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Cheap Prices and Promised Infrastructure Improvements Drive Investors to Dominican Republic - 3 June 2010
The most inexpensive property market in the Caribbean, the Dominican Republic, is once again on the radar of overseas investors.
Hoping to get good deals while the global economy slowly recovers, property buyers with smaller budgets are once again returning to the market, curious about what their money can buy. Before the recession, Dominican properties—notorious for their affordability—were offering up to a 12 percent yield, and developers were continuing to build modern, reasonably priced apartment-hotels along the coasts.
Real estate experts are saying that with little to lose, foreign investors are acting on their interest in the Dominican Republic while prices are still slashed, confident that property values will inflate again in coming years.
According to recent tourism figures, it seems investors have a reason to be hopeful about the Caribbean destination. Since the beginning of the year, tourism in the country has been has been steadily rising every month—with a 12 percent increase in U.S. visitors in March alone.
To further boost those numbers, the government and the Ministry of Tourism have been working together to improve the island’s infrastructure. The tourism department recently announced it will invest $12 million (over £8 million) in 58 new projects, including transportation developments like the construction of Atlantic Boulevard in Puerto Plata, which will connect the North Coast to the Samana Peninsula; the repaving of major highways and roads; and increasing accessibility to the Dominican Republic’s eight airports.
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.