WOKING, England: — With prices in neighbouring islands rising steadily and availability of land to develop becoming scarce, investment hunters should look to the Dominican Republic, according to a leading property investment company in Britain.
It’s the second largest of the Caribbean Islands and prices are said to be not anywhere near a peak just yet.
During its much talked about dictatorship, from which it was slowly weaned away during the 70’s and 80’s, the country was pretty much untapped, but it was not until the 90’s that the Dominican Republic started to invest seriously in the tourism market, and thus brought investors.
Bad management and a rush to accommodate the tourists meant that standards of accommodation were not up to scratch and the tourists went elsewhere. The fall of the currency brought attention to its failing economy until a change in the Government bought stability back once more.
New luxury resorts and apartment complexes have since emerged and reinvented it as a jewel in the Caribbean. Crime rates are amongst the lowest in the Caribbean and its people are well known as being amongst the friendliest and warmest in the World. With the wealth of attractions it has to offer, such as the 350 tropical beaches, the Amazon-like forests and the gathering of 10,000 whales and dolphins every year on its shores, it's no wonder tourism is booming.
Millions of dollars are being invested in developing new resorts and luxury golfing complexes, and redeveloping untapped parts of the country previously inaccessible, and now being seen for the first time.
Property investment company, Principal International, confirms that whilst prices are keen they still have a number of luxury apartments and villas for sale in the Puerto Plato region.
Prices in the Dominican Republic have reportedly been rising as much as 20 percent per year, but this steady growth is not expected to last and as more and more investors realise the potential of this Caribbean jewel and development opportunities reduce, property will be at a premium.
This tremendous piece of news has just arrived and has been reprinted here directly from the Dominican Republic Travel News on the 18th of September...
DR becomes retiree paradise
With the approval and publication of Law 171-07 on Foreign Retirees, the Dominican Republic has become a paradise for people planning to retire to an idyllic setting. Fast-tracked residency paperwork (45 days), duty-free household goods, reductions on motor vehicle taxes, exemption on transfer taxes for the first purchase of real estate, 50% reduction on taxes on mortgages, 50% reduction on the annual property tax, exemption on taxes on dividends and interest, 50% reduction on capital gains are just some of the attractions. Developers are very happy with the new law. Just ask Jose Luis Asilis, the president of the Metro Group, who pointed out the need to publicize the news overseas. Asilis told a meeting organized by Listin Diario that Europeans can "live like kings on a fraction of what they receive in pensions."
The minimum monthly income required is US$1,500 US for retirees with a government or private pension and US$2,000 in verified income from all others.
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