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Dominican Republic real estate

Foreigners since 1998, may, without any restrictions or limitations to acquire any property, including land for housing construction in the Dominican Republic. The cost of buying a property include: total cost of the contract for the acquired property, services for the discovery and maintenance of personal current account in the Dominican bank, and additional transaction costs - a real estate transfer tax of 3% of its appraised value, a lawyer - is 1% of the transaction. Payment for the property can be made by cash, bank transfers or traveler's checks.

To buy property for non-residents with credit in the Dominican Republic is very difficult. But you can use a mortgage broker. In this embodiment, the amount of debt financing can be up to 80% of the value of the property with a repayment period of 5 years and annual interest rate of 22%.

Many developers offer installment payments for 5 years to attract buyers. For resale property buyers also have a real opportunity to receive installment payments from the property owner up to 3 years from the payment of 9% per annum of the cost of housing.

The cost of construction property (villa "turnkey" with a swimming pool and underground parking) range from 800 to 1,200 dollars per 1 sq. km. m, not including costs of acquiring land for the construction and building permits.

When buying real estate 135 000 dollars more expensive than the owner shall pay an annual property tax. Buying a property has a positive effect on the examination of documents in the Migration Service.

Rent a house in the country is very popular, as the Dominican Republic itself is a paradise for tourists. Christmas and New Year's Day, Easter and the international competitions of surfing - all of these events attract many tourists to the republic and the athletes and their fans. Rental real estate market is very diverse, you can find a temporary shelter on their own taste. It's expensive apartments, villas, penthouses, as well as small apartment near the beach. Cheap apartments cost up to $ 50 per day for rental on short notice, and the same apartment offers a $ 500 per month, with broad terms of the lease. Apartments in the tourist complexes on the waterfront will cost you $ 100-200, with short-term lease. With a long lease these apartments will cost you $ 1,000 per month. The villa is near the coast to 700 dollars a week. Rent of residential real estate in the Dominican Republic is exercised through an agency or tour operator. Must be signed by a short tenancy agreement c indicating lease terms and conditions.

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