Vista Park is one of the projects being built with an investment of 13 million dollars, with two-level residences and prices starting from US$138,000 and up.
SANTO DOMINGO – The historic city of San Francisco de Macorís (SFM) is experiencing a booming period of growth in the real estate industry. Foreign capital has flowed there, attracted by the charms of the Cibao region and the dynamism of its economy.
The land of cacao is currently experiencing multi-million dollar development projects, making it clear that the "Covid boom" has reached the Northeast. An inventory of more than 30 projects is underway in the municipality and its outskirts. Following the pandemic, single-family home developments have emerged, a trend characteristic of the COVID-19 era, which has fostered a preference for larger living spaces.
A “surge in sales” is how José Guillermo Méndez, of Ménrez Realty, describes the increase in real estate in the land of El Jaya, where second-hand houses have practically sold out and new projects are going strong.
“It is a city that is growing a lot, many investments have arrived from other areas of the country, right now we are managing a project with an investor from Santo Domingo of eighty-seven houses,” he explains.
One of the city's largest shopping malls is undergoing a redesign with an investment of 300 million pesos. Its reopening will include movie theaters, brand-name stores, international franchises, and other attractions.
A combined capital project (internal and external) will be built on a 320,000 square meter plot of land, where, Méndez points out, there will be lots for urbanization, for construction, a commercial plaza and a variety of options.
High-rise development hasn't started in San Francisco de Macorís, but the pandemic has spurred the emergence of new residential communities. One of them is Vista Park, a project being built with a $13 million investment, featuring two-story residences starting at $138,000 and up.
“Right now, the most sought-after apartments are between $60,000 and $100,000. But with rising prices, those available now start at $90,000 and go up from there,” noted the agent with over eight years of experience in the sector. For those with more discerning budgets, the market offers high-end homes for up to one million dollars.
The Central Bank projects that remittances will reach approximately ten billion dollars this year. In the case of the city of San Francisco de Macorís, 85% of real estate investments come from residents of the city living abroad.
“They are the ones who invest the most in their town. They have always done so, and with the pandemic they took advantage of the facilities provided by the United States government and have made many investments.”.
The price per square meter in San Francisco de Macorís ranges from 3,000 to 35,000 pesos, depending on the property's location. One area experiencing rapid growth is the one along the road to Nagua, where the San Vicente de Paúl Hospital is under construction, and land prices there have skyrocketed due to the project.
The Airbnb model is taking off in the municipality, which will continue to rely on its characteristic dynamism.
