As the Covid-19 pandemic continues its path of death and destruction, nearly every sector of the Dominican economy is experiencing price hikes. The nation’s builders are especially vulnerable, and their costs have truly skyrocketed. The bag of cement that used to cost a hundred pesos, is now quoted at US$10 the bag. As is well documented in the press, the cost of wood has gone up 250%, ocean freight charges have increased by 600%, and electricity and plumbing supplies are up 40%.
Re-bar has hit US$800 a ton, and apparently, nobody is quoting prices in Dominican pesos anymore. Combined with a steady increase in the price of land, the situation looms quite dark for the purchase of new-built properties.
The bright spot might be the increase in remittances from the United States, thanks to the Biden administration’s three stimulus checks.
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Listin Diario
13 June 2021