In May 2015, Ecuadorian president Rafael Correa informed the public about the property appreciation law, which in fact is called the Tax of Extraordinary Value, which seeks to do away with land speculation and cut the legitimate sources of accumulation based on inheritance. Owning to the society’s discontent with the law, the president decided to postpone its approval and start an open debate with different affected sectors, amongst which real estate is the principal one. This uncertainty has generated a contraction in the short-term real estate investment.
Comohogar, which is part of Corporación Favorita, led sales in 2015 with a 2% current value share. This was thanks to its brand Sukasa, which is a format of retail that offers whole solutions for construction and real estate decoration.
Forecast period value sales are expected to decrease at a CAGR of 1% at constant 2015 prices. It is expected that the real estate market contraction will remain in the short term, and depending on the results of the debate over the inheritance and property appreciation laws in the mid-term, the category’s growth could deteriorate or start to stabilise in a progressive way.
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Understand the latest market trends and future growth opportunities for the Home and Garden Specialist Retailers industry in Ecuador with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Home and Garden Specialist Retailers research and analysis database.
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