Buying property in Dominican Republic
Be careful to take your time when looking for property in the Dominican Republic – properties advertised online and through English-speaking brokers might not always represent market value.
Though house prices in the country haven’t slumped as much as they have elsewhere, there has still been a drop of between twenty and twenty-five percent over the last few years. Wariness means that new developments are down eighty percent and many projects have been put on hold since the beginning of the financial crisis.
This said, the property market has recovered significantly and high-end housing continues to sell well and for high prices (though many mid-range properties have struggled to find buyers, meaning there are deals to be had here).
Buyers of property in the Dominican Republic
On the whole, the average foreign buyer in the Dominican Republic tends to come from North America or Europe, though there are increasing numbers from Russia and South America. Property brokers say that Americans tend to stick to the south coast, while a mix of Europeans and Dominicans more often buy in the south-east. The north coast sees a range of buyers.
The good news is that there are no restrictions on foreign buyers to buy property in the Dominican Republic. You’ll want a lawyer to handle your sale, who’ll also act as notary. They usually charge around 1% of the property price as commission. If you go through an agency, bear in mind that the Dominican Republic does not license these, so make sure you’re completely aufait with the kind of commission you ought to be paying (this can range from 3 to 10 percent).
Connect to a real estate agent in Dominican Republic
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