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Dominican Republic. An overview of the real estate market

Among all the island countries of the Caribbean, namely the Dominican Republic the most interesting Russians to buy real estate.
15.05.2012
Author: Maria Cooper
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The country occupies the eastern part of the island of Haiti, located in the Caribbean Sea. The capital of the Dominican Republic, Santo Domingo, is located in the south of the country. The climate is tropical with minor temperature fluctuations. The average water temperature is 25-27C. The bathing and recreation season in the country lasts all year round. For Russian citizens there are no restrictions on the purchase of housing in the Dominican Republic , real estate taxes are low, and a visa is not required to enter the country. A residence permit can be obtained after six months of residence in the country. The country's authorities are increasingly investing in tourism development and economic growth. Over the past few years, the number of visitors and buyers of real estate from different countries has been increasing, every year the demand for housing of various types is increasing, especially those who spend their holidays here are buying. The Punta Cana resort in the eastern part is the most popular for visitors and property buyers, while the northern coast with the resorts of Puerto Plata and Las Terrenas is suitable for permanent residence due to its developed infrastructure and a milder climate. How to get from Russia Direct charter flights from Moscow Sheremetyevo airport to the resort of Punta Cana are operated by Aeroflot and Transaero airlines. The flight takes approximately 12 hours, and on flights with connecting flights through Europe - more. You can also fly to the Dominican Republic through Paris, London, Frankfurt, Munich, Vienna, Madrid, etc. Real estate market Since the authorities of the Dominican Republic in 1998 opened the country's housing market for foreigners, real estate prices began to rise, especially for land plots. But this real estate market still has a high potential, the crisis has practically not affected it. Apartments in a residential complex can be purchased here from $ 40,000, that is, from $ 950 per sq. m, and the cost of villas in the Dominican Republic starts at about $ 1300 per sq. m. Building a house here is much more profitable than buying a ready-made one. According to the Global Property Guide, the average apartment price in the Puerto Plata area rose 23% in 2011. Last year, the cost per square meter in an apartment with an area of 200 sq. m was $ 2042, and by the beginning of 2012 the price increased by 19% and amounted to $ 2426 per sq. m. The average cost of houses in Puerto Plata for the same period increased from $ 1,578 to $ 1,689 per square meter. m. Apartments remain a popular choice for buying among foreigners, interest in them is growing, and with it the number of proposals is increasing. Many people buy apartments for subsequent renting out, as well as for their own use. In the Dominican Republic there are apartments both in luxury projects and at more modest prices. Many foreigners buy separate single-family houses as a "second home", its maintenance in the Dominican Republic is inexpensive. Villas are also purchased for investment purposes - first, the house is reconstructed and then sold at a higher price or leased to visitors who come for a long time. The greatest demand, as a rule, is enjoyed by real estate objects that are located in tourist areas. Since tourism is the main branch of the country's economy, buyers buy real estate here mainly for rent. Foreign buyers play an active role in the segment of resort real estate. The bulk of real estate purchases in the Dominican Republic are from South American buyers, but in the past decade, the number of buyers from North America and European countries has increased. Most analysts believe that interest in Dominican real estate from foreign investors will increase over the next decade. Now real estate in the Dominican Republic is growing in value and most likely this will continue for some time. Main places to buy real estate Real estate located in tourist areas, for example, in Boca Chica, 20 km from the capital of the country, Santa Domingo, as well as in the resorts of the north and east coast, is in great demand, as a rule. In the northern part of the country, the most developed area of the large port city of Puerto Plata, in the northeast - the coast of the Samana peninsula, with the resort of Las Terrenas, in the east - the vicinity of the resort of Punta Cana. The east coast is known for its endless white beaches. In such a prestigious area of Puerto Plata as Sosua, a three-bedroom villa costs about $ 350,000. In tourist places there are a large number of golf courses, restaurants, tennis clubs and a host of other entertainments. Experts advise purchasing housing in secure residential complexes with developed infrastructure. The cost of renting an apartment is from $ 300 to $ 800 per week, and villas - from $ 1500 per week, depending on the season. The high season in the Dominican Republic is in the winter, especially during the New Year holidays - at this time the rental price rises several times. HomesOverseas.ru
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