Dominican Republic Real Estate Market after the Economic Crisis

Dominican Republic Real Estate Market after the Economic Crisis

The Dominican Republic real estate market was hit hard by the real estate crash of 2009 and all of us who are still here and are still working in the Dominican Republic real estate market are releaved that it seems to be over. Many of the housing markets throughout the world are also in this position and we certainly agree real estate is fickle, but this was difficult! Things have certainly changed since late 2008 before the the morgage market in the US collapsed.

Originally, it looked like we in the DR were going to be just fine. The number of showings in 2008/2008 remained level and we had about the same number of clients looking at investment opportunities here in the DR; to us it seemed to be a regular year and we really believed that maybe we had come through without a hitch. The reality hit in later in 2009 when we noticed that all of the customers who had visited the DRover high season and visited DominicanRepublic real estate had had decided to wait to buy.

Most clients who were looking at real estate during the first quarter 2009 with the intent of buying Dominican Republic real estate, had made appointments with us and paid for their flights before the market drop in October 2008. As a result, we had close to the same amount of clients in town and agents seemed very much as normal. The truth became evident when we notice that there were only a fraction of closings (in comparison to the last high season where at least one quarter of clients purchased), but, our expenditures were close to the same because a majority of people who had planned on looking at property, still looked at real estate. Looking back, this shouldn't have been a surprise, but for some reason we did not factor this.

However, things are improving now and we've finally past the bottom and the market has again started to improve. The cycle has hit bottom and started to climb, both residential and Dominican Republic commercial real estate inquiries are almost as high as they were before the crash and offers have increased substantially over 2009.

If you are a saavy buyer interested in jumping on the low prices in Dominican Republic real estate and you're waiting for the right time to buy it seems that we've made it and 2010 will be the year where things begin to rise again. Don't be among the regretful investors who feel remorse in 2012, wishing they had been wise enough to recognize the market at bottom.

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