Dominican Low Cost Housing Went Up!

[NALs]

The top value of low cost housing for sale in the DR went up to almost RD$4.9 million (in 2021 the limit was RD$4.5 million) by the DGIi. Any home for sale for that amount or less is a low cost home. Anything priced highier than that makes their customers not eligible for certain government programs meant to help low income Dominicana buy a home, such as the government bonuses (Dominican government pays a certain amount.)

Also, 7 out of every 10 real estate sales in the DR are partially financed by Dominican banks and/or financial associations.

Tope de vivienda de bajo costo aumenta a 4.8 millones de pesos

DGII publica "Resolución informativa de multiplicadores y ajustes para el cierre fiscal del 2022, y otros del ejercicio fiscal 2023"

www.diariolibre.com

Aerial view of Ciudad Juan Bosch, which is one of the largest real estate developments in the DR of low cost housing. This is in Santo Domingo Este.

Most videos about Ciudad Juan Bosch because they are created by Dominicans, but ironically the following video is in English created by a Haitian-American. Haitian Kreyol is also included.

He shows more of Ciudad Juan Bosch at ground level starting at around 8:44.
"I would like to see something like this in Haiti."

 

[johne]

I'm not quite clear on a couple of points. Are these loans made to people directly from the government or are these loans being made to banks?
Secondly, I don't suppose there is much housing stock available in the $90,000 range or below. Just my guess that those home would need substantial repair. If so, would the lender give the loan without the repairs being done? And where would those applicants get the repair money?

 

[NALs]

The loans are made by banks (though Banreservas is the only government owned consumer bank, but despite that this is an independent company.) Direct government intervention is in the bonuses it gives applicants.

These homes are new and new ones are the only ones that can qualify for the bonuses. Repairs aren't necessary for a few years.

 

[johne]

AH! That clears it up.

 

[CristoRey]

Most of the people who these homes were supposedly built for are already in bad debt situations with the informal money lenders and will struggle to pay these loans off.

 

[johne]

True but from my extensive experience in the states this is where phony docs on loan applications begin. It's programmed to fail. Lehmann & Co.
Dominican style.Those professional that have associations with the bank/s will make a killing!