Luxury Beach Front Porperties, Beach front condos, luxury condos for sale, Carribean Properties

Dominican Republic is one of the preferred destinations for second home buyers. Prodigy Network works with some of the best developers in the country to offer these magnificent properties worldwide. 

There are many reasons to consider buying Dominican Republic real estate. Besides its luxury condo projects and many beautiful landscapes, the Dominican Republic has also incredibly advanced in terms of economy and infrastructure within the past decade, to such an extent that many foreigners have settled on the island. The harmonious and aesthetic cultural mix of African, Spanish and Caribbean influences has recently been enriched by thousands of American, Canadian and European immigrants (including Italy, UK, Deutschland, Spain and others) who have decided to stay once they set foot on the island. Many of the luxury condos for sale in Dominican Republic have been designed precisely with the international owner in mind.

Among the main reasons to set up a residence in a Dominican Republic condominium are: the country has an infinite amount of opportunities and resources, and an increasing economic strength and positive political changes have proved sustainable stability over the past decade. Moreover, the legal framework has opened the doors for investors and foreigners and set the fundament for the development of global trade; these are only some of the benefits of living in the midst of this paradise. The Dominican Republic is an ideal place to live, to relax, and simply to enjoy. Purchasing a Dominican Republic condo hotel unit may very well be a fantastic choice. Your high living standard gives you privileged access to activities such as playing golf in spectacular sceneries, scuba diving in hidden bays, catching sailfish in the blue sea, or just leaving all the stress behind and indulging in the tranquility of your paradise.

Prodigy Network represents exclusive Dominican Republic condos for sale and Dominican Republic condo hotels.

Return to top of page

Let Prodigy Network pave the road for your success. Dominican Republic Real Estate offers very interesting options and challenges for international buyers. There is an ample range of projects with different characteristics for every type of buyer.

In Dominican Republic, foreigners and Dominicans have the same legal rights when purchasing and owning property. Law 16-95 sets the principle of equal treatment between national and foreign investments, securing them the same legal protection, without any discrimination. Each one can hold legal title for the unit, and title can also be held by more than one person if you choose to purchase with someone else, or by a corporation if you prefer to have such ownership vehicle. Such corporations may be domestic or foreign.

When buying/selling any type of real estate properties in the Dominican Republic, it is customary to have professional real estate agents advising each party involved. There are plenty of professional agents that are willing to offer their services for a fee or a commission, in order to ensure the satisfaction of all parties involved.

Before buying real estate, always make sure that the property has a verifiable title, clear of any encumbrances or imperfections. With that in mind, consider enlisting the professional opinion of title experts, in Dominican Republic such services can be provided by companies like LandAmerica and Stewart Title. These companies also offer title guarantees.

Regarding the price and possible discounts, there are some general rules. When buying property directly from a property developer, a resort or a development, whether it is during its pre-construction stage or after it is built, the price at which you may purchase with or without the participation of an external real estate agent is regularly the same.

Given that not being represented by a professional agent will not get you a discount or affect the price, the best option is to be represented by a professional broker. Brokers’ services in such case are normally paid by the seller. In other words, these services will normally be of no cost to you as a buyer if you are purchasing property directly from a project, as the developing company should pay for commissions derived from such transactions if agents are licensed professionals. However, there are many buyers who still prefer to purchase property without the help of an external agent, an option that is perfectly feasible.

When selecting a property to purchase, make sure you balance the important aspects that most professionals always consider, such as the experience and track record of the developers, the know-how of the firms that are involved in the architecture, design and construction, the existence of institutional guarantees over property titles (which are specially important in Dominican Republic), the price and the financials behind your purchase such as the down-payment and other deposits.

Also consider other aspects such as which banking institutions commit to providing financing for both domestic and foreign buyers with traditional credit instruments such as mortgages over the property. Some of these offer their services to international buyers in order to finance there property in foreign currency and other national institutions offer financing for domestic buyers in local currency.

Finally, given that the Dominican government has taken actions to favor international investment in certain regions of the country, you should always consider the benefits of buying some properties over others. Some projects have been granted important property tax exemptions that free owners of considerable duties payable in other properties or countries, such as property taxes for a considerable number of years. This could mean huge savings for the buyer of such properties.

