A quick search for properties in a database of more than 20,000 properties, priced under 25,000 pesos, only yielded one option for 24,000 pesos.
SANTO DOMINGO.- As a real estate agent, you've probably wondered why, when you find a property in the price range of 15 to 25 thousand pesos, your phone starts ringing off the hook and in the blink of an eye... phew, it's already rented.
The answer is that these are the properties most in demand by the middle and lower-middle class segment, who are the biggest consumers, which means that demand exceeds market supply, generating a significant deficit.
“Another important factor is that everyone wants to live in the National District, hoping to get centrally located properties, and the reality is that with that budget you have to go to the outskirts of the city,” explains Ivan Guerrero, with extensive experience in resales.
Leonardo Cobis, advisor at Timehomes Inmobiliaria, agrees with this approach, adding that he also does not foresee this deficiency improving because, given the increase in square meters, no construction company can afford to build projects that can be offered in that price range, much less within the city.
“The demand is so high,” says the young real estate agent, “that owners don’t need intermediaries to rent them out, and the ones that come our way don’t last a day. The last one I handled was rented in 24 hours. In fact, I tell my clients that when they go looking for properties at that price, they should be prepared with the requirements of the process, since these are usually quick transactions.”.
Guerrero said that he did a quick search for properties in a database of more than 20,000 properties and for less than 25,000 pesos he only found one option in Ciudad Real for 24,000 pesos.
“I know of cases of people in the university area who have remodeled two-story houses and built several studios due to high demand; and they charge between 18 and 20 thousand pesos, but they are small studios,” the Timehomes representative pointed out.
