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The Dominican Republic offers unique real estate investment opportunities. Despite the global fluctuations in the housing industry, properties in the DR have held firm. With this in mind, investors should invest now to get good returns in the long-run.
Here is an all-inclusive guide on how to buy property in the Dominican Republic.
Why foreigners should buy properties in the DR
Both residents and foreigners can enjoy the same rights when it comes to property ownership. Recently, the government passed some legislation to strengthen the rights of foreigners.
Secondly, the Caribbean nation has invested in infrastructure with the primary focus on highways that connect major tourist attractions and cities.
Thirdly, the climate is favorable where the temperatures remain constant all year round with the wettest months being October.
What’s more, the Dominican Republic (especially on the eastern side) is not affected by Hurricanes.
Another reason is the low cost of living. While the cost of gasoline may be slightly higher, you can save a lot of money on medical services.
Best places to buy property in the Dominican Republic
Investors can buy property in the DR without huge cash outlay. Even better, they can get affordable local financing. This explains why most North Americans have heavily invested in rental property in this region.
Let me walk you through the best places to invest if you’re looking to buy real estate.
Investing in Punta Cana can be likened to hitting a jackpot. It’s located a few kilometers from the white-sand Caribbean coast and is a popular place for tourists. If you prefer to live a resort lifestyle, you can buy condos with ultra-luxurious finishing.
Here, there are many apartments and condos that stretch through the sandy coastline. Other than that, you’ll find a mix of people like Germans and Italians with Americans being the majority.
This area was developed for tourism. Here, you’ll find breath taking tourist resorts and attractive beach. Not only that, you’ll find restaurants, shops, bars, and cafés. Juan Dolio is located just 45-minutes’ drive from Santo Domingo and 20 minutes’ drive from Las Americas International Airport.
Requirements when buying property
Buying a property in the Dominican Republic is straightforward. Once you have a verbal agreement with the seller, the attorney prepares a binding promise of sale document.
This formal document contains the description of the property and all the transactions until the full price is paid.
Apart from that, you must ensure the property has good `tax standings’. You may have to request the seller to provide an Identification Tax Contributors card which is verified by an independent attorney.
After that, both parties sign the dead of sale and the property is transferred to the buyer.
Dominican Republic Property brokers and websites
Whether you want to buy residential or commercial properties in the Dominican Republic, you need to identify the best brokers to help you make a wise investment decision.
The most renowned real estate broker is Remax Tropical. Here, you’ll get top-notch information on Punta Cana real estate including villas, condos, rentals, and land for sale.
Other brokers include: Rabbit international real estate, Oceanside reality, Sosua-Cabarete real estate, among others.
Final thoughts
The real estate market in the Dominican Republic continues to grow at a breakneck speed.
Whether you’re looking to buy the property for own use or for rental income, you are guaranteed to double or triple the investment within a few years.
