Dominican Republic Business for Sale

Business for sale in Dominican Republic - Cuban Coffee/Sandwiches and Cigars!

Best Coffee and Sandwiches in Town!!!!
• 600 sq. m., 1 bath commercial - MLS® $174,900 USD - Fully Furnished!!
Sosua, Puerto Plata - "Cafe Cubano" Business for sale in downtown Sosua.








Cafe Cubano includes three businesses, a coffee bar, a sandwich bar and a cigar store.

Price includes all equipment, freezers, fridges, deep fryers, meat grinding machine, stove, glasses, cups and all cutlery.

The business has been in operation for over 10 years and has a well established customer base as well as being well located for the walk in tourist business.

Price includes everything!

Dominican Republic Real Estate Jazz Fest Report

Jazz Fest sizzles balmy Dominican Republic resort town



Previous Next Close Gallery
Holograma Quintet, with percussion master Wilson “Chembo” Corniel.
Picture 1 of 2
Previous Next Zoom Picture Cabarete, Dominican Republic Real Estate.- The tenth annual Dominican Republic Jazz Festival played to packed crowds on Playa Cabarete from November 6th through the 8th, drawing more than 2,000 people from across the Dominican Republic and internationally.

The Dominican Republic Jazz Festival is the biggest yearly Cabarete event outside of wind sports, and the excitement can be felt from beach to barrio. Each "night" -- well into the morning hours -- post-festival party goers participated in improvisational jazz jam sessions and then boogied it at the thumping beach-front Cabarete clubs.

This year, Peruvian pianist and composer, Ania Paz, started things off Friday night with her jazz ensemble of Afro-Peruvian and Caribbean flavored stylings. Though the highlight of Friday night was decidedly the energetic improvisations of the Holograma Quintet, whose strong bass, guitar and sax played beautifully off of the pulsing rhythms of percussion master, Wilson “Chembo” Corniel.

The weekend continued with youth workshops during the day on Saturday, led by the world renowned talents of bass master Ramón Vázquez, professor and founding member of the New Jazz and Caribbean Music Department of the Puerto Rico Conservatory of Music, Italian composer, jazz columnist and saxophone extraordinaire Marco Pignataro, and more top of the line maestros. Even though it was a free day from school, children from the neighborhoods, including a host of DREAM project students, absolutely packed the main stage seating.


Saturday evening welcomed the talent of Dominican group, Fellé Vega + Un Folclore Imaginario -- Fellé Vega playing his inventive percussion instruments into near religious ecstasies, the international ensemble, Saxophone Encounter, who displayed their insights into ultra-improv, and three-time Grammy award winning drummer Antonio Sanchez pounding out the rhythm of his quartet.

The show wrapped up Sunday night amidst the downpour of a tropical rain storm. Concert goers huddled in under the covered seating in every way possible, packed tighter than the most utilized of guaguas, while the Marco Pignataro quintet played one beautifully orchestrated piece into another. The weekend finished with a literal bang, as Dominican born “El Canario” José Alberto whooped up the crowd with his contagious and courageous Latin / Caribbean / jazz big band. They wailed all the way into Sunday night and through to the earliest hours of Monday morning with Cuban, Puerto Rican, and Dominican classics that had the whole crowd up and dancing along with them. José Alberto ended the event with an energetic pass through the crowd, singing his heart out, as fireworks exploded over the beach behind the spectators.

Event organizer, Lorenzo Sancassani, described the festival as having gone “perfectly.” When asked how this year compared to previous years, he said, “Structurally it just keeps getting better and better, but other than that, the feeling, the excellence in music, it is the same.”

Though there was no special fanfare for the tenth anniversary aspect, Sancassani revealed big plans for the festival's fifty year celebration... Long live The Dominican Republic Jazz Festival!

For more information, visit www.drjazzfestival.com.

Written by: May Otte, pictures and text

Dominican Republic Real Estate

Condo for Sale in Cabarete - Price Reduced!

