Real Estate prices increase by 74% in Santo Domingo

7 december 2023

Residences have experienced an increase in their costs during the current year compared to previous years, and this phenomenon is not solely attributed to the appreciation of intrinsic value or capital gain. During the first half of 2023, there has been an observed rise in the average price per square meter (m²) of homes located in the Región Metropolitana, which includes Santo Domingo and the Distrito Nacional. These increases range from 3.9% to 74%, depending on the geographical location of the property.

The municipalities that have experienced the highest increases in prices per square meter of units for sale are Santo Domingo Norte (74%), Los Alcarrizos (65%), and Santo Domingo Este (40%). In contrast, more moderate increases have been recorded in Pedro Brand (3.9%) and in the Distrito Nacional (7.7%).

These data stem from the comparison between the most recent semiannual report from the Building Offer Registry (ROE), prepared by the National Statistics Office (ONE), and the corresponding report from the first half of 2022.

Regarding prices per square meter, Pedro Brand stands out as the most affordable locality for real estate acquisition. The price per square meter in Pedro Brand was 38,672.9 pesos in June of this year, showing an increase of approximately 1,487.3 pesos, according to ONE statistics.

In second place is Santo Domingo Oeste, with a cost of 54,017 pesos per square meter, followed by Los Alcarrizos, with 54,547.9 pesos per square meter. In Santo Domingo Norte, the average price per square meter is 60,408.8 pesos, while in Santo Domingo Este, a price of 61,240.6 pesos per square meter was recorded in June of this year.

The country’s capital, the National District, maintains its status as the most expensive area to reside, due to its urban and commercial development. The cost per square meter has experienced an increase, reaching 112,836.1 pesos in the first half of this year, compared to 104,762.3 pesos in June 2022.

Regarding the housing supply, 30% of the units designated for housing in the metropolitan region, already sold, separated, or reserved, had a cost between 3 million and 5 million pesos during the first half of 2023. These represent 23.9% of the square meters of sellable construction area. Affordable housing, valued at less than 3 million pesos, represents 23.7%, with 19,365 units sold in the analyzed period.

Properties priced between 8 to 15 million pesos constitute 19.2% of the most demanded housing from January to June of this year, as highlighted by ONE.

The report also emphasizes a widespread increase in the market of the sellable area compared to ROE 2022-1, with future offer works experiencing the greatest increase at 770.6%. Additionally, there was a considerable increase of 110.8% in the area sold, separated, or reserved. The value of the sellable area has also increased.

In terms of the status of the works, those in progress or under construction experienced the greatest variation, with an increase of 64.6%. However, there was an observed decrease of approximately 78% in completed works.

For additional details on specific opportunities and trends, as well as for personalized guidance in the real estate field, we invite you to contact Meibi Castillo.

Meibi Castillo, a real estate expert, is available to provide detailed information and professional guidance. You can reach Meibi Castillo at the following phone numbers: +1 809-773-7925 (Dominican Republic) and +599 9 670 6636 (Curacao). Additionally, you can send an email to the address meibi@sunlife.realty for additional inquiries and personalized assistance in the real estate domain.

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