in what state is the financial market in the Dominican Republic?
The Dominican Republic has become one of the fastest growing markets. In large part this is due to the economic boost it has, the large number of cultural, tourist, residential works and of course the proximity between the island and the United States, in addition to the fact that the demand has grown since many tourists They come to the country because they love the culture of the country and how they are treated by the locals.
According to the national association of real estate agents in the United States, the Dominican island has all the elements that are necessary for solid growth in the real estate market.
The head of the great real estate salon project Ricardo Barbosa affirmed that, currently, from abroad, there is a quite positive perception about doing business in the Dominican Republic, because of these the island attracts thousands of entrepreneurs who prefer to invest their money with the minimum possible risk and with an excellent return.
In the Dominican economy, the real estate sector offers different options for multiple social extracts, which encourages construction companies to build luxurious or minimalist complexes, in such a way that the client can have a great variety at the time of choosing.
“In order to find and do different things for the Dominican Republic, Puente Azul real estate agency will visit the fair with 4 new projects in Santo Domingo, Samaná, Juan Dolio and Punta Cana. The latter arrives with a vacation and residential project under the modality of condo-hotel, called Cana Rock, with a very attractive investment and return plan. Investments are from $ 105,000 USD to $ 350,000 USD ”concludes Robert De León, Broker Owner of Puente Azul Real Estate.
Additionally, specialist advisers on migration, financing, and tax issues will be part of this edition, thus guiding attendees during the acquisition of housing for tourism, housing, and commercial purposes.
The fair that was organized by the international business and exhibition center of Bogotá Corferias, in association with the Bogota Real Estate Exchange, will also have real estate projects in southern Florida, the Dominican Republic, Panama and the USA in this new edition.
During the 16th edition of the great real estate fair – International Fair, the main platform of the real estate sector in Colombia, buyers, investors and professionals of the sector will be able to know from August 8 to 11 in Corferias the most recent trends in the sector, make commercial agreements and make international investments.
Santiago de los Caballeros, the second most important city on the Dominican island, is in full swing in terms of real estate, it is joined by the city of Puerto Plata, Cabarete and Sosua, environments in which the construction industry has grown significantly .
In Santiago more than 60% motivated by the vertiginous commercial growth and the economic improvement that many of its local members have experienced, as a result of their long-term work in the United States.
Although Santiago does not enjoy beach tourism, important foreign firms have decided to invest important resources, because business tourism is imposed in this area that is highly industrialized and where several of the products that are most exported from the republic are produced. Dominican Republic to different world markets such as tobacco and its products, footwear, medical supplies and more.
The northern region, for its part, is a kind of regional plaza that extends to Haiti and other neighboring islands. A study conducted by the Archdiocese of Santiago highlights that the industrial construction sector developed to serve the public housing market in the time of President Joaquín Balaguer and is now expanding into the private sector, in view of the growing demand for buildings. commercial and residential to accommodate population growth.
The construction sector can be seen in part as a generator of foreign exchange through foreign investment, many of the recent tourist constructions have come from European and North American investments, with which a large part of the demand for private housing and hotels, which are driven by remittances from Dominicans residing in the United States, the report indicates.
The northern region of the country, seen generally, today has a climate that generates confidence in investment, with projects that boost the economy, create jobs, further develop the metropolitan area of the city and once completed will generate a large number of jobs direct in various areas
The real estate market in the Dominican Republic took a 180 degree turn in the past 7 years, expanding the supply of low-cost housing and benefiting thousands of families thanks to the incentives that the state grants
The information was provided by Lena Ciccone, director of the commission for the development of the mortgage market and the trust, who highlighted the transformation of the housing sector in recent years.
The director affirms that the supply of housing throughout the territory did not exceed 10,000 in 2012, almost all of high cost. Only three builders worked low-cost housing. Today we have more than 100,000 homes, 10 times more, with 200 developers participating throughout the territory.
Ciccone indicated that, unlike before, the Dominican island has an effective supply, accessible to a good part of the population.
He added that today we have homes below 3.5 million pesos; in fact, the bulk of the demand is between one and 3 million pesos.
The official recalled that law 189-11, for the development of the mortgage market and the trust, contributed to facilitate access to decent housing for citizens and to reduce the housing deficit with the creation of legal and financial instruments.
The direct express:
“ To families who acquire their first home, the law gives an incentive, a vivineda voucher, known as the ITBIS voucher, which is approximately 8% of the value. ”
Subsequently, with the trust for the construction of low-cost housing, approved in December 2015, massive housing projects were promoted on state land in an alliance between the public and private sectors.
Through a statement, it is explained that the Ciudad Juan Bosh housing project, located in Santo Domingo Este, which includes the construction of 25,000 accessible homes, is the most successful example.
“ As the state contributes the land, it decided to contribute another inventive: the so-called land bond, which depends on the size of the dwelling and ranges between 15,000 and 35,000 pesos. ”
With these bonds, and the exemption of the payment of the real estate transfer, which corresponds to 3% of the sale value of the house, a family can save between 11 and 15% of the value of the property.