89 sq. m.,

2 bath, 2 bdrm apartment -

MLS® $150,000 USD - Steps to Beach
Cabarete, Puerto Plata -

2 Bedroom condominium located in central Cabarete only steps to the stores, restaurants and nighlife of Cabarete, yet situated in a stunning secluded oasis featuring a fully landscaped tropical garden and large pool. This unit is beautifully furnished and features 3 flat screen tvs, artwork and granite countertops.A perfect building complex for those looking for an investment or having a vacation home in Cabarete. The development is located in the center of Cabarete which offers an array of sports activities, adventure tour opportunities and a fantastic nightlife with a great variety of restaurants and bars. The building complex consists of two separate buildings, pool area, garden and private parking lots. Additionally, there is a beach club with storage place for sports equipment and beach chairs available for owners and renters. Telephone, high speed internet and cable TV are all available.The beach access is less than a five minute walk and it leads you directly onto beautiful Cabarete bay. Beach pictures are taken from beach access.Don't miss this fantastic opportunity, contact us today for more information.
Property information

Dominican Republic Real Estate

Dominican Republic Homes

New Sosua Medical Clinic

New Sosua, Dominican Republic Medical Center

Source: Sosua News

New hospital in Sosúa
Around three months ago a new modern hospital ('Centro Medico Cabarete', CMC) located on the main road between Sosúa and Cabarete, finally opened its doors to the general public. This is a development that residents in Sosúa have been waiting for! Until now everyone had to travel to Puerto Plata if they needed medical treatment, which meant that many lives were lost due to the time/ distance involved. Victims of car/motorbike accidents, in particular, often did not survive.

Cabarete Centro Medico

CT Scan
The owners of the new CMC are of Argentinian descent, and the hospital is a real family affair. The project is the brainchild of Dr. Roberto Spitale, who is a renowned neurosurgeon with around 30 years experience. His parents, Alida and Roberto Spitale, head the administration team. Even his sister and brother-in-law contribute, with long distance consulting from their practices in the United States.

Cabarete Centro Medico
The CMC also has a number of highly qualified specialists that it can call on when necessary. These include allergy specialists, cardiologists, general surgeons, dermatologists, endocrinologists, gastroenterologists, gynaecologists, ear-nose-throat specialists, paediatricians, neurophysiologists, psychologists, laboratory diagnosticians, lung specialists, medical microbiologists, neonatal doctors, neurosurgeons, neurologists, oncologists, eye specialists, orthopaedic specialists, pathologists, anaesthetists, plastic surgeons, radiologists, radiotherapists, rheumatologists, revalidation experts, thorax surgeons and urologists. The hospital contains all the latest equipment required for these specialisations, and includes an extensive laboratory facility, and some of the most modern radiology equipment in the north coast (including a CT Scan).

Ambulance
Doctors consultations take place between 8am and 5pm; it is recommended to call first to set up an appointment for a specialist. Emergency service and ambulance are available 24 hours per day. The CMC has 22 beds including private, semi-private rooms, and intensive care. It also has two operating theatres and a neo-natal ward. The front entrance (reception) is closest to the main road, while the emergency entrance is clearly marked at the back of the building.

Alida and Robert Spitale
Insurance
This is a private clinic but patients who are insured with Monumental, Amor y Pas, ARS SDS or ARS Futuro have no worries, as these insurance companies have completed the affiliation process. Unfortunately, anyone who has a medical insurance policy with Universal, or a company not mentioned above, should put pressure on that company to complete the affiliation process quickly, or patients will have to pay for treatment privately and try to claim it back from the insurance afterwards - and we all know what a hassle that can be!

Cabarete Centro Medico
We have asked Universal when they expect to complete the affiliation process with CMC, but we are still awaiting their reply. The clinic hopes to affiliate with all the national insurance companies in the future. Of course, if you have International Insurance, the clinic can work with these in cases of hospital stays or emergency. Many doctors are also generously willing to cut their fees in cases of Dominican patients in need, who may not have the means to be treated otherwise. CMC is indeed a much-needed addition to the medical facilities along the north coast. Finally, Sosúa has a professional modern hospital where patients receive medical care that is equal (if not better than) European or American standards.Centro Médico CabareteCarratera Sosúa - Cabarete km1E-mail: cmc-sosua@gmail.comNeurocirugia del Caribe C por ATel: 809 571-4696Emergency: 809 571-4038


Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.

