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Dominican Republic Real Estate - Best Value for Your Dollars
If you are yet to discover the paradise on earth, visit the picturesque Dominica Republic. Its spectacular views and natural habitat draws millions of tourists from across the globe in this country. Smart investor's have made money based on the global tourists new found interests in this country. Well connected to a number of European nations and US, by major airlines, Dominican Republic is the natural choice for real estate investors to set up their second home.
If you want the best value for your dollars from your investment real estate, then you should look no further than Dominican Republic.
Currently one city looms large at the center of DR real estate market and that is the capital of the country- Santo Domingo de Guzman. If you do not get a bargain in the downtown area, the still inexpensive lands on the outskirts can offer you a good bargain for your dollars. As the city grows and expands further in size and population and in opportunities, the same lands will fetch an appreciation comparable to any big cities in North America or Europe.
To grab a real bargain, you must step out of city center and look for the real estate opportunities in the fringes of big cities. In these areas, the luxury condo properties are available for less than $100,000. If condos are not your cup of tea, then you can choose from the small-house development projects where you can own a single family home for a modest $60,000 to $70,000.
It will be even cheaper, if you buy lands and then construct your home out there. In Dominican Republic the construction of a luxury home involves fraction of costs involved in the USA. However, pure wood construction is more expensive in DR, than concrete and metal constructions.
However, the real estate market in DR is typically characterized by the presence of two different price structures-one for the local buyers and one for the overseas buyers. You can strike the best bargain when you are able to seal the deal with local price. For this you have to expand your network over the local community and brush up on your Spanish.
Instead of approaching the development companies right away, try to take a backdoor entry through a local negotiator, and you are most likely to be able to skip the exorbitant price that has been set aside for the foreign buyers. The Samana peninsula, parts of Barahona and the western fringes of Santo Domingo are some of the places to look for some worthwhile bargains.
Don't make the mistake of going by the low price alone; perform the title search before you give the final consideration to a property. Hire an attorney to assist you in this compulsory task.
