Economy January 8, 2021 | 9:20 am

Housing costs jump 13%, developers warn

Santo Domingo.- Dominican Republic’s construction sector on Thur. warned the government that housing costs could skyrocket in the coming weeks due to increases in construction supplies, especially the price of cement.

Jorge Montalvo, first vice president of the Housing Builders and Promoters Association (Acoprovi), said housing costs have already jumped 13%.

“We are already talking that if it were a house of RD$2.5 million, it’s already RD$250,000 more. So, that is going to be the difference between the fact that many people who could buy that home and take that financing, now cannot. In other words, the issue is delicate,” said Montalvo.

According to official data, for this same date last year, the bag of cement was around RD$283 “and currently they are talking between RD$365 and RD$ 375, for an increase of more than 28%.”

Montalvo added that as of January 11, the price of cement is expected to rise again.