Joanne Hammond MBA
Broker
RE/MAX Ocean Side Realty,
Puerto Plata, Dominican Republic
Dominican Republic real estate
info@dr-remax.com
Cellular - 809-657-4141
Office - 809-261-1168

Dominican Republic a Favourite Amongst Investors Seeking Well Prices Caribbean Real Estate

view original article here: http://www.property-abroad.com/news-story/Dominican-Republic-a-Favourite-with-Current-Wave-of-Buyers-19316545

The Dominican Republic is proving to be one of the major benefactors of increased activity in the overseas property market, according to an expert. Les Calvert of portal Property Abroad.com said that interest is increasing for Dominican Republic property faster than many other parts of the Caribbean, because, he says that most people are looking for cheap overseas property in the current climate.

"Dominican Republic property is less expensive than anywhere else in the Caribbean, and it has held its value throughout the downturn when lifestyle buyers kept the market alive. Now people can see that prices are low and the market is stable it is making it a very popular place with the current wave of buyer," he said.

This isn't the only thing driving increased demand in the Dominican Republic according to Calvert. The island is benefiting from the increase in people looking to make buy-to-let investments overseas.

"The credit-crunch showed just how vulnerable property is to losing its value as quickly as it gains it during good times. This has made people think twice about investing for capital growth potential, and most people looking at buying today are looking at a property based on the amount of money it will earn from rentals, and how much of that will be left after expenses," he said.

"People are being a lot more realistic about their expectations, there aren't so many people being blinded by the sun as there were before the downturn," he added.

Written by Jamie Arthur
Dominican Republic Real Estate

Great News for DR Developers

For original article please see here Earthtimes.org

(PRWEB) November 10, 2009 -- While many real estate developers from around the world are postponing or canceling projects due to lackluster sales and inadequate funding, Group Metro, one of the leading real estate and transportation companies in the Dominican Republic has bucked this trend. Group Metro today announced that it closed a US$35 million growth capital investment with Portland Private Equity. The funds, earmarked for Las Olas, an oceanfront condominium complex in Juan Dolio, will enable the company to continue its expansion plans for the up-and-coming region of the Dominican Republic. http://www.metrocountry.com/.
“Las Olas construction is scheduled to reach the halfway mark before the holidays, so the timing of this capital injection coincides perfectly with our need to purchase important components such as fixtures and finishing elements,” stated Luis Jose Asilis, CEO of Group Metro. “This will allow us to capitalize on cost saving opportunities through bulk advance purchasing of materials, which will be passed on to our clients in the form of a higher quality end product,” he added.
Located in Juan Dolio, 35 km from Santo Domingo, the capital city of the Dominican Republic, and 15 km from the Las Americas International Airport, Las Olas is a sixteen level Art Deco style beachfront condominium that features 227 apartments showcasing open spaces and panoramic views of the Caribbean Sea. Residents will also have exclusive memberships to the nearby Metro Country Club, which features an expansive Clubhouse, the Las Marlins 18-hole golf course, mini golf, tennis courts, swimming pools, restaurants, preferential access to the in-resort Embassy Suites Hotel, and much more.
Portland Private Equity, the private equity manager of the AIC Caribbean Fund, stated, “We are pleased to partner with a fast growing and successful company like Group Metro, the market share leader for beach front condominium in the southern coast of the Dominican Republic,” said Managing Partner Kip Thompson. “We are bullish on this development as it offers many advantages compared to the other tourism dependent real estate projects in the region that we look at. The Juan Dolio area is fast becoming a suburb to Santo Domingo and the affordable luxury emphasis of Las Olas opens up the opportunity to local and ex-pat Dominicans to buy a condo as a second home.”
Portland Private Equity will also participate on Metro Country Club’s board of directors and will provide the board with global industry insight and international investment banking experience. “In addition to being a strong financial supporter,” continues Asilis, “Portland Private Equity’s participation on Metro Country Club’s board will play a key role in guiding our expansion strategy.”
About Group Metro Group Metro has established a formidable international reputation throughout its four decades of experience in transportation, tourism and real estate. From its landmark property, Metro Country Club, to the oceanfront condominium developments of Costa del Sol, Marbella, Costa Blanca and Las Olas, Group Metro has become the definitive company for real estate and tourism in the Dominican Republic. Led by its visionary CEO, Dr. Luis Jose Asilis, the company has played an integral role in putting the Dominican Republic on the map as a top Caribbean destination. Further, Group Metro will be one of the first developers in the Dominican Republic to provide flexible financing to buyers. For more information, visit http://www.groupmetro.com/, http://www.metrocountry.com/ or http://www.costablanca.com.do/.
About Portland Private Equity Based in Barbados, Portland Private Equity is a private equity fund management company currently focused on opportunities in the Caribbean region through its management of the AIC Caribbean Fund (ACF). Building on Portland’s track record of successful investments throughout the Caribbean region, ACF is a $230 million fund focused on medium-sized businesses. Companies in its portfolio do business in over 21 countries throughout the Caribbean, Central America, and Latin America. For more information please contact Douglas Hewson at dhewson(at)aicgh(dot)com.


Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.
Joanne Hammond MBABrokerRE/MAX Ocean Side Realty,Puerto Plata, Dominican RepublicDominican Republic real estateinfo@dr-remax.comCellular - 809-657-4141Office - 809-261-1168

Lot / Land For Sale in Playa Chiquita
Plans and Approvals For 6 Condos!!!

• lot / land - MLS® $59,000 USD

Playa Chiquita , Sosua - Lot in upscale neighborhood in Sosua, only steps to the beautiful Playa Chiquita beach. Playa Chiquita is a prestigious and quiet residencial area neighborhood amongst multi-million dollar Oceanfront homes. This lot is in the perfect location:- 5 min walk to downtown Sosua center, Restaurants, Nightlife and Sosua beach- 1 min walk to Neighborhood Playa Chiquita Beach- 15 min car commute to Puerto Plata airport- 10 min car commute to CabareteThe foundation is already in place and the lot comes with plans for an ocean view single family home or 6 unit complex building.Approvals and Assesment paid by lot owner for street-repaving connecting to main street.(To be completed by 2009)Next door to Hispaniola Beach beachfront condominium project.

Developers dream!Contact us for more details today.

Property information

Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.
Joanne Hammond MBABrokerRE/MAX Ocean Side Realty,Puerto Plata, Dominican RepublicDominican Republic real estateinfo@dr-remax.comCellular - 809-657-4141Office - 809-261-1168

Dominican Republic Hotel For Sale

89 Room Beachfront Hotel - 10 Minutes from International Airport!!

Stunning beachfront location!

• 5,600 sq. m. commercial "Beachfront" - MLS®

$9,900,000 USD -

OWNER WILL CONSIDER JOINT VENTURE!!!

Sosua, Puerto Plata - Nestled along the northern shores of the Dominican Republic, just ten minutes from the Puerto Plata International Airport, this lovely boutique hotel looks out over brilliant waters and past soft, white beaches. Recently renovated and upgraded, this hotel features 89 rooms consisting of, 3 deluxe suites, 30 standard suites and 56 studios. The common areas include 2 restaurants, 2 bars, a large swimming pool with a jacuzzi, a sundeck and terrace with lounge chairs, a gift shop and internet area, a beauty salon, a gym and a tour desk.Located on a beautiful secluded beach yet still located in the heart of town close to all amenities. This property is perfect for any investors looking for boutique hotel or a resort for a condominium hotel project or vacation club property.
Property information

Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.

Joanne Hammond MBA

Broker

RE/MAX Ocean Side Realty,

Puerto Plata, Dominican Republic

Dominican Republic real estate

info@dr-remax.com

Cellular - 809-657-4141

Office - 809-261-1168

Cheap Flights to the Dominican Republic

A good price on air fair is a popular topic for those of us who live in the Dominican Republic. Either because we have, clients who need some advice on transportation, because we have "Island Fever" and need to escape for a few days, because we need to visit our families back "home" or because we have friends and family visiting us and we want to help them find the best possible deal.

