Santo Domingo.- In the first half of this year, real estate sales in the Metropolitan region of the Dominican Republic slowed from 1.9% to 0.5% compared to the same period in 2022. However, future sector expectations increased to 48%, largely due to the number of ongoing construction projects. This information comes from the National Statistics Office (ONE) in its latest Building Offer Registry (ROE), which evaluates construction areas and the supply and demand of units under construction, completed and reserved, based on their intended use.
The slowdown was especially notable in completed homes and on the market for more than three months. The ROE report uses a ratio of units ready for approximately 90 days over those with immediate availability to measure sales velocity, with a higher ratio indicating slower sales.
At the time of the report, 76.4% of areas suitable for construction were under active construction, while 20.7% were stopped as of June. Only 1.1% of the areas were finished and 1.7% were registered in construction plans. The total square meters under construction were 5,577,857.6, with the majority (82.7%) allocated to housing, followed by commerce (6.5%), education (3.5%), health (2.7 %) and other activities.
The report also highlights the significant increase in the price of social housing, which rose 114% as of June, going from 3 million to 5 million pesos. In terms of location, Santo Domingo Este led with 11,044 homes, followed by Santo Domingo de Guzmán with 10,828 and Santo Domingo Norte with 9,161.
The most popular price range for housing units sold, separate, or reserved was between 3 and 5 million pesos, representing 30% of the total units and 23.9% of the salable construction area. Properties costing less than 3 million pesos were next in popularity, followed by those priced between 8 and 15 million pesos.
The total number of houses and apartments negotiated in the metropolitan region until June 2023 was 19,365. The marketable construction area of works sold, separated, or reserved was 1,938,825.5 m2, marking a significant increase of 110.8% compared to the previous year. Notable increases were observed in Boca Chica, Santo Domingo Norte, Santo Domingo Este and Santo Domingo Oeste.