- Thread starter Fritzler
- Start date
Will Dominican real estate crash soon? Buy Now or wait?
The country is far from communism - especially in the places where all the gringos are living. There are several towns build by the foreign companies on the shore line. Very beautiful and peacefull. No loud music, no crime, clean as in Singapore, everybody polite, medical care one of the best in the carribean and everybody speak real spanish.
As for the sales of the apartments and houses - you as a foreigner can buy what you want from a foreign company (a developer or sales co with a licence). A lot of people from Europe own property in Cuba (2 major reasons - medical care and no crime).
Look at the properties for sale there ... the prices for the beach property if you compare with NC Dominicana is way cheaper in Cuba.
Property for sale in Cuba and Property in Cuba
Property for Sale and Rent in Havana | Venta y Renta de Casas en Habana | Cuba Real Estate
Cuba homes for sale and real estate
Not cheap. 250,000 euros for a two bedroom apartment. And more for a penthouse. 500,000 USD.
Two Bedrooms Condo apartment: Mark 01
Apartment Condo located in Miramar quarter, this is an elite neighbourhood with beautiful architecture mainly from the 1950’s, great commercial infrastructure including hotels, shops, the Miramar Trade Centre, boutiques, churches and embassies. This is modern concept Condo Building, actually composed by two buildings with a common area in between, where the swimming pool and resting area is located. The apartment is very well designed, comfortable and with large spaces. Each bedroom has its own bathroom, walk in closets built in the halls connecting to bathrooms, large kitchen with bar facing the living-dining room, and a huge terrace facing the central patio with trees and the swimming pool.
Property features: Condo apartment of 90 sq meters approx. Living – dining room.
Large kitchen with electrical water heater, oven, refrigerator and open bar connecting to dining area. Two bedrooms with windows facing the huge patio and the swimming pool. One of the bathrooms connects to the living room ( for visitors to be able to use it )
A large living-dining room, which opens to a huge square terrace. One underground parking space.
Asking price: $ 250 000. 00 EUROS
Two Bedrooms Condo apartment: Mark 01
Apartment Condo located in Miramar quarter, this is an elite neighbourhood with beautiful architecture mainly from the 1950’s, great commercial infrastructure including hotels, shops, the Miramar Trade Centre, boutiques, churches and embassies. This is modern concept Condo Building, actually composed by two buildings with a common area in between, where the swimming pool and resting area is located. The apartment is very well designed, comfortable and with large spaces. Each bedroom has its own bathroom, walk in closets built in the halls connecting to bathrooms, large kitchen with bar facing the living-dining room, and a huge terrace facing the central patio with trees and the swimming pool.
Property features: Condo apartment of 90 sq meters approx. Living – dining room.
Large kitchen with electrical water heater, oven, refrigerator and open bar connecting to dining area. Two bedrooms with windows facing the huge patio and the swimming pool. One of the bathrooms connects to the living room ( for visitors to be able to use it )
A large living-dining room, which opens to a huge square terrace. One underground parking space.
Asking price: $ 250 000. 00 EUROS
The Domincian market crashed a few years ago, with prices dropping drastically. It is pretty much at the bottom right now. If you have had your property on the market for 6 years and havn't sold it than your price is too high. Price is only relative to what people are willing to pay for for a property. If you truly want to sell it than get realistic with what you can afford to accept as your bottom line price. Cuba is not a factor right now. The Cuban government is not encouraging ex-pats to live there nor would many want to. There is no cell service or internet available to the average citizen. There is also crime in Cuba. Do you have your property listed with a realtor? If not find a good one. The odds of you selling it on your own are very slim. Regularization of travel the US to Cuba is still a ways off. The DR is way ahead in terms of, infrastructure and goods and services available. There is also no freedom of movement or speech for their citizens. Until that changes Cuba dictatorship will still be very restrictive its practices. You are talking years before Cuba is a real draw for ex-pats.
Everybody is looking for what they want - there are much cheaper prices for the apartments ...
EXCELLENT OPORTUNITY ONE BED FLAT NEAR HOTEL COPACABANA IN MIRAMAR FOR SALE (LCP219) one bedroom apt with a seaveiw furnished in elite area of the capital ... 27,000 us.