I have found that you can definitely get some fantastic deals, depending on where you live and the flexibility of your timing for travel. I have compiled a few websites that I have found to be tried and true when searching for good deals on flights to the DR.

The first is Spirit Air. Not a well known airline but the prices (and specials) are incredible. I have found that for the best deals you should travel mid-week. The major inconvenience is that they only fly into Santo Domingo and from there you will have to take a 3 hour bus ride up to the North Coast. However, the buses are "better than Grey Hound" quality with reclining seats, bathrooms, air conditioning and televisions (if you're lucky you will get a movie in English with Spanish subtitles!) and the cost is approximately US$6.

The next is Jetsblue, which flies into Puerto Plata daily from New York. Great service, comfortable seats and good prices, what more can you ask.

If you are flying in from Canada Westjet is always a great choice. Their flights are seasonal and they only fly to the DR during the high season for Canadians which is early November until just after Easter. You should remember to check the Canadian Charters like Sunwing, Airtransat and Skyservice through vacation sites like Itravel2000 and Redtag.

Lastly, there are the sites that will compare prices for you. Often, these do not include charter companies so you have to be sure you are not only getting a limited comparison, these include Farecompare, Bookingbuddy and Kayak. Expedia is another, but I have found that as this site has become increasingly more popular they do not offer the same discounts as some of the less popular sites.

http://www.spiritair.com/
http://www.jetblue.com/
http://www.westjet.com/
http://www.itravel200.ca/
http://www.redtag.ca/
http://www.kayak.com/
http://www.farecompare.com/
http://www.bookingbuddy.com/
http://www.expedia.com/
http://www.cheapflights.co.uk/

If you have any suggestions on sites, especially those that cater to the UK and Ireland, please let me know and I'll add them to this posting to help everyone fight those over priced airlines.

Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.

Joanne Hammond MBA
Broker
RE/MAX Ocean Side Realty,
Puerto Plata, Dominican Republic
Dominican Republic real estate
info@dr-remax.com
Cellular - 809-657-4141
Office - 809-261-1168

Dominican Republic Real Estate Profession in 2009 - Listings Without a Multiple Listing Service!

Because I was licensed and practiced real estate in Canada, I believe it was a much tougher for me to adjust to the real estate profession in the Dominican Republic than it would be for someone coming in without previous experience in real estate. Regularly, I find similar evidence when explaining listings and commissions to buyers and sellers. If they laugh out loud or utter a phrase along the lines of, "you have got to be kidding me", or "wow like the wild west", I know they have worked in real estate in a first world country at some point in their lives. Why this divergence in broker practices when the buying process is so similar? Basically, the lack of a Multiple Listing Service or MLS and the reluctance of the established and powerful brokers to unite and form an MLS has resulted in a buyer broker system emerging that is very different from the real estate practices in North America.

The most notable difference is the "non-exclusive" listing. Because there is no MLS in the Dominican Republic, and the majority of buyers are shopping online, most sellers prefer to sign a non-exclusive listing agreement; which allows them to list with as many brokers as they wish. They are then only obligated to pay commission to the broker who brings the buyer that purchases the property. Sellers do this in order to maximize the exposure of their property. When they list with all of the major brokers they know that their property will be seen online by 99% of buyers whos' criteria matches their property, through at least one of the broker's website.

This "non-exclusive" listing practice is very self perpetuating. Buyers do not want to list with only one broker because they need to list on as many brokers' websites as possible in order to maximize the exposure of their listing. Brokers are reluctant to spend too much money promoting a listing because every other broker also has the listing and there is no guarantee of a commission. Independent online companies who offer brokers a free listing service in an attempt to provide a makeshift MLS, end up with multiple listing of the same property, often with conflicting information, which leads to a messy and untrustworthy site, through no fault of the sites owner, but rather due to the fact that so many brokers are uploading listings and most brokers have the same listings.

