Buying in Las Terrenas or Las Galeras

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JoelandSonia

New member
Oct 24, 2007
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Hi,
My wife and I will be visiting the DR the last week of November. My wife has been coming to the DR for over ten years for mission work, is perfectly fluent in Spanish (with DR flavor) and has always dreamed of having a place here. Her favorite spot is Las Terrenas, but has heard good things about Las Galeras.
Me -- I've never been to the DR, and unfortunately picked German instead of Spanish in school.
I'm curious to know what people think about the real estate market in the area. Overbought? I know the airport is coming, but I wonder whether that has been priced in (and then some). Since I currently live in DC (bubble market rapidly deflating!) and have been watching real estate get slammed across the globe, I'm wondering if it would not be better to sit back and wait.
That said, I'd be interested in advice as to who to talk to in those areas about places. We'd be interested in either rentable properties or just land to sit and hold on to.
Is there a rule of thumb about buying rental properties in the DR? I know in the US, you try for 100-120X the rental price, but since these are probably seasonal rentals, I've no idea.

Pretty clueless, but trying to learn fast.

Nice site! Glad I found it!
-Joel
 
A

Andy B

Bronze
Jan 1, 2002
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www.elmarinique.com
Once you're here, check with Stefano at Caribbean Way Realty in Las Galeras. He's got a number of nice properties for sale in the Las Galeras area. Also, due to natural terrain and limited (but drop-dead gorgeous) number of beaches, Las Galeras is developing more toward becomming a quiet residential area rather than loud and touristy in nature.
 
M

mountainannie

Platinum
Dec 11, 2003
16,350
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elizabetheames.blogspot.com
Las Terrenas

A few things about real estate in LT - first, the listing system is not like the States - in that every realtor may list every property and first one who sells gets the commission so there is no way that you will know if you have "seen" everything. Next- there is nothing that says that the person who says that they are a realtor, is in fact a real estate agent, has any knowledge, has ever done it before, has any training, third, there is no title search, so there is no guarantee that you will actually own what you say you own, fourth, there is no development plan or zoning - much of the property has been built on swamp that was filled in and the wells are really close to the septic which leads to really really bad water, fifth, some of the builders will promise to build you houses for a price that they will never deliver at...... All that said, you have an adventure on your hands!

You could buy a condo - Colibri and Alesi on the beach are run by the same owner and they rent them out for you when you are not there -but best talk with other owners there- and it will always be a "condo hotel." Otherwise the security in LT when you are not there is touch and go. My best advice is to contact Dr. Bourget of the Gandhi Foundation - you will find the activities around the children's library and contact info in the LT-7 paper. There are some lovely houses there and certainly real estate has gone up and up and up -- but you reallly have to be careful - I know of one couple who built their dream house, only to find that they did not, in fact, own the land! (Oooops) The town is an interesting mix but you should just assume that most of the people that you meet have "reinvented" themselves -----
 
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