The Wall Street Journal r
eports that a growing number of Americans are seeking Caribbean property as a hedge again falling housing prices at home. Many are going to the Dominican Republic, where home prices have appreciated 20 percent per year since 2003.
NuWire Investor has an interesting list of what it calls the top five Caribbean destinations to buy real estate — interesting because it includes some surprising names. The Web site says it took into consideration the country’s natural beauty, inexpensiveness and relative low risk to hurricanes. And the top 5 are:
1.) Trinidad and Tobago
2.) Aruba
3.) Dominican Republic
4.) Netherlands Antilles - Bonaire and Curacao
5.) Roatan, Honduras and Corn Islands, Nicaragua
In many ways, the Dominican real estate boom is only beginning. The Bavaro-Punta Cana region is seeing a dramatic development, and many foreign buyers are snapping up property without so much as setting foot in them!
|
Key investment points |
|
- Property in the Dominican Republic is very competitively priced when compared to other Caribbean islands.
- Dominican Government officially welcomes overseas investment.
- Law 158 on foreign investment was recently extended to attract overseas property investors by offering exemptions on Capital Gains, Income and Property Purchase taxes for ten years. (SOME AREAS)
- The Dominican Republic is the No.1 and No.4 most popular overseas destination for Canadian and US Tourists respectively.
- 3.4 million Tourists visit the Dominican Republic annually and this is increasing by approximately 8% year on year.
- Tourism in the Dominican Republic is changing rapidly, with a growing demand for more upscale, residential style accommodations -instead of the traditional all-inclusive hotels. This is leading to major investment in the area as more people realize the potential of this beautiful country in comparison to other Caribbean destinations. Effective Rental/Property management programs are in place to help defer the costs of investments.
- Many improvements to the country's infrastructure are linked directly to the pursuit of tourist income, with new highways being built, existing roads widened and paved, as well as historic areas being renovated.
- The Dominican Republic has seven international airports, more than any other Caribbean Island.
- The Government is currently spending $20,000,000 on an international marketing campaign to attract tourism and investment from around the world to this area.
- There are no restrictions on foreigners purchasing property in the Dominican Republic, and there are no restrictions on foreigners inheriting title to property.
Anyone looking to explore the possibilities of investing in this market -or interested in collaborating with our brokerage, please contact us.
Jocelyn Hernandez Irizarry/ Broker Owner
Punta Cana Life Realty www.puntacanalife.com or http://jocelynhirizarry.point2agent.com
|