Property investors from abroad often ask about the potential for refurbishment and resale projects in the Dominican Republic.
These projects are plentiful but come with unique hurdles.
In Santo Domingo’s Colonial Zone, a UNESCO World Heritage site, there’s a range of run-down houses ripe for purchase, refurbishment, and profitable resale. However, official rules mandate the preservation of the Spanish colonial style of the property exterior.
In other parts of the Dominican Republic, while you’ll escape the Colonial Zone’s dictates, you’ll need to secure building permits and adhere to building codes post-renovation.
Given these local challenges, hiring local professionals is advised. They can guide you through the construction process, including handling permit applications.
Fluent Spanish and local business understanding are essential to successfully run these projects. Your presence is vital to direct the project. If you can’t be there, consider investing in less hands-on properties.
Although refurbish-and-resell ventures in the Dominican Republic are advantageous, investors must do their research, understand the market, and consult local experts before plunging in.