Why Invest in Dominican Republic Real Estate
Real Estate Investing – Updated May 2017
May 2017 – This past week at the Dominican Annual Tourism Exchange conference speakers announced new tourism projects, official travel statistics and plans for 2017.
We all live busy lives. Wouldn’t it be nice to be able to get away from it all? Whether you’re contemplating a permanent move or just want to buy a vacation home or property to hide from the snow, there’s never been a better time to invest in real estate in the Dominican Republic.
With its diverse landscape, friendly people, warm weather, and the government encouraging foreign investment, people are starting to discover everything the DR has to offer, it’s no wonder the Dominican has the biggest tourism market in the Caribbean and growing every year. Almost 4.6 million people from around the world visit here every year. In 2014 the DR attracted a record of 5 million people. Update 2017: Overall a total of 6.1 million in tourists visited in 2016.
The North Coast is being recognized internationally as an affordable and obtainable Caribbean location for retirement, investment or a holiday home in the sun. It is the perfect time for real estate investing.
Reasons Why Real Estate Investing in the Dominican Republic makes Sense.
- Update 2017: Tourism Growth – 6.4% increase in 2016 for overall tourism to the country, this is up from 5.8% in 2015. The continuous growth in tourism is one of the many reasons driving the overall growth of the economy which is leading all other in the Caribbean with 6.6% growth among all sectors in 2016.
- Exceptional value for buyers in this growing economy
- Lowest priced real-estate property in the Caribbean – however prices increasing due to growth in the North Coast. Perfect climate for secure investments and real estate investing.
- Stable democratic government for over 30 years
- Fast growing economy in the America’s with GDP growth of 7.2% in 2014 (stats from central bank of DR www.tradingeconomics.com)
- Government promoting the North Coast with large projects to “Invest Dominican Republic”:
- Puerto Plata, Carnival Cruise Line new Amber Port – $85 million. First ship arrived Oct 6, 2015. Update 2017: Increase in cruise arrivals by 52% due to new Amber Port. 2017 growth trend is predicted for 1 million passengers.
- Reconstruction to Puerto Plata phase 1 implemented. Phase 2 focus Sosua.
- New modern highways Samana – Santo Domingo. Reconstruction to nationwide road infrastructure to improve connections of the interior of the country.
- Investing in the DR’s North Coast emerging residential real-estate market provides an excellent ROI.
- New luxury hotel developments in North Coast 2015 – Gansevoort Playa Imbert, Sosua; Aman Hotel Playa Grande. Update 2017: New Ahnvee Resort & Sports in Sosua, geared for more for those that love outdoor adventure and sport lovers. Also announced the Dominican Republic is seeing more reinvestment in long standing hotel brands. This is very apparent in Puerto Plata & North Coast.
- Excellent rental income for homeowners due to the DR rated top tourism destination in the Caribbean
- CaribbeanBank financing available – Scotiabank & Banco Popular offers residential mortgages
- Low taxes
- Update: Easy residency – Fast track option to permanent residency for Investors.
- Government encouraging foreign investment
- 50% – 70% occupancy rate – excellent ROI. Update 2017: Puerto Plata now has 90% occupancy.
- High standard of living
- Airfare inexpensive. Update 2017: Puerto Plata Airport one of three main airports representing 92% of foreign air travel into the DR. The DR currently has an open-sky policy, allowing 9 nationalities that do not require a tourist visa, 145 others (including Canada & the US) need to purchase tourist card upon landing. Eventually the DR hope to eliminate the need for visas entirely and allow all to freely enjoy the variety of attractions the country has to offer.
- Plenty of direct flights weekly from Toronto & New York to Puerto Plata – flight time approx. 4 hours from Toronto and 3 hours from New York. The DR has 5 major international airports.
- Great selection of beachfront available
- English speaking in Puerto Plata region
- Update 2017: “Diversification of Offerings – Numbers show that tourists are continuing to look for vacations beyond the beach and are showing great interest in multi-destination travel. 80% of all visits to the DR’s protected areas are by foreigners, proving that visitors are increasingly looking to explore beyond their hotel. ” With the North Coast recognized for outdoor activities, water sports, and eco-tourism makes Cabarete & Sosua the perfect location for buying your investment vacation home.
Nasdaq Globe Newswire – May 2017.
Access Dominican Republic 2015 – DR is an Excellent Destination for Real Estate Investment
August 2014 NBC News – “8 Places to Retire and Save Big”
Dominican Republic leading investment destination in the Caribbean – Published September 2014 – CEI-TV
“Dominican Republic has so much human and economic potential, that it can multiply and share it with the world: day by day grow the reasons that makes this island the leading investment destination in the entire Caribbean!”
It is the Right Time
It is the right time to invest in Dominican Republic real-estate. Buying a vacation home or property is still affordable in the North Coast especially in the Sosua and Cabarete areas however with the tourist industry steadily growing will drive prices higher. From small homes, condos to luxury properties there is a price range for everyone.