Dominican Republic - Tourism & Investment Real Estate

Different parts of the island appeal to different types of investors. The south La Romana, Boca Chica and the capital Santo Domingo, which have many all-inclusive resorts and condominiums, is popular with North Americans and locals having the famous colonial zone from the Christopher Columbus era and the “Malecon” water front boulevard. From the 2014 statistics it received around 2.5 million tourists between combined airports. The southeast, which includes the huge tourist destination Punta Cana, attracts a whopping 6 million however most of these are only vacationers here for an average one week stay on a large resort compound and tend not to try to navigate through the country. However the area is preferred by most vacation home owners and retirees.

There are no restrictions on foreign buyers. A reputable lawyer should handle any real estate transaction that specializes in real estate. There are a lot of lawyers with no or little real estate experience. It is always safer to hire a lawyer with a firm rather than a freelancer. They normally charge one percent of the sale price. Please visit our page guide to paradise for better legal navigation including the government deslinde title process.

The Dominican Republic does not license its agents, and novice buyers may sometimes be pressed to buy something without proper paperwork or leaving a deposit with no diligence done, buyers are strongly advised to educate themselves about the market and deal with an agent through referrals. Typically, sellers pay the agent’s commission on a sale, which may range from 3 to 10 percent. 3 percent transfer tax is paid by the buyer and recently, almost all foreign buyers paid in cash, as local banks offered mortgages at high interest rates with North Americans are not accustomed too.