Sunshine and Lower Costs Draw More North Americans to the Dominican Republic

In another sign of a hotter market, many buyers have raised their target price to the $100,000 to $250,000 range, from the $50,000 to $100,000 that was previously typical, she said.

But she predicted that future price gains will be modest because of an increasing supply of newly built properties and a surplus of older homes that are harder to sell because most buyers want new construction to their own specifications, and can get it for about the same cost as an existing home.

Ms. Conti attributed her stronger sales to an improvement in the North American economy, prices that are significantly lower than in the United States, Canada or Europe, and the absence of property taxes on the first $150,000 of a purchase price.

Buyers pay 1 percent annually on the portion of the purchase price above $150,000, she said.

“One of the ‘wow’ factors here is when they know there are properties here that are tax-free. That makes a big difference for them,” she said. In addition, Canada charges no special fees or taxes to overseas buyers of real estate.

Recent local listings included a four-bedroom, five-bath house with a pool over about 2,500 square feet at Sosua Ocean Village for $297,000, and a 1,000-square-foot, two-bedroom condominium with a shared swimming pool for $150,000, a few yards from the beach in the town of Sosua.

In the nearby gated community of Casa Linda, a two-bedroom, two-bath fully furnished house totaling about 1,600 square feet listed for $249,000.


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *