SANTIAGO- In the city of the 30 knights, Santiago, the second most important city in the country, the rise in housing rents has increased much more intensely in the last two years, with figures ranging from 30 to 80%.
Yeranni Brea, general manager of Remax Monumental, states that the central areas of the heart city have experienced the greatest increases with rises ranging from 50 to 80 percent from 2019 to date.
He explains that an apartment that used to cost US$800 now costs between US$1,200 and US$1,500; others that previously cost RD$14,000 now cost between RD$20,000 and RD$30,000, and are also “scarce”.
Among the central areas of the northern city that have increased their rental prices are La Esmeralda, Las Dianas, La Trinitaria, Villa Olga, Los Jardines, Villa María, El Embrujo, among others.
In other areas located in the center of Santiago, such as Llanos de Gurabo, Padre de las Casas, Gurabo, and Las Colinas, the increase ranges between 30 and 50%. In these areas, a property that used to cost RD$8,000 now rents for between RD$10,000 and RD$12,000.
“Considering that fixed rentals in the city of Santiago are scarce and there is high demand,” declared the Broker Owner of Remax.
Alsothe commercial premises
Eddy E. Veras Reyes, of Plusval Dominicana in Santiago, states that corporate commercial properties have also changed their price in a negative way for clients, in the last year.
Regarding housing, he points out that the problem lies in the fact that demand exceeds availability.
“Many customers are looking and there are few options, plus the Airbnb model is putting pressure on long-term rentals, since many owners are choosing to enter the model and giving up on traditional long-term rentals,” he pointed out.
He argues that many builders fear that the market will become saturated with the Airbnb model, given that currently in Santiago between 800 and 1,000 units are being built for Airbnb use, and a few less for mixed use.
Jarabacoa
The dynamic described by Cabin Brokers CEO Rafael González, which unfolds in the pleasant climate of Jarabacoa, is that, by default, during the Christmas season and holidays when demand increases, prices typically double. "But outside of that, everything remains normal. Prices have held steady.".