Prodigy Network has exclusive properties in Dominican Republic which offer these excellent tax incentives for buyers.

Return to top of page

 

Prodigy Network has strong relationships with some of the nations most important lenders who have a standing interest to provide financing to international buyers of second homes in Dominican Republic. There are many financial institutions currently offering different financing options for purchases of Dominican Republic luxury condos and other forms of real estate. Both local and international banks offer mortgages to facilitate the purchase of your dream vacation residence. By general rule, developers will provide financing of deposits leaving a considerable balance due at time of closing.

Major investment banks with strong presence and experience in North America and Europe offer there financing products to selects luxury resorts across the island. Financing is normally available for international buyers of Dominican Republic condos in dollars or in Dominican Pesos; such financing can be obtained through several international banks as well as multiple local institutions. On the other hand, domestic buyers can finance these purchases through local banks in Dominican Pesos, leaving dollar credits for Dominican nationals only available to those who generate income in foreign currency, normally in the export business..

There is a wide variety of mechanisms established for financing of new homes. Mortgages are available for properties that have been completed as well as refinancing for homeowners interested in lower monthly payments or cashout options. Terms reach 30 years in these instances and up to 70% can be financed on vacation and second homes while 50% on investment properties.

Other types include a mortgage applicable to properties being constructed, in which disbursements of the loan are done to the builder as the construction progresses. Some popular programs require at least a 30% deposit to be paid by the buyer in installments, with up to 70% financing available for vacation and second homes. There a various programs that follow this business model as many real estate buyers in Dominican Republic prefer to purchase land or a lot within a project and build a home on it at a later time.

More traditional mechanisms are also available, where the buyer pays installments toward deposit on the unit, usually ranging from 30% to 50% and leaving the balance due at closing. Up to 70% can be financed on vacation and second homes for terms up to 30 years.

For complete information on financing available for Dominican Republic luxury condos and Dominican Republic condo hotel units, contact a bank loan officer. Many of the most exclusive properties across the island have onsite loan officers to answer questions. We at Prodigy Network will be happy to direct you to some of the country’s leading financial institutions.

Return to top of page

Republica Dominicana, Dominican Republic by its official name in Spanish, occupies a territory of 18,815 square miles and has a population estimated to be 9,904,000 for 2008, for a density of 523 people per square mile. By being part of the Greater Antilles and offering a port for commerce between Europe and America, its population resulted in a blend of many ethnic groups: 73% of its population is multiracial, 16% is white and 11% is black. The official language is Spanish, although English is widely spoken due to the presence of many foreign visitors. English is accepted in many commercial stores, hotels, restaurants and touristic areas.

Dominican Republic has an annual GDP of U$90 Bn ranking it 62nd in the world and a per capita income of U$9,208 ranking it 72nd, well above neighboring Haiti with a per capita income of $1,291 (154th). Due to this difference and the inability to fully protect the border from migration, Dominican Republic has a considerable presence of Haitian workers.

Destinations in Dominican Republic

Dominican Republic is a country that has plenty to offer for travelers and retirees, beautiful white sandy beaches, blue turquoise waters, whale watching, breathtaking golf, and an inviting local crowd that will have everybody feeling at ease within this paradisiacal island. The country is divided in six main regions, Central, East, North, North East, South Central and South West.

The North East Coast Region

The North East Coast of Dominican Republic distances itself from the rest of the country given the intense beauty of its beaches and the fertility of its grounds.  Its broad beaches and coconut trees are connected by the North Coast Road that passes by its provinces: Samana and Maria Trinidad Sanchez.

For connoisseurs, the North East region is well preferred over the neighboring North Coast, the epicenter of high-quality all-inclusive hotels in the Caribbean which opened in an effort to retake the tourism lost to cruise ships. The appeal to multitudes of visitors is encountering pristine beaches with white sands and turquoise waters serviced by comfortable all inclusive resorts at excellent prices. The formula is so successful that other regions have copied the same model, especially the East Region (Punta Cana / Bavaro) which today is inundated with more than 70,000 rooms in its more than 70 all-inclusive resorts. What Samana enthusiasts love about the North East Region is distancing itself from this hectic lifestyle.

