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The Dominican Republic Our Favorite Island in the Caribbean The Country – The People – Hotels – Real Estate |
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The Dominican Republic Our Favorite Island in the Caribbean The Country – The People – Hotels – Real Estate |
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Real Estate Bargains Dominican Republic Residency Dominican Republic Incorporations TaxFree Bank Accounts & Investments Click Here |
| Contents | The Dominican Republic: The Best Real Estate Bargain in the Caribbean |
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Living in the Dominican Republic Using a Dominican Corporation to own Property Restaurant & Nightlife Review Guide Purchase The
Report - Inside The Dominican Republic Living in the Dominican Republic Using a Dominican Corporation to own Property Restaurant & Nightlife Review Guide Purchase The
Report - Inside The Dominican Republic Living in the Dominican Republic Using a Dominican Corporation to own Property Restaurant & Nightlife Review Guide Purchase The
Report - Inside The Dominican Republic Living in the Dominican Republic Using a Dominican Corporation to own Property Restaurant & Nightlife Review Guide Purchase The
Report - Inside The Dominican Republic Living in the Dominican Republic Using a Dominican Corporation to own Property Restaurant & Nightlife Review Guide Purchase The Report -
Inside The Dominican Republic |
Finding Real Estate Bargains in the Dominican Republic & Panama By John Schroder I have previously written numerous articles and publications about Panama and the Dominican Republic, but I continue to receive numerous additional inquires regarding affordable real estate in the Caribbean. It is true that I think the Dominican Republic still offers the best value, while I also speak about Panama in high regard. This may seem like a contradiction, but in reality it is not. That is to say both offer opportunities and worthwhile possibilities for the investor. Panama City is the place to be at the moment if you want to rent a luxury apartment, while the Dominican Republic is the bargain-hunters dream for property purchases. The real difference between these two countries is maturity
and current circumstances. Panama is a mature market, while the Dominican Republic
is an undiscovered market. The only real reason why there are some bargains in
Panama is because all of the American army personnel, and their money, have gone
home. Also, there is a glut of empty brand new apartment buildings in Panama due to
over construction. Because Panamanian banks are flush with cash, there are only so
many places to invest the money. Both the banking sector and private individuals
have been putting their money into real estate. A good number of the new office and
apartment buildings in Panama have been built with cash. As a result of these
combined circumstances, Panama is experiencing real estate devaluation at the
moment. You can be sure that the real estate agents in Panama are biting their
nails, or whatever else it is Panamanians like to bite. The odd thing is, this is most prominent with
apartment rentals in the capital, Panama City. Although it is truly a renters market
at the moment, it is only a cyclical trend. This is the major difference between
Panama and the Dominican Republic. Prices remain much lower in the Dominican
Republic because of the fact that it has not been over run with American investors. In
other words, rental prices and real estate in general has been bid up previously in Panama
City by foreigners willing to pay higher than the normal market price. This has not
happened in the Dominican Republic because it has not developed into an International
business center the way Panama has. Give it some time, it will. Well, while it is true Gold deposits have been discovered in the Dominican Republic, I am not suggesting everyone rush out to purchase prospecting equipment. The gold that is much easier to find is the real estate bargains. Specifically, homes in residential neighborhoods that the tourists usually never get to see. Also farmland and well preserved historical buildings in the Colonial Zone. As an example, the type of home you can get for US$50,000 in the Dominican Republic is by far a better bargain than the same price tag for a similar home in Panama. Panamanian Farmland in the areas of Vulcan, Chriqui or Boquete is still in what I would call the over priced category. Certainly it is less expensive than a vineyard in Tuscany, but over priced compared to what you will pay for beautiful mountain property in the Dominican Republic. Watching Television with Christopher Columbus To the best of my knowledge, there have been no ghost
sightings in Santo Domingo’s Colonial Zone, but you can own a home that witnessed 500
years of history in the making. History lovers can stand in their living room and
imagine a sword fight that took place in the very same spot as their television set.
Close your eyes and picture England’s Sir Francis Drake running past your balcony in
1586 as he looted this Spanish Colonial City with his band of English pirates.
Perhaps your bedroom was the location of a love affair between the Spanish Vice-Roy and a
prominent local lady. Whatever secrets your home holds, you can buy them all for a
song. Well, maybe a little more than a song, but what would such a property cost in
the left bank of Paris? How about a historical property near Kensington Square or in
Louisiana’s French
Quarter?
What is the difference between Panama’s
Colonial district and that of Santo Domingo? One simple answer is the government.
The Panamanian government had set up a freeze on rentals many years ago under the regime
prior to Noriega. Since many of the buildings in this area of Panama City are owned
by now successful families that have since moved out, there is no incentive to keep up a
property that yields a rental income of US $25 or $50 per month. As a result, the
landlords cannot raise the rent, nor can they evict. Many are literally waiting for the
buildings to fall down, so the tenants leave and they can renovate. In
contrast, the Dominican government has spent tremendous sums of money to renovate the
historic Zona Colonial. In addition, many people living in homes are the
owners. Some are the older generation that has refused to move out because they like
it there. Other buildings are vacant and have not been renovated due to lack of
funds, but are in decent shape. Granted, the buildings need some work to make them
ultra-modern inside, but the opportunity to purchase and renovate such a historical
property for the neighborhood of US $125,000 total is unheard of
elsewhere. The truth of the matter is that there is not
enough space in the confines of an article to list all of the real estate possibilities or
bargains. But if you have this little catch phrase in the back of your mind, you
will have a fairly good understanding to where to look for what you want. My
Panamanian apartment suggestions would include the Punta Paitilla or Marbella districts
where apartment rentals that were previously priced at US$1200 to $1800 can be now rented
for about the $450 to $ 800 range. In Santo Domingo, Dominican Republic, if you stay
away from the high priced golf communities marketed to tourists, you can easily find a
comfortable home in the Zona Oriental, Caoba, Isabilita and other residential areas
starting at about US$50,000. |
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