Oh yes it is so complex. Find any financial advisor anywhere that would encourage or suggest to park monies in the Dominican Republic. If you do he is probably a member of a Nigerian fraud ring.
- Thread starter ando1991
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Condos and houses prices
Oh yes it is so complex. Find any financial advisor anywhere that would encourage or suggest to park monies in the Dominican Republic. If you do he is probably a member of a Nigerian fraud ring.
In my humble opinion, "Southern" may be referencing the risks that many Countries experienced in 2008 crisis, banks going under and no payback to the customers. The difference here, this has happened even before the crisis in 2003 with Baninter Bank, which also exposed some favorable dealings to top clients. The credit rating risk of DR banks although not bad these days, you must still remember it's a Country that survives on debt and unlike the larger ones like USA who are also guilty of this, they have a GDP that shows hope whereas if the DR experienced a Bad crisis and were cut off from IMF things will be much more difficult here which means money at risk in the banks.
I do not know if the DR has anything like FDIC to insure the money. If for some reason the bank closes no coverage. Or the possibility of an inside theft and amount of effort made by the bank to recover the clients money. Could be another reason.
I can think of LOTS of reasons.
- bank manager legs it off to venezuela with your savings.
- bank declares bancrupcy and you will be lucky to recover a third of your money.
- the dr goes on an anti-gringo spew and nationalises all your assets.
- the peso devaluates like 2000%.........
- a motorbike runs into your jeep, every1 says its your fault, the fiscal freezes your account. Uses your funds to pay off the guy, fiscal sends his daughter to university with your money, your lawyer can finally change his jeepeta and the fiscal builds himself a swimming pool with whats left
Considering condo purchase in Punta Cana
My first visit to Punta Cana is in May this year. I owned prior on the north coast, a condo. I did lose money on that sale but i love the country and culture. I am 60 and want to reside full time in 5 years or so. I am looking at Palm Suites does anyone know about this complex. Thanks!
My first visit to Punta Cana is in May this year. I owned prior on the north coast, a condo. I did lose money on that sale but i love the country and culture. I am 60 and want to reside full time in 5 years or so. I am looking at Palm Suites does anyone know about this complex. Thanks!
Punta Cana is a renter's paradise. No need to buy, come in the off season and bargain hard. There are tons of options for rent here.
No, but a normal new construct 2 bed 2 bath, near a beach, is going to be somewhere around 250 - 350 usd. But the prices can be all over the place, depends on location. I know one NC developer that charges $2 usd per square meter, new construction units, 100' to the beach. The bigger the unit, the more you pay.
What are the best websites and Facebook groups (I am aware of the "Everything this, Everything that" Facebook pages) to locate long term rental properties in the North Coast including Costambar, Playa Dorada, Sosua, Cabarete.
Also Punta Cana and Bayahibe. This would be a great sticky!
Also Punta Cana and Bayahibe. This would be a great sticky!
Why oh why would you want to buy? Why would you want to be in the DR in the very hot Summer months during hurricane season? Rent at least the first year or two that you are in the DR and then decide. Additionally you will need to apply for residency. This process starts in your home country with documents submitted to the DR consulate. If you lost money on your first sale that should tell you something about the housing market. There are plenty of good rentals.
Some people like to have their own place. They can leave their car and things there, decorate / renovate how they please, have comfortable beds and furniture that they have chosen, be confident about the security situation and not have the bother of looking for rentals every time.