Property in the Dominican Republic

 

The Dominican Republic is one of the most beautiful Caribbean destinations and is also one of the most exciting emerging property markets in The World. Government incentives to attract high quality sustainable tourism continue to successfully revitalise the countries economy and industry. The market continues to grow at unprecedented rates resulting in steadily increasing real estate prices and solid rental returns.

 

The Growing Dominican Tourism Market

For the past 25 years, the Dominican Republic has transformed its tourism sector into one of the most dynamic in the Dominican economy, and it continues to move ahead with exceptional growth. As the country’s biggest revenue earner, tourism has grown at an average annual rate of 12% and in 2006 accounted for approximately 21.3% (US 8.1 billion) of its GDP[1].  Moreover, the sector also generates 656,000 jobs, 18.4% of the total workforce, and generates almost half of the country’s foreign exchange.  Looking ahead to 2007, the International Monetary Fund recently revised this year’s GDP forecast from 5.5% to 9.0% growth.

So strong has growth been that the country recently surpassed even Dubai in terms of tourism growth.  Seventeen hotels have been built within the last several years, there are now an estimated 65,000 hotel rooms in the country. 

With the industry booming and the homebuyers anxious to get their piece of paradise, the government is delicately working to balance private sector incentive with smart and sustainable development.  Developers are looking to capitalize on new areas of flora and fauna, including its natural caves, reserves, forests, 300 species of birds, and 350 species of orchids.

 

 

 

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