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Whether you seek a Caribbean property investment, a rental or simply an idyllic retirement or holiday home, real estate in the Dominican Republic is varied enough to suit your every need.
Property in The Dominican Republic has been popular since the 1980s, largely amongst Swiss and German buyers. Today it is increasing attracting the Americans who are buying up various projects in the east of the island, where some 70% of all buyers now come from the US.
A strong investment Despite the Credit Crunch, growth is expected to increase with the recent introduction of low-cost routes from US cities (JetBlue and Spirit Airlines) - even more so as the Dominican Republic really does offer you a lot more for your buck than its neighbours. While capital growth sits at around 20% per annum, The Wall Street Journal predicts that this figure could soon increase to as much as 50%. Current low entry prices and such accelerating capital growth indeed suggest that this is the right time for investment. Figures from the Central Bank indicate that the Dominican Republic economy is in an exceptionally healthy state: last year it grew by 10.6%, and this is on the back of several successive years of growth.
Top Caribbean destination Rightfully known as the ace Jewel of the Caribbean, The Dominican Republic receives the greatest number of tourists in the entire area and an enormous demand for only a finite supply for top-class seafront accommodation fuels the property market.
With easy air access via two international and two national airports, the Dominican Republic has become a first-class holiday destination, making buy-to-let investment in major tourist locations such as Punta Cana a potentially lucrative option. Proximity to 300 million holidaying North Americans and a large number of daily flight arrivals means that US visitors today make up nearly a third of visitors to the Dominican Republic. By virtue of its strategic maritime location, coastguard figures indicate some 30,000 yachts pass by annually. Dominican Republic moorings are considered to be very good value and most new marinas are sold out well before completion. The island's importance on the yachting circuit is also growing: the Rolex Yachting World Championship will be held there in 2010 and a bi-annual race from Florida to the Dominican Republic has just been announced, starting from 2009. Quality accommodation near top marinas is likely to be in demand with wealthy yacht owners.
Unbeatable natural attributes Tourists enjoy a veritable paradise with a year-round tropical maritime climate, along with many leisure activities such as: aqua parks, golf, diving, surfing, snorkeling, horse riding, festivals, casinos and much more.
One third of the Dominican Republicas 869 miles of coast comprises beaches that are regularly voted by the tourist industry as amongst the top five beach destinations in the world. Rising up from the crystalline waters is a spectacular landscape of forested mountain ranges, where land and sea abound with wildlife, making the island an ideal location for luxury eco-tourism, now the worlds fastest growing tourism trend. Expect a warm welcome from the local, largely English-speaking population. Restaurants and nightclubs buzz with life in busy Santa Domingo, one of the oldest and most cultural cities on the continent, while pretty, traditional villages dot the coastlines for those that enjoy a quieter, more traditional pace of life. While Spanish is the official language, English and in particular German, French and Italian are quite widely spoken, making it a very accessible destination for tourists.
Star-studded success Brad Pitt, Angelina Jolie and Beyonce Knowles are all famous names that have shown interest in the Dominican Republic. Robert de Niro has also been spotted recently looking at real estate plots in the Barahona region.
Business tycoons are also flocking to the country: Donald Trump believes in the Dominican Republic's potential to the tune of $2bn at Cap Cana, on the east of the island. When the first phase was released last year, record sales were produced of some $300m in just four hours - further evidence of today's overwhelming demand for luxury property in the Dominican. Other business giants on the island include Wal-Mart, and famous hotel groups such as Four Seasons, Conrad, Fairmont and Ritz Carlton. When the world's largest corporations, hotel chains and most wealthy individuals decide that now is the time to invest, you can rest assured that your investment holds the potential it needs.
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