To purchase property in the DR, you likely can’t get a standard mortgage from your domestic bank the way you would when purchasing in your home country. Most banks in the United States and Canada won’t finance the purchase of foreign property because they won’t take a foreign asset as a security for the loan.
Dominican Banks will sometimes provide mortgages to foreign buyers. However, the rate isn’t great compared to what you’d get in North America and the application process can take a really long time.
- At Dreaming DR, when you purchase a home at Ocean Village Deluxe, in-house financing IS available. The rate is 5%, with only US$100K required for a downpayment.
- For both Villas Marinas and Seawinds, there is NO in-house financing.
Other possible sources of financing:
- Funds in your retirement account
- Equity from your primary residence in your home country
- Business or personal loans for a down payment
- Certain banks, like HSBC, that offer mortgages for international borrowers
During busy season (December–March), the typical rent for a 2 bedroom villa is $230–$260 / night.
In the off-season (April–December), the typical rent for the same property is $175–$195 / night.
The rental market on the North Coast gets busier every day. The government of the Dominican Republic has made significant investments in infrastructure, making the area even more attractive to tourists.
And with other parts of the Caribbean still recovering from recent storms, more people are looking to vacation on the North Coast—which thanks to geographic good fortune avoids the full impact of hurricanes.
The Dominican Republic is the most popular tourist destination in the Caribbean region, and ranks top 5 overall in the Americas. 6 million people visited the DR
The North Coast of the DR is attracting more and more tourists each year. The government has invested heavily in recent years to support infrastructure. And the tourism industry has recognized the growing popularity of the area, with many large investments ongoing or planned.