Though house prices in the country haven’t slumped as much as they have elsewhere, there has still been a drop of between twenty and twenty-five percent over the last few years. Wariness means that new developments are down eighty percent and many projects have been put on hold since the beginning of the financial crisis.
This said, the property market has recovered significantly and high-end housing continues to sell well and for high prices (though many mid-range properties have struggled to find buyers, meaning there are deals to be had here).
On the whole, the average foreign buyer in the Dominican Republic tends to come from North America or Europe, though there are increasing numbers from Russia and South America. Property brokers say that Americans tend to stick to the south coast, while a mix of Europeans and Dominicans more often buy in the south-east. The north coast sees a range of buyers.
The good news is that there are no restrictions on foreign buyers. You’ll want a lawyer to handle your sale, who’ll also act as notary. They usually charge around 1% of the property price as commission. If you go through an agency, bear in mind that the Dominican Republic does not license these, so make sure you’re completely au fait with the kind of commission you ought to be paying (this can range from 3 to 10 percent).