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  1. #1
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    Question qualifications for owning property in the DR

    I am seriously thinking of purchasing a parcel
    first and later building on it however
    a friend of mine in the DR suggests it is better
    to buy an existing home. What are the necessary
    steps to owning property in the DR?


    Thanks,

  2. #2
    aka - shadley
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    Default

    Buy used or better yet rent!

    For places outside the city and tourist areas:

    houses are often for sale in the DR for 1/4 to 1/2 the cost of construction, depending on the area. Even then, in some areas, you can rent a decent place so cheap it isnt worth buying it.. (3000 pesos a month to live in a house that cost 2 million to build)

    New construction costs seem to be about 800 $US/square meter. Someone once posted that they had done it for as low as 300.

    Also getting reliable skilled labor and management to build is next to impossible, and that is while living in the country.

  3. #3
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    Smile yes but the qualifications to own?

    Is it not true that one must be first a Dominican
    citizen or resident in order to purchase in La
    Republica?

  4. #4
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    In Boca Chica, one can buy a lot and build for 1/3 - 1/2 the cost of buying a similar already built house 10 years old.

    For example:

    4 bedroom, 2 1/2 bath, 200 sq meters, 2 stories.
    lot - 300 sq. meters - US$10,000
    Construction and Taxes - US$30,000
    Total - US$40,000

    This type of home sells for about US$90-120,000 in BC.

    A friend of mine just built a very nice small house in Juan Dolio for about US$20,000 no including the lot.

    If you are going to build, someone of trust must be there every day to oversee the quality of construction, purchase and inventory of materials, and you generally need 24 hour guard service to prevent looting. That is the biggest reason NOT to build in the DR. Time is money.

  5. #5
    aka - shadley
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    Thats really interesting Jim. I have been getting VERY different numbers on the north coast.

    That works out to about 150 $US per square meter.

    Does that include tiles and a concrete roof?

  6. #6
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    Talking Qualifications

    1. Having large sums of Money. 2. Having large sums of Money. 3. Having an honest lawyer who will help you distribute your large sums of Money. Regards, PJT

  7. #7
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    I've never seen a 10 year old house selling in that price range that didn't have tiles and a good roof. I have no idea if the roof is concrete.

    By the way, I also agree that it is better to rent than buy or build if productive use of money is the objective. The only reason I can think of to build is to get a home exactly the way you want it. Don't buy land as an investment unless you are an experienced land speculator.
    Last edited by Jim Hinsch; 04-18-2002 at 04:00 PM.

  8. #8
    aka - shadley
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    thanks jim, I was just surprised by the difference in prices..

    Anybody else want to throw some construction prices out on the table?

  9. #9
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    Default Not Necessary to be Resident or Dominican

    Isaac,

    Your question seems to have gotten lost. No, you do not need to be a resident or Dominican in order to buy a home or property in the Dominican Republic. There are many foreign owners.

    Ken

  10. #10
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    Cool ok next question.

    Thanks,

    Everybody, thanks Ken my next question is if
    you do not have to be a Dominican or resident to
    own property in the DR does owning property in the
    DR expedite the process of becoming a resident?

    thanks

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