Dominican Real Estate Market- News
Real Estate Market - News - Dominican Republic
Article 3: Dominican Republic- One of the few Caribbean investments bargains
Article 2: Dominican Republic, small island, big investment potential
Article 1: Real Estate tourism booms in Dominican Republic
Dominican Republic – One of the few Caribbean investment bargains
added September 25th, 2007
During its much talked about dictatorship, from which it was slowly weaned away during the 70’s and 80’s, the country was pretty much untapped, but it was not until the 90’s that the Dominican Republic started to invest seriously in the tourism market, and thus brought investors.
Bad management and a rush to accommodate the tourists meant that standards of accommodation were not up to scratch and the tourists went elsewhere. The fall of the currency brought attention to its failing economy until a change in the Government bought stability back once more.
New luxury resorts and apartment complexes have since emerged and reinvented it as a jewel in the Caribbean. Crime rates are amongst the lowest in the Caribbean and its people are well known as being amongst the friendliest and warmest in the World. With the wealth of attractions it has to offer, such as the 350 tropical beaches, the Amazon-like forests and the gathering of 10,000 whales and dolphins every year on its shores, it's no wonder tourism is booming.
Millions of dollars are being invested in developing new resorts and luxury golfing complexes, and redeveloping untapped parts of the country previously inaccessible, and now being seen for the first time. Property investment company, Principal International, confirms that whilst prices are keen they still have a number of luxury apartments and villas for sale in the Puerto Plato region.
Prices in the Dominican Republic have reportedly been rising as much as 20 percent per year, but this steady growth is not expected to last and as more and more investors realise the potential of this Caribbean jewel and development opportunities reduce, property will be at a premium.
Dominican Republic, small island, big investment potential
added August 18th, 2007
The Caribbean's Dominican Republic is a land of colors with its red, white and tropical blues. The island nation may have been an undiscovered country to Americans just three or four years ago, but today it is paradise found. Real estate projects in this Spanish-speaking country are sprouting like palm trees. The United States market is now beginning to identify the values and the opportunities that lie here in the Dominican Republic.
For example, Cap Cana, a project hugging the island's southeast coast, will be the country's largest private community, a mammoth 30,000 acres — with plans for five hotels, five golf courses and thousands of homes. It's just beginning to take shape with hundreds of millions in foreign dollars, 33 percent of which is American. Real Estate in the Dominican Republic is so hot that even before they broke ground at the project Roko Ki, for example, they had sold $100 million in properties, 90 percent to Americans, all in one day.
Factors responsible for the recent Dominican Republic fever are varied. They range from a series of Dominican baseball stars, a democratic government encouraging foreign dollars, a number of new direct flights from the United States and a lot of recent good press. These reasons coupled with bargain land prices and cheap labor have helped put the Dominican on the map like never before. Even Hollywood is taking notice. Recently Brad Pitt was flying about the island looking for his piece of paradise. Fellow actor Vin Diesel is planning on building in Boca Chica and Robert Deniro is also actively looking.
Dominican Secretary of Tourism Felix Jimenez recognizes that low wages are
part of the draw but also says foreign money is raising the standard of
living. The Dominican Republic is a poor country, but they are working and investing a lot of
money in new roads, electrical supplies, water supply to help build a modern
country. That progress is increasingly visible and is encouraging investments from
around the world.
Recently a German businessman sank $50 million into a marine adventure park
on the north coast, Ocean World, which has been drawing tourists from all over
the country. Wall Street money manager Boykin Curry and a group of investors recently took
the plunge on the island's breathtaking north coast and bought up to 2,000 acres
to develop in Playa Grande at a bargain $55 million — golf course included. Down the road from Playa Grande is Cabarete beach, a water sports
mecca for world-class wind and kite surfers that has made a splash with
Americans.
Real Estate Tourism Booms in Dominican Republic
added August 2nd, 2007
Property outlook is great and the real estate tourism is booming in Dominican Republic, says the forecast from the Dominican Association of Real Estate Tourism Companies (ADETI).
U.S. $1.5 billion is invested in real estate property developments in Dominican Republic, says the ADETI president Juan Bancalari. The real estate tourism prospective is even more upbeat considering the fact that it is expected to attract US$3.0 billion per year within three years.
Marinas, beaches and golf courses are the leading factors that make the real estate tourism and investment in the Dominican Republic that attractive. However, the country has competitors such as the wonderful beaches of Mexico and Central America. For this reason Bancalari, the president of Dominican Association of Real Estate Tourism Companies, says that the country needs to project an image of security for real estate and other types of investments to develop tourism and properties for European and American holiday vacationers.
It seems that the projection of secure investment environment is working. As the real estate development is experiencing a slump in Florida, a local engineering company is looking not only outside of the box, but also outside of the U.S. borders. “Bonita Springs-based Stafford Engineering will open the doors of a new office in downtown Santo Domingo, the capital of the Dominican Republic, on Tuesday and begin offering architectural, engineering, real estate, construction management and business relocation services in the Caribbean Island country.” – reports Naplesnews.com in its July 31, 2007 issue.
The newspaper says that “Other Southwest Florida businesses also are moving into Caribbean markets, Garcia added: Cape Coral-based Bellagio Homes and SJR Development are developing a residential community in the Dominican Republic.” There is a change in tourism and holiday vacationers’ trends. According to Frank Rainieri, the vice president of ADETI, tourism is changing toward real estate tourism. "Before hotels were simply pure hotels. All the large chains of the world are already entering the tourism real estate component. I believe that that already creates the new dynamics of investment in the tourism sector."
Dominican Republic Real Estate
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