The Dominican Republic has been the top vacation destination in the Caribbean since 2005, by a considerable margin, according to the World Bank.
The Real Estate market in the island is growing very fast, mainly thanks to robust tourism growth and the arrival of luxury international brands and boutique hotels.
This growth is directly coupled with strong economic fundamentals of the country.
As we mentioned in our previous post, there are no restrictions on foreigners’ buying property and to be honest, the process is very easy. You can even get financial options from the Dominican Banks or the developers. Sounds great, right?
Aside from its reputation as a tax haven and long stretches of sandy white beaches and a balmy temperature, foreign homebuyers are attracted because property is still a bargain, relative to the rest of the Caribbean.
A newly-built one-bedroom apartment near a beach can be bought for just US$150,000 or less. I know, it is amazing!
Total tourist arrivals reached a record 7.55 million in 2018, up 3.5% from a year earlier, buoyed by a surge in the number of stay-over visitors.
Real Estate Top Destinations in DR.
Tourist developments are concentrated in the east and north. Southern areas such as Barahona and Pedernales are less developed and less visited, but there have been efforts to promote them as eco-tourism destinations.
Punta Cana is the most popular tourist destination. Punta Cana’s international airport, situated in the country’s popular eastern region, receives around 65% of all tourists traveling to the country every year. Several new oceanfront luxury condominium developments have been built in the past several years, with unit prices ranging from US$500,000 to US$2 million.
Luxury beachfront apartments in places such as Punta Cana and Bavaro, Las Terrenas, La Romana and Cabarete, are the most desirable for investors and home-seekers.
Altea Real Estate
Owner Broker / Financial Admin