Dominican Republic housing prices soar 30%

Santo Domingo.- The rise in the prices of construction materials has soared the cost of homes in the Dominican Republic as much as 30% during the last year, per square meter, according to the president of the Dominican Home Builders and Promoters Association (Acoprovi).

Jorge Montalvo the rising cost of building materials meant that a house that previously cost RD$2 million currently has a market price of RD$2.5 million.

Montalvo said that in many cases, home developers have had to assume an important part of the increases in materials, although he warned that new projects will reflect the changes in the price of the square meter of construction.

“We estimate that with the increases that have been taking place since last year in this part, with materials that have shot up to 120%, that translates into the cost of the square meter of construction having shot up in that period in 25-30%, which is an important number.”