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HOME Information Investments in the Dominican R...

Investments in the Dominican Republic

Investing in Puerto Plata, Sosua, Cabarete

Investment Choices

The process of buying real estate

Registration of ownership

Accompanying Costs

Mortgage and construction

What to do after buying a property

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Rental housing in Dominican Republic

Go to «FAQ (30)»
 

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 construction materials.

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.



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