The Insider's Guide to Buying Property in the Dominican Republic
Overview - The Dominican Republic Real Estate Market
With thousands of miles of Caribbean beaches, stunning mountains and 30,000 square miles of lush, tropical islands to explore, the Dominican Republic has firmly cemented its position as the Caribbean’s top tourism destination and largest economy.
Driven by a booming tourism sector, breathtaking beaches and very attractive property prices, demand for real estate in the Dominican Republic among overseas investors has surged in recent years and the second homes and vacation homes market has grown considerably in recent years.
Popular areas include Punta Cana and La Romana on the eastern and south-eastern coasts, Las Terrenas in Samana and Cabarete in Puerto Plata, where international buyers have snapped up thousands of beachfront condos for sale in the Dominican Republic.
Home buyers are drawn not only to the beaches but to the first-class facilities and a wide range of attractions, including high-quality hotels and resorts, championship golf courses, spas, shopping, and marinas.
The country also benefited from a robust economy, political stability and major investments in infrastructure. As a result, the Dominican Republic has the fastest growing economy in the Latin America and Caribbean region which grew by an average of 6.6% during 2014-2018.
“Driven by a booming tourism sector, breathtaking beaches and very attractive property prices, demand for real estate in the Dominican Republic among overseas investors has surged in recent years”
Sophisticated real estate market offering high quality property for sale and excellent value for money for prime beachfront homes.
Very high rental income generating potential as the Caribbean’s most visited tourism destination – the Dominican Republic recorded over 6.5 million visitors in 2018.
Highly accessible destination welcoming 70+ flights per day from the USA and Europe and excellent air links with the Caribbean and South America.
The fastest growing economy in Latin America, with GDP growth of 6.4% in 2018.
Range of tax incentives available to overseas property investors.
Spectacularly beautiful beaches with very high quality resorts, hotels, restaurants and world-class golf courses.
Stable political environment supporting sustained economic growth.
Buying Process, Fees & Taxes
- Can foreigners buy property in the Dominican Republic?
Yes, foreigners can buy property in the Dominican Republic and the Government welcomes investment from overseas buyers. There are no restrictions on foreign buyers acquiring real estate in the country and foreign buyers enjoy the same rights as Dominican citizens. Title can be held in the name of an individual or corporation. Property purchases must be registered for administrative purposes with the Title Registry Office.
- Buying process
Buying property in the Dominican Republic is a relatively simple process, which typically involves the following steps:
- Begin your property search.
- Find your perfect property and make an offer.
- Upon signing a Purchase Agreement, you will be required to pay a 10% deposit which is held in escrow.
- A notary oversees the purchase process which typically takes 6-8 weeks to close.
- Pay all required taxes and fees.
- Fees & taxes
There is a Transfer Tax of 4.48% and Stamp Duty.
Property Tax is 1% of the assessed value of the land and home.
Latest Real Estate Listings in Dominican Republic
Residency & Citizenship
- How long can a foreign citizen stay in the Dominican Republic?
Citizens of the USA, Canada, UK, EU and many countries in South America are permitted to remain in the Dominican Republic on holiday without a visa for up to 90 days. Longer stays may be requested at a fee.
- How do you become a resident of the Dominican Republic?
If you would like to live in the Dominican Republic you can apply to the Migration Department for a temporary residency permit which is valid for one year.
There is a fast track program offering immediate access to permanent residency for applicants who make a minimum investment of US $200,000 in property in the Dominican Republic or applicants who can demonstrate a minimum income of US £1,500 per month from either a foreign investment or pension.
Individuals who have resided in the Dominican Republic for 5 years with temporary residency status can apply for permanent residency.
Find out more: Residency in the Dominican Republic
- How do you become a citizen of the Dominican Republic?
Individuals who have resided in the Dominican Republic for 7 years (including 2 years as a permanent resident) and are fluent in Spanish can apply for citizenship by naturalization.
Individuals on the fast track program may be eligible to apply for citizenship by naturalization after 2 years as a permanent resident.
Mortgages in the Dominican Republic
Looking for financing to fund the purchase of property in the Dominican Republic?
Contrary to popular misconception, it is possible for foreign nationals looking to invest in Dominican Republic real estate to apply for a mortgage.
Our partner – a very well respected international financial organization – offers mortgages for qualifying non-residents buying, building or improving a second home in the Dominican Republic.
For more information, see our page on: Caribbean mortgages.
How to Get There
There are direct flights to the Dominican Republic from the USA, Canada, Europe, South America and other Caribbean islands.
There are several international airports in the country, including in Santo Domingo, Punta Cana, Puerto Plata and La Romana.
Most international flights arrive at Punta Cana International Airport.
- Miami to Punta Cana 2h 30m
- Panama City to Punta Cana 2h 35m
- New York to Punta Cana 4h 00m
- Toronto to Punta Cana 4h 10m
- London Gatwick to Punta Cana 8h 25m
- Toronto to Puerto Plata 4h 10m
More from the Blog
Best Caribbean Real Estate Investments 2024
From The Bahamas and Turks & Caicos to St Lucia and the Grenadines, discover the best Caribbean real estate investments in 2024.
Guide to CONFOTUR in the Dominican Republic
Discover the Dominican Republic's CONFOTUR program and the generous tax incentives it provides for overseas property investors.
Best Places to Buy Property in the Dominican Republic
Where are the best places to buy property in the Dominican Republic? Find out with 7th Heaven Properties.
Gated Communities in the Dominican Republic
Searching for the best gated communities in the Dominican Republic? Discover the best communities from across the country.
Dominican Republic Property Prices
From affordable to luxury, discover what you could buy with your budget with our guide to Dominican Republic property prices
Best Investment Properties in the Dominican Republic
Searching for Dominican Republic investment properties with high ROI? Here are 7 of the best from under $100,000.