Residences have experienced an increase in costs this year compared to previous years, and this phenomenon is not solely attributed to the appreciation of intrinsic value or capital gains. During the first half of 2023, the average price per square meter (m²) of homes located in the Metropolitan Region, which includes Santo Domingo and the National District, has risen. These increases range from 3.9% to 74%, depending on the geographical location of the property.

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

These data come from a comparison between the latest semi-annual report of the Building Supply Registry (ROE), prepared by the National Statistics Office (ONE), and the corresponding report from the first half of 2022.

Regarding price per square meter, Pedro Brand stands out as the most affordable area for real estate acquisition. The price per square meter in Pedro Brand was 38,672.9 pesos in June of this year, reflecting 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, it reached 61,240.6 pesos per square meter in June of this year.

The country's capital, the National District, remains the most expensive area to live in due to its urban and commercial development. The cost per square meter has increased, 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 housing units in the metropolitan region that were already sold, reserved, or separated had a cost ranging 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, accounts for 23.7%, with 19,365 units sold during the analyzed period.

Properties priced between 8 and 15 million pesos make up 19.2% of the most demanded homes from January to June of this year, according to ONE.

The report also highlights a general increase in the market for sellable areas compared to the ROE 2022-1, with future offer projects experiencing the highest increase, rising by 770.6%. Additionally, there was a significant 110.8% increase in the sold, reserved, or separated area. The value of the sellable area has also risen.

In terms of project status, those under construction or execution experienced the greatest variation, increasing by 64.6%. However, there was an approximate 78% decrease in completed projects.

For additional details on specific opportunities and trends, as well as personalized real estate advice, 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 (Curaçao). Additionally, you can send an email to [email protected] for further inquiries and personalized real estate assistance.