Have you lived there? Rented there? Have family there?
I wouldn't buy property in a location where I don't have a solid understanding of the culture, laws, and what the corruption looks like.
I plan to live in Mexico in the future because I have a ton of Mexican family in the specific area I'm interested in, so I wouldn't be dependent on expat community for support and integration. Even then, I would likely stick to renting.
That's just me though, a bunch of folks from my hometown bought property in Costa Rica a few decades back and have no regrets.
I don't have family there. I'm white with pretty bad Spanish skills, I doubt I'll ever look like a local. I have a cousin who has a friend who started a church there, so at best that would be my community. I don't think I would look at it as a permanent move, but who knows?
I would DEFINITELY NOT buy in your situation.
You want to know quite a bit about a local market, the laws, the corruption, what that means for property owners, etc, before investing in property somewhere foreign and cheap.
It's very, very easy to rent in these places. Buying makes zero sense.
I just see remote work becoming more popular in the future. I could see this area becoming a hot spot for expats and me missing my opportunity to invest.
Again, you want to understand why real estate there is cheap before you can have any clue how to invest wisely.
I cannot emphasize this enough, you MUST understand the ins and outs of a real estate market before you can safely invest in it.
I own multiple properties, some of them very far away, but I would NOT buy in a place like DR without becoming very, very familiar with it first. And either becoming fluent in Spanish, or having a very, very trusted business associate or spouse who is.
I guarantee you're not the first person to think of this. If investors aren't buying up DR real estate like hotcakes, there's a good reason.
I have family that does extensive real estate business in the Turks and Caicos, and it's not cheap there, they have a few 1 bedroom condos that are worth close to 1M, because T&C doesn't have some of the drawbacks of other similar locations.
Investors will buy anywhere where the market is good or looking like it will become good. So again, if places are cheap I'm DR, you need to understand why others aren't snapping them up.
Are they really a deal? If so, why aren't they selling and why aren't the prices sky rocketing? If they aren't a deal, why not??
Also, are you looking primarily for real estate to invest in or to live in? Because those are separate issues.
Sometimes the dirt cheap places are an amazing deal for living if you're cool with the reasons they're cheap. I'm living somewhere cheap right now because of substantial drawbacks of the area.
It's a great deal for me because I'm cool with those factors.
However, I'll never make much money off of this place. The factors that make it cheap aren't going to radically change in my lifetime.
I bought an investment property in another area though because I understood why it was cheap and I understood why it wouldn't stay that way. I'm not a genius though, every other property investor had the same idea. By the time I closed on my property it was already worth more than I could have afforded to buy.
I'm not saying it's a bad investment, I'm saying I have no idea, and frankly, neither do you. You MUST know a market, why it's valued the way it is, and you must know exactly what you want from that market in order to even know if what you are buying is worth what it's listed at.
And I've mentioned corruption several times. Do you have any idea what doing business in a highly corrupt system without consumer protections or a legal system that works is like??
How are you supposed to make informed decisions when the lawyer you are paying to help you navigate a highly corrupt system might be lying to you, and might be paid off by the real estate agent who also might be lying to you? And the person selling the property might not even legally own it? How do you navigate that?? Sue someone?? In a corrupt system with no protections for you??
Here's a quote from a Reddit thread about investing in real estate in DR to give you an idea:
"I would strongly advise against it, and yes especially pre construction. I’m speaking from experience.
Real estate agents are not licensed or certified by any governmental agency.
Most lawyers are not honest, and the laws regarding real property and condos are absolutely worthless for a property owner.
There is no uniform system of titles, and no escrow system or title search, so you could end up with a clouded title and not even know it.
There are no building codes and no agency to inspect the property as it is being constructed.
In Punta Cana, there has been zero appreciation in property values for at least 10 years.
If you buy a condo, you’ll be making decisions about your property with a group of people from all over the world, all who have different value systems when it comes to honesty and making timely payments.
If you are willing to accept all of these drawbacks, good luck!"