1) What types of properties are available in Punta Cana?
Here at TCG Dominicana we have an extensive inventory of condominiums, villas, penthouses, townhouses, as well as mansions. The city is rich in options with multiple gated communities that can provide entry-level beach residences as well as the best luxury properties.
2) What is the average price range of properties in Punta Cana?
We would estimate that the average price of a property would range in the range of 250k. However, depending on your budget and lifestyle, property prices can vary and easily enter the multi-million-dollar range. At TCG Dominicana we have inventory and options for a wide range of budgets.
3) Are there restrictions for foreigners buying property in the Dominican Republic?
No, there are no restrictions for foreigners to buy property in the Dominican Republic. The country has a welcoming environment for foreign investment in real estate. Both natural and legal persons, regardless of their nationality, may freely acquire and possess real estate in the Dominican Republic.
4) What are the legal procedures and formalities necessary to buy a property?
The legal formalities and paperwork involved in buying a property are very similar to those in the United States. You should have your lawyer review all of your documents before signing the contract. If you do not have an attorney, we work with reputable attorneys in the area and can provide you with a recommendation.
5) Are there financing options available for the purchase of properties?
Financing is available to Americans in USD. Rates are a bit higher with Scotia Bank, for example, they have low initial rates for the first 1, 3 or 5 years, depending on the loan. However, depending on the terms of the loan, this means that the rate may increase after 5 years. The term is usually 15 to 20 years with a 30% down payment.
6) What are the ongoing costs associated with owning property in Punta Cana, such as property taxes and maintenance fees?
Property taxes are 1% of the value of the property after the first $156,000 unless the property is exempt from CONFUTUR taxes. The first $156,000 is not taxable. Additionally, there are maintenance fees for the condominium and / or complex where the property is located. Homes that are not in gated communities are not maintained.
Are there specific tax implications or incentives for homeowners in Punta Cana?
No, just those that qualify for CONFOTUR which is only in tourism approved areas. Many properties can qualify for this tax exemption. The CONFOTUR Law in the Dominican Republic is a law that encourages and supports investment in the tourism sector. It provides benefits and incentives to individuals or companies that invest in tourism-related projects in the country. If you would like further information, please click on this link: Individual investors can take advantage of Tourism Incentive Law CONFOTUR (dominicantoday.com)
7) How is the real estate market currently behaving in Punta Cana?
In prime properties we are seeing an average of 5%-10% increase per year. The region has experienced significant development and investment in recent years, attracting buyers and investors from all over the world.
8) Are there specific areas in Punta Cana that are most popular for real estate investment?
Yes, and it depends on the needs of the buyer so that we can find them in one of our main locations, as they vary in lifestyle. Some of these areas are described below:
Bavaro: Bavaro is one of the most sought-after areas of Punta Cana, known for its stunning beaches and luxury resorts. It offers a wide range of residential properties, including condominiums, villas, and beachfront properties. Bavaro is a popular choice for both vacation homes and investment properties due to its proximity to tourist attractions, golf courses, and vibrant entertainment options.
Cap Cana: Cap Cana is an exclusive gated community known for its luxury properties and world-class amenities. It has luxurious resorts, golf courses, marinas and beautiful beaches. Cap Cana is particularly attractive to high-end investors looking for premium real estate options and a luxurious lifestyle.
Punta Cana Resort and Club: Luxurious beachfront paradise in Punta Cana with gorgeous white sandy beaches, turquoise waters, and lush tropical surroundings. High-end accommodations, world-class amenities, spa, golf courses, and exquisite dining. See the breathtaking natural beauty, coral reefs, water sports, and eco-adventures.
Punta Cana Village: A vibrant and charming community in Punta Cana. Conveniently located near Punta Cana International Airport. Quaint streets lined with colorful buildings, shops, and restaurants. Modern amenities, including a supermarket, banks, and schools. Beautifully landscaped parks, sports facilities, and a golf course. Close proximity to pristine beaches, offering a perfect blend of residential comfort and tropical paradise.
White Sands: A thriving residential enclave nestled along the stunning coastline. It offers a harmonious blend of tranquility and modern living. Immaculate streets lined with elegant homes and lush landscaping. Residents enjoy access to stunning white sandy beaches, where turquoise waters beckon for swimming and water activities. An array of amenities including restaurants, shopping centers, and recreational facilities provide convenience and entertainment. A welcoming community where residents can embrace a relaxed beach lifestyle while enjoying the beauty of their surroundings.
El Cortecito: El Cortecito is a popular beachfront area in Punta Cana, known for its lively atmosphere and a wide range of dining, shopping, and entertainment options. It offers a mix of condos, apartments and vacation rentals, making it a preferred choice for investors interested in the tourist rental market.
Cocotal Golf & Country Club: Cocotal is a gated community centered around a golf course, offering a variety of residential options including villas, condominiums, and townhomes. It attracts golf enthusiasts and those looking for a quieter, more residential setting while still being close to Punta Cana's attractions.
Los Corales: Los Corales is a charming beachfront community known for its laid-back vibe and a variety of affordable condos, apartments, and vacation rentals. It attracts both investors and expats looking for a more relaxed and affordable option close to the beach.
9) What is the infrastructure like in the vicinity, including access to healthcare, shopping malls and transportation?
• Medical Care: Punta Cana has a variety of healthcare facilities, including hospitals, clinics, and medical centers. The most prominent medical institutions in the area are the Hospiten Bávaro, Hospital IMG, and Centro Medico of Punta Cana. All of these hospitals which offer comprehensive medical services. Additionally, there are several private clinics and specialized medical services available to serve residents and tourists.
• Shopping Centers: There are several shopping centers and shopping areas in Punta Cana that offer a mix of local and international brands. Some of the popular shopping centers include Palma Real Shopping Village, Blue Mall Punta Cana, San Juan Shopping Center, and Plaza Bavaro. These centers house a variety of shops, boutiques, restaurants, supermarkets, and entertainment options.
• Transportation: Punta Cana has a well-developed transportation network. Punta Cana International Airport (PUJ) is the main airport serving the region and offers both domestic and international flights. Within Punta Cana, taxis and ridesharing services such as Uber are available for transportation.
10) Can I work with a real estate agent or local attorney to guide me through the buying process?
It is 100% recommended to work with a knowledgeable local broker and we do not recommend buying without legal representation. Here at TCG Dominicana, we can help with all your property needs and do have recommendations for legal representation if needed. Please give us a call today, we can't wait to hear from you!