Investments in the Dominican R...
Mortgage and construction
When purchasing a land, which in the Dominican Republic can be found even at the price of $ 1 per square meter, the construction of villa
under the key will take half a year and will cost about $700 per square meters
. Construction is conducted by local cheap labor force from the local
Building permission receives an authorized Dominican
engineer, for obtaining a permit costs are usually included in the total price.
For large commercial buildings may have sense of attraction foreign
contractors, but you must pay a local engineering services, for a total cost dearly enough.
When purchasing a land lawyer should make sure that selling
the object can be used as the buyer wants. This is connected to the fact that
there are some legislative limitations, such as Law 305 of 1968 which
establishes a 60−meter «sea zone» (some analogue of the Russian water
protection zone) over the entire coastline of the Dominican Republic, as measured on tidal conditions line. In this zone is prohibited construction of any building without the express permission of the authorities.
Furthermore, in the tourist areas there are restrictions on the construction of buildings, regulated by DEFINPRO, a special department of the Central Bank. Some land sold strictly under the agricultural business.
Buying a property in the Dominican Republic at the construction stage, you can
count on a phased payment or bank credit of up to 20 years.
There are official restrictions on height and number of floors. Currently it is 8 meters and two floors for villas and 11 meters and three floors of apartments.