There is a total of Three Ways for Foreign investors to buy a property in Cuba:
Buying directly from one of the current foreigners who own a home or an apartment in Cuba. For a period during the 1990?s Cuba permitted the construction of some condominiums with apartments which could be sold to foreigners. Those who bought during those times are now able to sell to other foreigners who are not currently residents in Cuba. This is the best way for foreigners without family ties to Cuba to invest in the Cuban Real estate market.
Marriage to a Cuban allows the foreign citizen to become permanent resident thus being allowed by law to buy a home from local Cuban owner.
Buying a property in the names of your Cuban spouses, family members or Cuban friends: By law, the remainder of the market is only open to Cubans on the island or those Cubans living temporarily abroad. Many foreigners and Cubans emigrants living abroad are also buying properties in the names of family members or friends.
A little too complicated for my taste.
Buying directly from one of the current foreigners who own a home or an apartment in Cuba. For a period during the 1990?s Cuba permitted the construction of some condominiums with apartments which could be sold to foreigners. Those who bought during those times are now able to sell to other foreigners who are not currently residents in Cuba. This is the best way for foreigners without family ties to Cuba to invest in the Cuban Real estate market.
Marriage to a Cuban allows the foreign citizen to become permanent resident thus being allowed by law to buy a home from local Cuban owner.
Buying a property in the names of your Cuban spouses, family members or Cuban friends: By law, the remainder of the market is only open to Cubans on the island or those Cubans living temporarily abroad. Many foreigners and Cubans emigrants living abroad are also buying properties in the names of family members or friends.
A little too complicated for my taste.
I fail to see any correlation between Americans being allowed to travel to Cuba and the "Dominican real estate crash soon".
Just because a country like Cuba is poor does not mean property prices are cheap. There will most likely be buying restrictions for any Americans wanting to invest or purchase property should the Cuban government allow us to do so. Americans will continue to buy and sell property here in the Dominican Republic so long as the Dominican government allows them too.
Its unfortunate that Brent is still missing. I can understand how your girlfriend being robbed might make you feel as if crime has increased on the north coast (possibly an uptick) but it is far from "going nuts' so I think it safe to say, at least for now, you are not "totally screwed".
What neighborhood is your house located? Maybe your asking price is too high.
I fail to see any correlation between Americans being allowed to travel to Cuba and the "Dominican real estate crash soon".
Just because a country like Cuba is poor does not mean property prices are cheap. There will most likely be buying restrictions for any Americans wanting to invest or purchase property should the Cuban government allow us to do so. Americans will continue to buy and sell property here in the Dominican Republic so long as the Dominican government allows them too.
I agree, I doubt the are going to let americans buy any property soon. All the car people are already wanting to buy up the old cars. apparently there is an old gull wing MB that is sitting along roadside people are wanting. I bet cuba will not allow that to happen. They remember the past Heck castro destroyed all the golf courses
Just because a country like Cuba is poor does not mean property prices are cheap. There will most likely be buying restrictions for any Americans wanting to invest or purchase property should the Cuban government allow us to do so. Americans will continue to buy and sell property here in the Dominican Republic so long as the Dominican government allows them too.
I agree, I doubt the are going to let americans buy any property soon. All the car people are already wanting to buy up the old cars. apparently there is an old gull wing MB that is sitting along roadside people are wanting. I bet cuba will not allow that to happen. They remember the past Heck castro destroyed all the golf courses
we will see how the automobile market goes when guys from those outfits that rent out cars to the movie industry get there, with big bank. i can see a few of those cars on one of these televised auctions, with the announcer saying;
and this lovely 1943 Buick was one of Lucky Luciano's favorite cars.
"Will Dominican real estate crash soon? "
If you are basing this of a price you paid from a realestate agent, then yes, as soon as you close. On the other hand, no, Cuba will have little to do with it. The prices are already depresses "from 7 years ago" as a poster already pointed out.
In DR with low taxes you can fish for years for a buyer, that is why you have high prices listed. But moving it quickly is a different matter. There is no bubble right now, not from foreign investment, anyway.
If you are basing this of a price you paid from a realestate agent, then yes, as soon as you close. On the other hand, no, Cuba will have little to do with it. The prices are already depresses "from 7 years ago" as a poster already pointed out.
In DR with low taxes you can fish for years for a buyer, that is why you have high prices listed. But moving it quickly is a different matter. There is no bubble right now, not from foreign investment, anyway.
