Buying a Condo in the Dominican Republic – The Ultimate Guide
We put together this guide for investors considering buying a condo in the Dominican Republic.
Whether you are thinking of investing in a condo primarily as an investment with the potential to generate passive income or you are looking for an apartment to keep for your own private use, this guide is designed to cover all aspects of acquiring a condominium unit from finding condos for sale in the Dominican Republic through to the details of the purchase process.
Is Buying a Condo in the Dominican Republic a Good Idea?
How Much Does it Cost to Buy a Condo in the Dominican Republic?
Can Foreigners Own Condos in the Dominican Republic?
Where are the Best Places to Buy a Condo in the Dominican Republic?
How Do you Buy a Condo in the Dominican Republic?
Getting a Mortgage in the Dominican Republic
Investment Opportunities – Explore Condos for Sale in the Dominican Republic
Buying real estate in the Dominican Republic offers investors the opportunity to purchase property at an affordable price in one of the world’s most alluring destinations.
For buyers considering living in the Dominican Republic, looking for a home for vacations in the sunshine or a place to retire in the Dominican Republic, the country is hard to beat. The DR has some of the most beautiful beaches in the world as well as a lush rainforest-covered interior with soaring green mountains and waterfalls that cascade into clear pools. The Dominican Republic offers tremendous diversity, offering something for everyone. From a wide variety of water sports, snorkelling, diving, golf and adrenaline-fueled adventure activities through to world-class shopping, dining, concerts and galleries, the entertainment options on offer in the Dominican Republic are practically unmatched in the region. This diversity offers condo owners an unsurpassed lifestyle.
For investors looking to purchase a condo with a view to generating income, the Dominican Republic is an equally sound choice. The country is the Caribbean’s most visited destination, each year attracting approximately 5 million overseas visitors. The huge flow of international tourists provides condo owners with the opportunity to earn significant income via the rental market.
With interest in real estate in the Dominican Republic remaining high, condo owners are also set to benefit from steadily rising property values in the most sought-after areas.
For more details, please read our guide to investing in the Dominican Republic.
The cost of condos in the Dominican Republic varies according to various factors such as location, size and perceived value.
Prices range from approximately US £90,000 to $100,000 for an entry level condo hotel suite in a high end resort community in areas such as Bavaro and Samana up to US $1 to $2 million dollars for a high spec condo in a luxury apartment development in Santo Domingo or a top of the range penthouse apartment in Cap Cana.
Beachfront condos for sale in the Dominican Republic typically start at US $150,000 to US $200,000.
Yes, foreign nationals can buy condos in the Dominican Republic and the Government of the Dominican Republic welcomes foreign investment.
There are no restrictions on foreign buyers owning a condo in the Dominican Republic and foreign buyers enjoy the same rights as Dominican citizens, including the right to purchase beachfront condos.
Unlike in many other countries in the Caribbean and Central America, foreign buyers are not required to obtain any kind of license or permit in order to purchase property in the Dominican Republic including condos.
Condos can be purchased in the name of an individual or a corporation.
That depends very much on your personal preferences and objectives.
For beach lovers who want to be close to the action, Punta Cana and Bavaro are very popular choices.
For those in search of a quiet spot to get away from it all surrounded by idyllic natural beauty, be sure to take a look at Las Terrenas in Samana.
City slickers looking for an investment in the heart of a fast-growing city, look no further than the capital Santo Domingo.
For more details, please read our guide to the best places to buy property in the Dominican Republic.
Buying property in the Dominican Republic is a relatively straight-forward process. Below we have outlined the typical process in the case of a new construction condo.
Firstly, once a preferred unit has been selected, the buyer will need to submit an offer to purchase.
If the offer is accepted by the developer, the buyer will then be asked to sign a reservation form and pay a small reservation fee to secure the preferred unit.
A purchase agreement must then be signed by both the buyer and the seller (the developer).
The purchase agreement will outline the stage payments required to buy the condo. A typical payment plan might include a 20% down payment, 3 stage payments of 15% each during the course of construction and a final payment of 20% upon delivery of title and the completed unit.
For more detail on the purchase process, please see our guide to buying property in the Dominican Republic.
It is possible to buy a condo in the Dominican Republic with cash or a mortgage, however, please note that, in the case of new construction condos, cash buyers – in particular those paying up front – may benefit from a discount on the asking price.
Several reputable local banks offer mortgages to Dominicans, residents and foreign buyers. Banks may lend you up to 60% of the property’s value.
As you would expect at home, upon receipt of your application the financial institution will conduct typical checks to assess your suitability for a mortgage.
Should your application be approved, you should expect interest rates to be a little higher than in the USA, Canada or Europe. Mortgage terms tend to be in the region of 15 to 20 years.
Ready to begin your search for condos for sale in the Dominican Republic?
To find investment opportunities from across the country from apartments for sale in Santo Domingo to the hottest new condos for sale in Punta Cana, explore condos for sale in the Dominican Republic on our website.
Please note that our website only showcases a sample of the condos available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of investment opportunities in the Dominican Republic.