If they told you it is 100,000 pesos, you are getting scammed.
As far as buying goes, an apartment (2 or 3 bedrooms) in SD, in a good neighborhood will cost you 4 million pesos minimum and probably over 5 million. In an average neighborhood, 3 million minimum. In a bad neighborhood, who knows but it wont be somewhere you will want to live.
Prices have gone through the roof over the last few years. When I got here 2.5 years ago, I could have gotten something nice for 2 million pesos. No more!
The vast, vast majority of people who buy in SD are Dominicans, not foreigners. There are plenty of Dominicans here with a lot of money. The point I am making is that as prices have gone so high, you will see more and more For Sale signs as the apartments they own will be woth so much. They wont be looking to buy anymore, they will start selling, especially those who own multiple apartments. And, you do not have fresh, foreign money coming in to keep the market as high as it is. So, which way is it going to go?
Everywhere you go, you see more and more apartment buildings going up, so there will be more and more on the market and not enough buyers. Prices will eventually come down. That is when you buy, not now.
I have toyed with the idea of buying since I got here but I do not see any upside to it. I am still renting and plan to continue renting until I feel comfortable with the market, if that day comes.
Just my opinion.
Larry
(10)
buying in santo domingo