I've been here for about 15 years, both as a real estate investor and broker. My opinion is that real estate in the Dominican Republic is reasonably valued by the market but over valued by the owners (Dominican or otherwise). Market value, nothing else, dictates what a property will sell for in any country. You can ask whatever you want for a property but unless the market values it the same as you, you will sit on it for eons.
Certainly the DR RE market took a huge hit but it was so over-speculated at the time that I doubt it will ever "come back" so much as "stabilize." If you bought at the top of the speculation it will be a very, very long time (never) to get your money back. In that situation, it may be best to mitigate your loss and get the money into something that performs more to your expectations.
I seriously doubt Cuba will have any negative impact on the DR RE market. Americans are the only ones who can't invest today, everyone else is in as much as they want and can be today. Much ado about nothing, IMHO.
Certainly the DR RE market took a huge hit but it was so over-speculated at the time that I doubt it will ever "come back" so much as "stabilize." If you bought at the top of the speculation it will be a very, very long time (never) to get your money back. In that situation, it may be best to mitigate your loss and get the money into something that performs more to your expectations.
I seriously doubt Cuba will have any negative impact on the DR RE market. Americans are the only ones who can't invest today, everyone else is in as much as they want and can be today. Much ado about nothing, IMHO.
Actually, Haiti is much more expensive for similar quality homes.
Same for hotel rooms.
DR is a bargain in comparison.
It's the law of supply and demand.
Well, i never listen to radio. incase you hadn't noticed, no matter where you are in this country, unless in the very early hours of the morning, you can hear at least distant tones of that sh1t, constantly. Before all I would change here, it is the repetition of music, bad quality through blown speakers over and over and over.
So no, an on off switch does not work, but I have a theory the electricity cuts are down to a guy like me, just looking for a little break from it now and again.
DR vs Cuba
IMO Americans basically have no interest in the D.R. The folks around here where I am are European. And I think U.S. Americans are fascinated by Cuba. I have strong ties to the business community of Costa Rica and they are really worried about Cuba opening up. And as C.R. is pricing itself out of reality it should be worried. Cuba has a reputation as being very safe (for those who disagree do some reading) and the D.R. has a reputation for...well Punta Cana and hookers. What else I don't know. The infrastructure of Cuba will explode, the reason being this: Countries like Costa Rica and perhaps the D.R. have huge government bureaucracies and things take years to happen if they happen at all. In Nicaragua for example, if the you approach the government with an idea and a favor offered, bingo, it happens. And the size of the projects in Nicaragua are huge (ask the Chinese) In Cuba tons of money is already there (European) and with a whiff of thaw with the U.S. more money will flow even without the U.S. direct investment. When there is a real thaw there will be so much money for hotels, Internet providers, MEDICAL providers for sure, etc, that the island will tilt. It will tilt with prosperity. Just be friends with the government and the government structure may be conducive for business. My best to the Cuban people.
(Give me Internet or give me death)
IMO Americans basically have no interest in the D.R. The folks around here where I am are European. And I think U.S. Americans are fascinated by Cuba. I have strong ties to the business community of Costa Rica and they are really worried about Cuba opening up. And as C.R. is pricing itself out of reality it should be worried. Cuba has a reputation as being very safe (for those who disagree do some reading) and the D.R. has a reputation for...well Punta Cana and hookers. What else I don't know. The infrastructure of Cuba will explode, the reason being this: Countries like Costa Rica and perhaps the D.R. have huge government bureaucracies and things take years to happen if they happen at all. In Nicaragua for example, if the you approach the government with an idea and a favor offered, bingo, it happens. And the size of the projects in Nicaragua are huge (ask the Chinese) In Cuba tons of money is already there (European) and with a whiff of thaw with the U.S. more money will flow even without the U.S. direct investment. When there is a real thaw there will be so much money for hotels, Internet providers, MEDICAL providers for sure, etc, that the island will tilt. It will tilt with prosperity. Just be friends with the government and the government structure may be conducive for business. My best to the Cuban people.
(Give me Internet or give me death)
Complicated and risky! It's never a good idea to buy property under some else's name, not even a relative.:ermm:
you are as right as rain. that is a very solid analysis, eloquently expressed.
i do not understand worries about infrastructure. money talks and money works. if there is enough money you can have teams working round the clock, 365 days a year. whatever cuba is lacking can be done, in a relatively short space of time, providing there is money for the project. and i know the communist mentality well enough: when the governments wants something there is no slacking off.