly difficult this year.
In March, the country announced a new state of emergency that was meant to combat the country’s worst-ever economic crisis.
The new measures included shutting down all private businesses, limiting the right to enter the country, and banning travel by all but government employees.
In the aftermath of the crisis, the Colombian government was forced to slash its foreign exchange reserves and close its financial institutions.
The economy has also suffered due to the country not being able to import enough food to meet demand, leaving many people hungry.
In Mexico, CERT says its agents have been “disappearing” in the country as foreign investors abandon their markets.
In April, CERA said it had issued 3,500 contracts, and in May, it said it would begin issuing contracts in Colombia.
The Colombian real estate agent who asked to remain anonymous told NBC News the industry is struggling to meet the demand from new clients and sellers.
The agent said the contracts offer a guaranteed income of up to $100,000 a year for agents and $300,000 for brokers.
This article originally appeared on NBC News and is republished with permission.