The North East Coast kept its charm due to its dramatic geography, its history and beautiful towns. Samana is crossed over by a mountainous chain of hills and depressions that make the area a green oasis full of lush palm groves. Maria Trinidad Sanchez remains vastly undiscovered although Las Terrenas offers one of the preferred spots for young travelers.

Recent growth and popularity of Samana as a destination have been boosted with the opening of its international airport plus a highway that connects the province of Samana with Santo Domingo, the country’s capital, in just over one hour.

Magnificent hotel complexes, resorts as well as boutique hotels and hostels, plus fantastic second-home residential complexes, restaurants, bars, stores, craftwork markets, casinos, marinas, water sport facilities and a few golf courses are scattered along the North East Coast, but the natural environment adds to its charm like in no other region in the island.

Samana

The exotic Samana is one of the most coveted peninsulas of the world, acknowledged as one of the best whale observatories available. The waters inside the bay offer a natural sanctuary to cetaceans that travel thousands of miles to court and mate during the months of January to March.

The Samana peninsula is formed by a mountainous system that creates infinite number of small and intimate bays with magnificent beaches. The peninsula is very green, given its fertile lands and abundant small rivers. Coconuts are widely farmed in the area and some estimate there to be more than 7 million palm trees in Samana, with a yearly production of over 550 million fruits.

The province of Samana has one domestic and two international airports as well as a port for cruiships. Just between winter 2007 and spring 2008, more than 100 cruise liners arrived to the Dominican Republic through this port. However, there is still much that remains undiscovered in the Samana region.

Despite the substantial increase of passengers, including those coming aboard American Airlines from the US territory or LTU and Condor from Europe, the beautiful beaches of Samana have not fallen victim to hoards of tourists seeking the all-inclusive tourism typical of neighboring Punta Cana or Puerto Plata. On the contrary; Samana caters to a range of more demanding visitors that can be characterized as connoisseurs, far from the ordinary tourist striving for discounts, cheap hotels and ravishing parties.

The Samana visitor selects this destination because he prefers its privacy and sophisticated environment, with the higher standards of quality and service now available for a first time in Angsana Samana Bay. Its uniqueness provides the only place on the island where all your needs are catered to, where you can be pampered by our expert staff and fantastic amenities, with the style and sophistication only known to us.

The North Coast Region

The North Coast Region is mostly famous for Puerto Plata but it also features other popular towns such as Cabarete and Sosua. The North Coast is also famous for the abundant presence of Amber gems. It also brings together some of the country's best features - lush jungle forests, rolling mountain ranges, ethereal blue waters and golden sand beaches. Because of these this area is today considered the country's most versatile playground. Vacationers can jump river beds on a mountain bike, fight the waves while kitesurfing, test their strength on a rock face or rub elbows with the rich and famous who come for the north coast's luxurious new accommodations. No matter what activity visitors choose to partake in, however, they'll find that everything here is done with legendary Dominican flair.

Puerto Plata

Puerto Plata is one of the northern provinces of the Dominican Republic, one that has become an increasingly popular for tourists since the late 1980s mainly due to its fine beaches. Puerto Plata is extremely rich for its agriculture and cattle production and also for propelling the touristic development of the country. Its tobacco, sugar, rum and magnificent Amber mines offer additional resources to its inhabitants. The region has impressive reefs and mountains offering scenic views of the sea and coastal plains. Columbus named the area Puerto Plata or silver port because of the effect the sun made on the water as he approached.

The province of Puerto Plata has a population of 312,000 inhabitants with half living in its capital city, San Felipe de Puerto Plata, also known as Puerto Plata. The city is the largest in the North Coast of the country, with a breathtaking Old City downtown area with beautiful Colonial and Victorian constructions connected by narrow cobblestone streets. A famous example of Victorian architecture can be found in Parque Central which displays an elegant two-story Victorian gazebo, close to a dining and shopping district that attracts many visitors.

Return to top of page