Dominican Republic Real Estate
Not too long ago, Dominican Republic was far from considered as a desirable place to invest in real estate. In fact, buying property in the Dominican Republic was often seen as a questionable choice. Things like safety, stability, government, and most of all future prospects were not in Dominican Republic’s (DR) favor when weighing the pros and cons of DR as far as real estate was concerned.
Anyway, the tide finally turned a few years ago and several couples, retirees, baby boomers, families, etc. decided to take the plunge to test the waters of the property market of the Dominican Republic. And contrary to forecasts most of them found pearls! Today, Punta Cana in the Dominican Republic is viewed as one of the most preferred tourist destinations. In addition, the Bavaro area of Punta Cana is the epitome of perfection on earth with its sandy white beaches, cafes, golf courses, hotels, condos and second homes.
Today citizens of Canada, United States, Western Europe and several other countries are considering Punta Cana, Dominican Republic as an “it” destination to invest in real estate. With its low cost of living, warm and cheery hospitality and most of all surprisingly low property tax.
The recent steep recession in the US has affected Dominican Republic real estate both positively as well as negatively. With its cultural diversity and sophisticated, high standard of living at a reasonable cost, Punta Cana has gained popularity as a preferred choice for second homes and retirement condos. However, the impact of the economic slowdown has also reduced the number of tourists and investors in the Dominican Republic. With more than 32% of its visitors being North Americans, Dominican Republic has definitely felt the dent in the tourism and real estate area.
Taking into consideration the global economic crisis, developers of real estate in Punta Cana, in the Dominican Republic are offering several incentives and more favorable buying options to their potential customers. Even the Government is encouraging foreign investment in DR. With newly launched infrastructure projects, economic stability, state-of-the-art transport facilities and a lot more on cards, Punta Cana in the Dominican Republic stands strong as a long-term candidate in the real estate game.
With marine sanctuaries, several national parks and monuments, Dominican Republic’s rich natural resources attract travelers and visitors from across the world, who wish to soak up a bit of the beauty of this unspoiled country with ravishing wonders.