DOMINICAN Republic — The Dominican Republic may well be next on the Brit hit list of hot property destinations as a fluent market and demand for properties has bolstered interest in the island over the past 12 months, in particular with British investors.
In recent years the Caribbean island has been a popular holiday destination with Americans and Canadians who are only a few hours’ flight away but more recently, it has seen a growth in the number of Brits seeking property bargains.
Traditionally the domain of the holiday maker and honeymooners, property seekers are now looking at the island as a destination that will get a good return on a property investment with one in seven people in the UK saying that they would consider buying an overseas property in the Caribbean.
The Government’s recent $5 million investment in the expansion of the island’s infrastructure is one of the factors boosting the potential for property investment coupled with a push for more tourism, the acceptance of foreign currency and an increase in international flights to the island from Europe and the UK.
While the cost of property is not rock bottom, it offers Brits a chance to buy in a relatively undeveloped area of the world. Prices for budget properties start at around £85,000 and a luxury villa can cost anything from £300,000 upwards.
Cap Cana, one of the island’s most luxurious resorts set within 30,000 acres along the island's southeast coast is said to be attracting the likes of Beyoncé Knowles. With five hotels, five golf courses and thousands of homes, already 33 percent of Cap Cana has been bought by Americans wanting to snap up a luxury holiday home. In addition, the island boasts a number of eco-adventure opportunities and a number of celebrities are already claiming a stake in the island including Brad Pitt, actor Vin Diesel and Robert De Niro.
With prices so competitive and the perpetual increase in the areas popularity with tourists, experts are suggesting that property in the Dominican Republic is going to be a safe investment with prices only set to rise and rental potential drastically increasing in line with its popularity.
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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