According to the World Bank (Sept. 2017); the Dominican Republic (DR) has been one of the fastest-growing economies in the Latin America and Caribbean Region with GDP growth averaging 5.4% annually between 1997 and 2017.
Since 2010, Punta Cana and the North Coast have consistently been leaders in popularity, growth, infrastructure and much of this growth go hand in hand with the healthy real estate market in the Dominican Republic, especially those sectors supporting tourism. Like Punta Cana, Samana, Las Terrenas and Puerta Plata.
Post-construction properties (resales) rates are appreciating better and faster than the average international market whereas, Pre-construction purchases are appreciating at an even more impressive rate annually.
As one of the oldest real estate agency in Las Terrenas, we make it our mission to research developers who have followed the approved master plans, following strict building codes; those who have applied for individual titles, and have a reputation for quality construction and on or near completion and delivery estimates. Assuring real estate developments are truly qualified investments. You can view our ongoing projects on realestatelasterrenas.com
What are the market prices in Las Terrenas?
When you are about to purchase a property, at home or abroad, one of the first questions that come to your mind is “Is the asking price the right price for that property?”.
To arrive close to the real market value of your future investment, and when we take out the emotional value, there are several points to take into consideration; The state of the property, the features, the amenities, and the location. Of course, the weight of each of these factors will vary if we estimate a virgin piece of land or a built villa.
Here will discuss the market prices of 3 types of properties. The market price of land only, the price of construction for those who desire to buy land and build their house on top of it, and finally the price of built properties such as condos or villas. This section was updated in 2019.
The real market price of a given lot will depend mainly on two factors, its location and the fact that it is or isn’t in a gated community.
Location-wise, in Las Terrenas, beachfront land will usually be priced from US$250 to US$500 (or more) per square meter (m²). For square feet, just divide that price by 10 approximately, so here it would be US$25 to US$50 per ft². Larger land (of more than 10,000 ) located in less residential areas will go for sale around US$250 per m² and smaller beachfront land (less than 10,000 m²) will be priced closer to the US$500 mark. If the land is located inside a gated community, it will add a premium.
For the lots which are located close to the beach (in our terms, less than 10’ walking), they will usually be prized from US$100 to US$250 per m² (or US$10 to US$25 per ft²). Also, if the said lot is a second line lot (steps from the beach), if it offers an ocean view, and if it is in a gated community, it will be pricier.
Finally, the lots further from the beach, usually located up in the hills surrounding Las Terrenas, the prices per square meter will be under US$100. If the lot is close to town, offers an ocean view and/or is situated in a gated community it will have more value.
Building prices are based on the materials costs, the labor costs, and the fees of the architect. Here, we will not talk about the extra options and features but only about the basic components of a house. The main materials used to build a house are; cement and/or concrete for the basis, the walls and ceilings, and wood or plastic for the doors and windows.
For the interior of your house, you can expect to pay anywhere from US$750 to US$1,200 per square meter. For the terraces from US$600 to US$750 and for the pool around US$750 per square meter.
These prices will vary according to 2 factors, your architect and builder as well as the materials you are going to use.
If for your floors you decide to use ceramic tiles imported from Italy it will increase the price per surface compared to finishing them with polished cement. The same goes for the wood you choose for your doors, the more precious the more expensive.
The price mentioned is based on local building techniques and materials as a frame of reference. Other costs to consider, obtention of permits, preparation of the land, facilities such as septic tank, water tank, landscaping, covered parking, etc.
We know it is difficult and sensitive to find the right person to build your home, so if you need the services of reliable and professional local architects, we will be happy to guide you.
Refer to the website realestatelasterrenas.com
Finally, Another good trick to know if you are about to pay the right price is to find comparable properties. Same size, location, features, etc. Altogether, these points will hopefully help you have a better understanding of the sales prices and make the right decision.