The Dominican Republic is an island nation located in the heart of the Caribbean. Despite its modest size compared to Cuba, buying new housing in the Dominican Republic remains a promising option due to the development of the Dominican Republic as a tourist destination.
Features of housing in new buildings in the Dominican Republic
New buildings in Dominican Republic meet the requirements of quality and comfort. When choosing such a property, you can count on the following advantages:
- Modern construction technologies. Real estate developers in Dominican Republic use high-quality materials that are resistant to tropical climate conditions.
- Infrastructure for living and recreation. New buildings are often located near beaches, supermarkets, schools and sports complexes.
- High level of security. Most residential complexes are guarded around the clock, which is especially important for families with children.
- Flexible purchase terms. Buying real estate in the Dominican Republic from a developer often provides for installments or discounts at the construction stage.
Prices for new buildings in Dominican Republic
Prices for new homes in Dominican Republic remain more affordable than in many other countries with a similar climate and level of infrastructure. The cost depends on the type of property, location and stage of construction.
- Apartments on the coast of the Dominican Republic. In popular areas such as Punta Cana or Bavaro, the cost starts at $ 1,500 per square meter.
- Villas in luxury complexes. Such properties will cost from $ 2,000 to $ 4,000 per square meter, depending on the location and level of finishing.
- City housing. In the capital Santo Domingo, you can find offers from $ 1,200 per square meter.
Nuances of buying real estate in a new building in the Dominican Republic
The process of buying real estate in the Dominican Republic is quite simple, but requires compliance with certain formalities:
- Legal registration. Foreigners can freely purchase Dominican real estate. To conclude a transaction, you will need the help of a notary and registration of property.
- Taxes and fees. The cost of new housing in the Dominican Republic does not include a property transfer tax. It is about 3% of the value of the property. However, for the first 15 years, owners of new properties are exempt from it.
- Mortgage. Dominican banks offer mortgage programs for foreigners. Interest rates start at 6% per annum.
- Purchase off-plan property in Dominican Republic. With this approach, the price of real estate is lower, and developers offer flexible payment terms.
Popular cities and areas for purchasing Dominican real estate from builder
Despite the main landscape, the Dominican Republic is quite diverse in terms of locations for real estate:
- Punta Cana. The center of tourist life with magnificent beaches and developed infrastructure. Most new buildings, apartments and high-class villas are concentrated here.
- Santo Domingo. The capital of the country combines historical heritage and modern residential complexes.
- Cap Cana. One of the most elite areas of the Dominican Republic, famous for its golf courses and yacht clubs. Real estate here belongs to the premium segment.
- Sosua and Cabarete. Suitable for lovers of a relaxing holiday and surfing. Here you can find both affordable and luxury housing.
- La Romana. This area is popular among wealthy foreigners due to the combination of privacy and a high level of comfort.
Questions and Answers for Dominican Republic
What are the average prices for residential complexes in the Dominican Republic?
The price of real estate depends on the location, including proximity to the coastline, footage, type of house. On average, 1 sq.m costs 1800-2200 euros in all regions, except the capital.
Why is it worth buying a home in a new building?
The main advantages of new buildings in the Dominican Republic: modern building materials, convenient layout, location by the sea or in elite areas, high liquidity on the market - make them attractive both for people wishing to settle in the country and for investors. Real estate in a new building in the Dominican Republic is equally easy to sell and rent out, and its value has increased by 7% over the past year.
Where are the most popular residential complexes among buyers in the Dominican Republic?
The eastern province of La Altagracia is in first place in terms of sales: foreigners are eager to buy housing in its capital, the city of Higuey. Real estate is also in demand in the resort province of Puerto Plata, especially in the cities of Sosua and Cabarete, and in the capital, Santo Domingo.
