Real Estate Boom in the DR
Note that this information is outdated.
A significant real estate boom is under way in the Dominican Republic. According to Wilson Gomez Ramirez, director of the land registry, real estate sales were at RD$71 billion in 2002. In 2003, they had increased to RD$93 billion, to RD$121 billion in 2005, and RD$175 billion in 2006. Gomez forecasts a major leap this year, as he indicates that transactions as of September had already reached RD$140 billion. A lot of the growth in new dwellings is in Santo Domingo. He said that the National Office of Statistics figures showed that 63.6% of the Dominican population lives in cities, compared to 30% in 1960. In the past 40 years, the city of Santo Domingo has grown from 500,000 inhabitants to approximately three million.