Due to this system, conflicting information and disputes over commissions are common. Sellers will list with numerous brokers and then change the price but forget to notify every broker. This results in the property being listed at several different prices which is very off putting for buyers, and completely frustrating for brokers, who are often accused of inflating prices and keeping any extra in commission. Most large franchises will never allow this practice. It is dishonest and would lead to nothing but lost clients because buyers in our times are very savvy and almost always have reviewed a property they are interested in on several other sites, before they make an inquiry.

Buyers will often visit the Island to look at real estate and arrange appointments with sales people from several different brokerages. This lack of loyalty from the buyer can again be linked to the fact that there is no MLS system. Buyers do not want to miss out on a property because the broker they are using does not have it listed (or has it listed at a higher price), so they "cover their bases" by going out with several sales people. The sales people match the buyer's criteria with the properties on the market, and because most brokers have basically the same listings, real estate sales people will often take a buyer to a property that they have already visited with another sales person. Not a problem until the buyer decides to put in an offer. Regardless of which broker the buyer submits the offer through, the other broker will still have a claim. Most brokers are able to work this out through general rules of thumb, professional courtesy for other brokers and open communication with the buyers. But these problems arise at times even with an MLS so without an MLS they are inevitable.

I have adjusted to these very different methods in the real estate profession here in the Dominican Republic, and I have found that the KEY is communication with both your sellers and your buyers. When you explain the difference of non-exclusive listings to your buyers upfront and show them that you will work hard for them and are able to show them listings from every brokers' website, most will work with you exclusively. For buyers who insist on working with other brokers explain that it is imperative that they let you know if they have seen a property with another sales person before you show it. Also make them aware that if they see a property with you and then make an offer through another broker the seller is put into a situation where they may be forced to pay two commissions which will likely result in a loss of the deal. With sellers simply let them know that it is vital that you are able to register a client with them when you show their property, stress how important it is that they notify you of any changes to their listing and explain how damaging it is to their listing when it is advertised at different prices.
Most clients, both buyers and sellers, appreciate your honesty and work with you to tame "the wild west".

Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or Dominican Republic real estate residential listings check her website or call her directly.

Joanne Hammond MBA
BrokerRE/MAX Ocean Side Realty,
Puerto Plata, Dominican Republic
Dominican Republic real estate
info@dr-remax.com
Cellular - 809-657-4141
Office - 809-261-1168

check out our Dominican Republic Real Estate site information.

Dominican Republic Real Estate - Purchase Process for Foreigners

As a Canadian expat and a real estate professional living and working in the Dominican Republic I can say without a doubt, "is it easy for a foreigner to purchase property in the Dominican Republic?" is the most common question asked by foreigners considering purchasing a second home or investment property in the Dominican Republic. I am always pleased to hear it because I'm able to answer, "easy as pie! With the right lawyer and real estate professional behind you!".
The Dominican Republic is host to more tourists annually than any other tourist destination in the Caribbean, almost 4 million tourists visited the Island in 2007 (Caribbean Tourism Organization, 2007 Statistics, March 2008). The progressive Fernandez government, who was re-elected for a further 4 years in May 2008, is very popular for their policies which are creating a progressively more hospitable and transparent business environment for foreign investors. The current government has implemented many incentives to encourage foreigners to invest in their beautiful island. This foreign investment friendly government combined with the high volume of daily international flights, the tropical paradise setting and the lowest prices in the Caribbean has allowed the Dominican Republic to be counted among the most up and coming real estate tourism destinations in the entire world; and back to the topic of this article, it is very easy for a foreigner to purchase property in the Dominican Republic. There are no additional taxes or restrictions on foreigners and the process is quite similar to purchasing in North America or the UK, following is a basic outline of the process:
Purchasing a property in the Dominican Republic consists of 3 contracts:
1) Offer of Purchase - The first contract is a basic one page document which consists of the potential buyer's name, the property that is receiving the offer, the offer price and any financial terms and conditions to be included within the offer. All counter-offers will be executed on this contract.
2) Promise of Sale - This second contract is drawn up by the buyer's attorney, after the Offer of Purchase has been accepted. This contract consists of the seller's name and personal information, the buyer's name and personal information, details of the property being purchased, agreed purchase price, and any financial terms and conditions.
3) Closing Contract - The final contract is similar to the Promise of Sale except that it includes the exchange of money and property. The buyer's attorney will register all documents with the title office and pay necessary fees and transfer taxes.
Voila! You are the new owner of your very own piece of paradise!
You will receive your new deed within approximately 90 days.
If you are considering purchasing property on this beautiful island please do not hesitate to contact us directly, we are always happy to help.

