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Property in Dominican Republic – Guide to Buying Property in the Dominican Republic
Over the course of the past twenty years, an ever growing number of men and women from around the world have been traveling to the Dominican Republic on holiday. As a result, there has been an increase in demand for different types of real estate that can be used by people who are traveling into the country for holiday purposes.
At the present time, when it comes to the real estate market in the Dominican Republic, the biggest area of growth involves real estate associated with the travel and tourism industry. This includes resort properties, apartments and other residences that are utilized by people who are traveling into the Dominican Republic for extended stays. Foreign nationals have been very active in this segment of the Dominican Republic real estate marketplace.
For generations, there have been no significant restrictions on foreign nationals owning real estate in the Dominican Republic. In point of fact, the countries has a long history of foreign nationals being involved in that nation’s real estate market.
Investment Property in The Dominican Republic
As referenced previously, when it comes to investment in the real estate market in the Dominican Republic, there has been a great deal of activity in that segment of the marketplace that is involved with real estate that effects or impacts travels and tourisms. In this regard, foreign nationals have been active in this market — indeed, foreign nationals have been active in this segment of the real estate market in the Dominican Republic for years.
A great deal of investment is being made in the development of resort communities in the Dominican Republic. With tourism being the number one industry in the Dominican Republic, investment in the tourism trade through the real estate market is proving to be profitable for many people, including an ever growing number of foreign nationals.
Foreign nationals can be seen putting their money into hotel resort complexes, apartment projects that are being created to serve as second homes or vacation properties for people interested in spending an extended period of time in the Dominican Republic during the course of the year and into more upscale and expensive single family homes, including high cost villas and estates that are being used with regularity by well healed travelers into the Dominican Republic.
Most real estate analysts are predicting that this trend towards foreign investment in real estate associated with the tourism and travel industry will continue unabated well into the next decade.
Residential Property in The Dominican Republic
Many foreign nationals have taken to purchasing single family dwellings for three primary purposes. First, there are people who are snatching up these properties in the Dominican Republic to be used for holiday or vacation purposes, as a second home. With the surprisingly low cost of living in the Dominican Republic, many people are finding this lovely island nation and ideal place to travel for holidays and vacations. Overall, it is not particularly expensive (relatively speaking) to maintain a second home in the Dominican Republic.
The second reason why many foreign nationals are buying single family homes in the Dominican Republic is for investment. These foreign nationals are buying single family homes in the Dominican Republic that they are either remodeling and reselling for a nice profit or that they are leasing or renting to people who are visiting the Dominican Republic for extended holidays or for an extended business trip.
Finally, many people from different countries around the world are electing to retire in the Dominican Republic. In this regard, many of these foreign nationals are buying single family homes for their retirement in the Dominican Republic.
Residential Real Estate – Apartments in The Dominican Republic
Apartments remain popular real estate choices for foreign nationals. Apartment sales in the Dominican Republic continue to increase in number as the 21st century moves onward.
Some people are buying apartments in the Dominican Republic for investment purposes. These foreign nationals are buying apartments that they then are renting to people who will be in the Dominican Republic for an extended period of time on holiday or on business.
Other foreign nationals are purchasing apartments in the Dominican Republic for their own use. Many people are finding the Dominican Republic to be an ideal site for holiday or vacation travel. As a consequence, these people are finding apartments in the Dominican Republic to be ideal housing choices for holiday or vacation stays and travel.
There are a wide range of different types of apartments in the major urban and commercial regions in the Dominican Republic. For example, there are some very high end properties that are expensive propositions. On the other hand, there are very reasonably priced properties that allow people of modest income levels to invest in an apartment in the Dominican Republic, to have a second or vacation or holiday home.
Holiday Property in Holiday Resorts
As referenced previously, many foreign nationals are buying different types of real estate in the Dominican Republic for vacation. Indeed, most real estate transactions involving foreign nationals in the Dominican Republic at this time generally are centered in the vacation trade.
Most real estate analysts believe that the trend towards purchasing vacation and holiday related properties in the Dominican Republic will continue unabated through the next two decades. Presently, these analysts believe that the present time is a sound point in time to invest in real estate in the Dominican Republic in that property values are rising. These experts believe that those foreign nationals and other real estate purchasers in the Dominican Republic will be able to realize nice returns on their real estate investments by buying property at this point in time.
South Americans have been a significant portion of the overall vacation property market. However, since the turn of the century, a growing number of people from North America — including both The Dominican Republic and the United States — are finding the Dominican Republic to be a wonderful and ideal travel and vacation destination. Likewise, the Dominican Republic has seen an up tick in the number of people from the European Union who have invested in vacation or holiday properties of different types within the Dominican Republic. These trends are expected to continue well into the next decade according to analysts who have spent time considering the Dominican Republic real estate market and tourist trends.
Specific Steps to Buying a Property in The Dominican Republic
Purchasing real estate in the Dominican Republic is a relatively easy process. There are no particular prohibitions that block or otherwise prevent a foreign national from purchasing real estate in the Dominican Republic. Indeed, many foreign nationals invest in and own real estate in the Dominican Republic and have done so for many years.
The buying and selling of real estate in the Dominican Republic is subject to the Land Registry Law of the Dominican Republic. Pursuant to the law of the Dominican Republic, the first step in purchasing real estate in the Dominican Republic is the execution of a contract for sale between the buyer and seller.
In the Dominican Republic, it is a must that the contract for sale be signed in front of a notary public. In the Dominican Republic a notary public must have a law degree. The contract for sale sets forth the general terms and conditions of the sale — a description of the real estate being sold, the agreed upon sales price and other matters relating to the transaction. The buyer normally posts a deposit for the property that can be upwards to 10% of the total purchase price of the real estate in question.
Once the contract for sale is signed and notarized, the document is then taken to the Internal Revenue Office. At this juncture, a determination is made as to what taxes will be due and owing because of the sale. The appropriate taxes need to be paid in advance of the final conveyance of the property from the seller to the buyer.
After the financing completely is arranged and all of the conditions set forth in the contract for sale have been realized, the contract for sale and a certificate of title (designating the buyer as the owner of the real estate) is then filed with the Title Registrar’s Office.
In some areas in the Dominican Republic there can be a delay of upwards to a month before the Title Registrar’s Office is able to issue a new title to the real estate. In other areas in the country, the office can issue the title as quickly as one day. In the Dominican Republic the buyer bears a fairly heavy due diligence burden when it comes to the purchase of real estate.
In other words, if the buyer does not undertake a course of due diligence to make certain that there are no encumbrances on the real estate, the buyer very well may be stuck with a lost deposit and being unable to take full title to the real estate in question.
Property Abroad always recommends using a Solicitor or Lawyer.
About the Author
Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Dominican Republic. Visit their website to view their property for sale in Dominican Republic and other useful information on buying property abroad.
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