There is something of an ever perpetuating myth, particularly among Western civilization, that all real estate in non European or American locations is a bargain. This myth stems from the fact that this is largely true, but the certainty of snapping up the deal of the century is not guaranteed.
On the Caribbean Island of Hispaniola sits the small nation of the Dominican Republic. As a popular tourist destination, it was somewhat inevitable that a market for Dominican Republic real estate would soon explode. After all, who doesn’t dream of a tropical island getaway – especially if one can capture it for a bargain price?
As with all property markets, the Dominican Republic real estate does fluctuate. There is also great variation when it comes to price and the quality, again, as one would expect in any market. What is apparent, however, is that the dream of an island hideaway could soon become a reality for some – as the Dominican Republic does help continue the myth of cheap foreign real estate, especially when compared to prices of some major Westernized cities.
The housing market in the Dominican Republic is American in style and execution, with a typical array of properties including apartments, condominiums (condos) and houses. The style and price of these varies wildly, taking in factors such as location and storm defenses – important in a country where there is a long rain season from May to November.
Perhaps one of the best ways to invest in Dominican Republic real estate is to look at plots of lands. Labor for house building on the island is cheap when compared with rates most European or Americans would be used to, and you can be guided through what is appropriate for each area and specify a property to your liking. This is the dream for a true bespoke Caribbean holiday home, and prices are surprisingly affordable – even when taking into account the expected low cost of foreign property.
For example, while not excessively large, one could use a 300 square meter building plot to create a charming tropical hideaway. These plots are frequently available, and usually come within walking distance of a beach – ideal for sun worshipers Prices for these plots begin at around $9,500. Depending on the scope and design of house you desire, with prices like these one could build an enjoyably spacious family home for under $200,000. Considering the island location is probably worth a metaphorical million bucks, that isn’t bad going.
If building your own property does not interest you, one can of course purchase ready to move in to properties on the Dominican Republic property market. At the inexpensive end of the market, a studio apartment can cost as little as $33,000. On the other end of the scale, a penthouse three bedroom condo overlooking the sea costs around $450,000. It is therefore easy to deduce that Dominican Republic real estate is in reach of most budgets, the only question being how luxurious you desire the property to be.