Joanne Hammond is the broker/owner of Remax Ocean Side Realty in Puerto Plata, Dominican Republic. Joanne worked in commercial real estate in Canada for 7 years before moving to the Dominican Republic 4 years ago where she established the Remax franchise along with her husband. For more information on both Dominican Republic commercial real estate or residential listings of Dominican Republic real estate check her website or call her directly.
Joanne Hammond MBA
Broker
RE/MAX Ocean Side Realty,
Puerto Plata, Dominican Republic
Dominican Republic Real Estate
info@dr-remax.com
Cellular - 809-657-4141
Office - 809-261-1168

For more information on the website check Dominican Republic Real Estate.

Dominican Republic Real Estate

Dominican Republic Real Estate by Remax

Technically mortgages have been available to foreigners buying property in the Dominican Republic since 2005. However, despite numerous attempts at obtaining mortgages for very qualified buyers, until this year I did not have one client who was granted a mortgage.
In 2005 many real estate brokers in the DR were approached by a mortgage broker, based in Florida but with a representative living in Santo Domingo, who claimed that they were able to provide mortgages to foreigners on Dominican Republic real estate. I worked with these brokers for three very qualified buyers two from Canada and one from the US. Two of these clients were declined, for no obvious reason that we could determine. With the third client, a very qualified Canadian business man, after months of completing realms of paperwork and providing an unbelievable amount of backup documentation, we finally had an approval! The day of closing the mortgage broker informed us that all of the mortgage documents had been forwarded to the lawyer and were waiting for signature. When we arrived at the lawyers there had been no documents delivered. The lawyer immediately contacted a VP at the (local) bank, who the mortgage broker had identified as the bank providing the mortgage, only to discover that the application had never been approved. Needless to say, we did not ever work with that broker again, although I did come across some information on them online recently and I believe they are still promoting themselves as mortgage brokers.
In 2007 a new mortgage broker set up a business locally. I met with them and they had definitely completed all of their due diligence before establishing their business. They were going to work with both international banks and local banks to provide applicants with several options of mortgages. They tried for a full year with many highly qualified clients and were not successful in obtaining mortgages for any of them, with the exception of one where they were able to negotiate a mortgage directly from the developer. It seemed that, although several banks were promoting mortgages for foreigners, none of them were actually approving applicants and providing mortgages.
In December of 2008, I was contacted by a developer who had worked with an international bank (international, but with many local branches throughout the Dominican Republic) to have his Cabarete, beachfront condominium development approved for mortgages. The individual buyers would still have to go through the regular application and approval process but the condominiums were appraised by the bank and the property was approved, which would make the process much quicker. I am very pleased to say that in early January one of our clients, a couple from Colorado, received a mortgage for their condominium through this bank!
The mortgage program is offered to residents of Canada, the US or the UK who are buying a vacation home in the Dominican Republic. The documentation requested is similar to that required from any mortgage provider and the process, once all paperwork is received by the bank, takes about a month. The mortgage is only on the property being purchased in the Dominican Republic and the buyer does not have to put up assets in their home country as collateral. The term is up to 25 years and the interest rate is 8%, which is higher than most foreigners are paying at home but substantially lower than the 16% plus being offered by local banks on peso mortgages. Also, we are dealing directly with the bank so there are no mortgage broker fees to worry about; these fees were running at the 3.5% range.
Finally, a vacation home in paradise is within the reach of all!

Dominican Republic Real Estate