Today, the Dominican Republic (DR) is becoming one of the most desired real estate destinations in the Americas, supported by one of the fastest growing economies and the strongest tourist infrastructure of the Caribbean. With more that 4.4 million tourists in 2006, the DR has been the top Caribbean destination for the last 10 years. In the past four year it has escalated to be a luxury real estate destination, ranked between Panama and Costa Rica as the top three real estate destinations for the US market.With the United State’s real estate recession, which may last five years and with a similar scenario in Europe, developers, investors, 2nd homebuyers and retirees are looking for alternative destinations that can provide a safe and highly profitable return on their investments. Cabarete East, the completed development next door, is sold out. Re-sales have pushed prices up to $290,000 for a standard one bedroom and $390,000 for a standard two bedroom. As a destination the DR offers an excellent value in real estate investment, with a strong booming market, strategically situated in the center of the Caribbean. It gives easy access to North, Central and South American market’s, as well as Europe. Fights to Toronto, New York and other major cities are under 4 hours. |
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