| |||||||||||||||||||||||||||||||||||
 | |||||||||||||||||||||||||||||||||||
In terms of real state the country has it all. Many North American, European and Asian citizens choose the country as their second home attracted by:
In spite of the global crises, real estate in the Dominican Republic has remained stable. However the construction industry showed a slight slowdown last year compared to 2007. Financial institutions, aiming to attract new buyers are lowering mortgage loans and organizing property fairs. Mortgage loans have been reduced to up to 11% annually, which in terms of the Dominican currency and market prices, it is very attractive. Banks finance up to 80% of the property value. In direct purchases (person to person), closing costs are approx. 7% of the purchase price. Taxes are considerable low. A property which price is below RD$5,000,000.00 (US$139,000.00 approx.) is exempted from taxes. There are transfer taxes of 3% on the declared value at the Dirección General de Impuestos Internos. These taxes have to be paid by the buyer. Real estate agencies charge normally 5% commission on the purchase price. This commission is paid by the seller. Make clear whether or not you have to pay commission. |
|
||||||||||||||||||||||||||||||||||
|
Low property taxes 
