Dominican Real Estate
Frequently Asked Questions:

Q: Is it possible for foreigners to rent apartments in the Dominican Republic? 
A: Yes. In order to rent property in the DR you need a fiador (guarantor). The fiador would need to be a Dominican citizen with sufficient assets to guarantee that your rent will be paid. If you don't know anyone like that you can then negotiate to pay a minimum of 3 to 6 months in advance. This is along with 2 months security deposit (usually) and one month "commission." The commission is paid to the owner of the property and his lawyer. Most things are negotiable and will depend on the individual owner.

Q: How long are the leases? 
A: Typically, one year and the law states that the rent can be increasesed by 10% per year. It is possible to get a longer lease as again, everything is negotiable.

Q: Is it possible for foreigners to own property in the DR? 
A: Yes. There is no legal impediment to owning property in the DR.

Q: Is it possible to get a mortgage in the DR? 
A: Yes. Though it may be very difficult to get it from a bank. The owner may finance the property, or you may purchase an apartment/house in a development and they will allow you to pay over time, while it is being built. Please remember, mortgages in the DR carry a 15-20% interest rate.

Q: Do I have to pay property taxes? 
A: It depends on the value of your property. You should consult a reputable attorney to be certain.

Q: Is it safe to purchase apartments just from blueprints? 
A: This is something you want to research thoroughly. You definitely want to deal with a company in the Dominican Republic that has some sort of track-record that can be traced. Again, this is where a good lawyer is very important.

Q: How do I find a lawyer? 
A: There are several ways. Try contacting the Dominicam-American Chamber of Commerce, U.S. Embassy, or reference from someone who has successfully done business with a lawyer here. Finding a reputable lawyer here cannot be underestimated. When doing real estate transactions in the DR you want to do everything above-board.

Q: What does Monaga do? 
A: We specialize in helping foreigners find apartments and houses in the Colonial Zone area (including Gazcue, Ciudad Nueva, along with other areas) of Santo Domingo. We can locate properties for you rent or buy? Unless you want to rent or buy properties sight unseen, it is best that you be in the country to see the properties first-hand.

Q: How do I go about having Monaga find me an apartment or property? 
A: Send us an email letting us know exactly what you are looking for. Specify if you are looking for an apartment, house, rentals or investment property. Also include your budget and how quickly you want to proceed. If you are interested in one of the properties listed on the site, just let us know. If the apartment is a rental then the likelihood of it being around for an extended amount of time is very low. If you arriving soon, just let us know and we can check and see if the apartment is still available for you to see.

Q: How much does Monaga charge for its services? 
A: Our fees are negotiable and depend on the services rendered. If you are visiting and would like us to line up apartments/houses for you to see, we require a $100 deposit, which is deducted from any commission paid. This weeds out those who are not serious.

If you would like information on any of the properties above, please send us an email. But, before you do, PLEASE read our real estate FAQs (frequently asked questions) first. This will answer many of your questions.