SANTO DOMINGO – Two apartments in the same building, with the same square footage, the same number of rooms, and even similar finishes, can have completely different prices. For many buyers, this difference seems difficult to understand: if they look the same, why does one cost more than the other?
The answer, explain two real estate appraisers, lies in elements that aren't always apparent on a first visit. A property's value depends not only on its size, but also on a combination of physical, legal, and technical conditions, as well as the specific circumstances of the negotiation.
“Properties that appear to be the same have inherent conditions that cause their value to change from one to another,” explains Milagros Concepción, a civil engineer and real estate appraiser.
A higher floor, a better view, or a different layout can change the price
Within the same building, small differences can generate significant variations in value.
The apartment's height, orientation, natural lighting, views, internal layout, and state of conservation are some of the factors that can cause two seemingly identical units to have different prices.
Armando Mario García, from the firm Tasesores, points out that although location continues to be one of the most determining elements, aspects such as construction quality, design functionality and the general condition of the property directly influence the market's perception of value.
An apartment with an unobstructed view, better ventilation, or a more efficient layout can be more attractive to buyers, even if it shares the same dimensions as another unit within the same project.
Legal conditions can also make a difference
One of the least visible factors for a buyer, but with the greatest impact on an appraisal, is the legal status of the property.
According to Concepción, aspects such as boundary issues, overlapping cadastral maps, or encumbrances can affect the security of a transaction and decrease the value of a property.
This means that two physically similar apartments can have different ratings if one offers greater legal security or fewer risks associated with its documentation.
The price can also depend on who is buying and who is selling
In addition to the property's own characteristics, appraisers explain that there are situations where the final sale price may deviate from the calculated technical value.
Concepción recalls cases where a property was purchased above its value due to a buyer's personal interest. On one occasion, a family decided to pay more for a small house because they needed to buy it to move their parents into.
It also mentions cases where a piece of land acquired a higher value because it was needed to complete a real estate project or expand a nearby property.
Conversely, an owner with an urgent need for liquidity may accept selling below the estimated value.
“Two identical apartments in the same tower have a value inversely proportional to the need for the sale that their owner has,” explains Concepción.
The market doesn't always reward what appears identical
According to García, the difference between two similar properties is explained by the fact that the market recognizes attributes that may not be obvious to all buyers.
“Two apartments may look the same, but the market values their differences: location, height, general condition, quality of materials, views and amenities, among other factors,” he says.
Therefore, experts recommend that buyers and sellers not make comparisons solely based on square footage or similar properties listed online.
Behind every price lies a combination of features that makes each property unique, even if it shares the same tower and the same architectural plan.
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