Santiago Center is joined by a luxurious 23-story tower, the renovation of the Cibao airport, the construction of the Amber Highway, two bank towers and the HOMS II.
SANTO DOMINGO– The growth of the real estate industry is not exclusive to Santo Domingo. Santiago is also experiencing its best moment, to the point that the inventory of properties is scarce in the city and new projects are selling at lightning speed.
In the prosperous Cibao region, the middle class currently has few options for purchasing a home. In fact, real estate agencies are in discussions with some developers, seeking to have them build alternatives for that socioeconomic level, since developers have focused on both affordable and high-end projects.
The average cost per square meter in the country's second-largest city is around US$2,200, but that hasn't stopped the real estate boom. There are currently seven ambitious projects in the pipeline, slated to begin in the next two years, including the already announced Santiago Center, which has filled the Cibao region with excitement.
In addition to this giant, a luxurious 23-story tower is being built, the tallest to ever be erected in the Northern Zone. The current maximum height is 16 or 17 stories. Each of the 46 apartments costs one million dollars. And Santiago's economic boom is evident, as only a few units remain of the project, which begins at the end of 2022.
The city of Cibao has finalized the expansion and comprehensive renovation project for the terminal area of Cibao International Airport, which handles over one million passengers annually. The project includes a multi-level parking garage, and its refurbishment "promises to make it the most functional in the entire Caribbean.".
Two financial institutions have announced the construction of new towers for their headquarters. The government announced the construction of the Amber Highway, which will reduce travel time between Santiago and Puerto Plata to 30 minutes; and the Metropolitan Hospital (HOMS) will expand its facilities with a new, modern building for medical tourism.
Isely Almánzar, regional director of the Association of Real Estate Agents and Companies (AEI), explains that the region's real estate sector has been growing for the past six years and "right now it is experiencing its greatest growth; a great deal of vertical development has occurred in recent years," she emphasizes.
The benefits granted by Law 189-11 on the Development of the Mortgage Market and Trust in the Dominican Republic have been taken advantage of by developers in the Cibao region, hence the boom in low-cost housing.
The deficit for the middle class sector, Almánzar explains, is due to the fact that land prices have increased and developers are choosing to build high-cost residential projects to ensure their profitability.
The AEI North Zone has 32 affiliated real estate companies, while APROCOVI (Association of Housing Developers and Builders) has around 250 member companies. More than 30 new projects are currently underway in Santiago.
The representative of the real estate company KW, with 17 years in the real estate market, is filled with pride that many investors from Santo Domingo are transferring their capital and the prosperity that her land exhibits to Santiago.
“Public investment, combined with the actions of municipal authorities and impressive private projects such as Santiago Center, HOMS II, BHD Tower and APAP Tower, demonstrates that before 2024, Santiago will become one of the largest, most modern and most impressive cities in the entire Caribbean and Central America,” Almánzar stated.
