Dominican Republic Real Estate Market
The Dominican Republic is located in the West Indies, in the center of the Greater Antilles and covers 48,730 square meters. km in the eastern part of the island of Haiti (formerly called Hispaniola). In the north it is washed by the Atlantic Ocean, in the south – by the Caribbean Sea, in the east the Mona Strait separates the country from Puerto Rico, in the west the border with the Republic of Haiti passes.
The population is 9 183 984 people. According to this indicator, the country occupies 87th place in the world. 44% live in rural areas, and 56% in urban areas. In terms of average population density (182 people per 1 sq. Km), the Dominican Republic is at 58th place in the world. The main cities are the capital of Santo Domingo, which has 2,193,000 inhabitants, as well as Santiago – 373,000 inhabitants, La Vega – 189,000 inhabitants, San Francisco de Macoris – 162,000 inhabitants, San Pedro de Macoris – 137,000 inhabitants. GDP per capita in the country is $ 8400, GDP growth – 10.7%, inflation – 8.2%, unemployment – 17%, export: nickel, gold, silver, sugar, coffee, import: food, fuel, chemicals. The main trading partners are the USA and the countries of Latin America.
The climate in the Dominican Republic is determined by two seasons: from March to June and from September to the end of November – the “wet” season, the rest of the year – the “dry” season (hurricane season). The average temperature is 28 degrees above zero in the summer and 19 degrees above zero in the winter. In the mountains it can be cooler, up to plus 15-18 degrees.
Buying Property in the Dominican Republic
More recently, the Dominican Republic was considered a place unsuitable for building luxury resorts and luxury housing, and only after the famous French developer Pierre Schnebelen predicted a great future for a place called Costa Bayana, located along the north-east coast, near the border with Haiti, The development of a large-scale project consisting of more than 13,000 real estate properties located on thousands of acres of the ocean coast has begun.
If before the future of the real estate market in the Dominican Republic was foggy, now this country, which has become a new tourist destination of the “luxury” category, has begun to attract the attention of investors, just as tourists are attracted by the rays of the hot and bright Caribbean sun.
The fate of the region was actually decided by Donald Trump – a real “big deal” in real estate. Thanks to Trump, who has invested more than $ 2 billion in Cap Cana, more and more investors are seeking in the Dominican Republic.
Cap Cana, located on the southeast coast, is an incredibly large-scale project focused on the construction of upscale hotels, golf courses and residential properties. It is called the “New World Great Destination.” Under the project, more than 30,000 acres of land have been allocated. It is planned to create five upscale hotels, five golf courses and thousands of elite residential properties. It is said that this place should become the largest private region in the Dominican Republic. Located near the international airport, Cap Cana has every chance for this.
In Cap Can, Trump presents a partnership project with The Trump Organization. This project will include the creation of villas equipped with golf courses, land holdings, apartment-type hotels and oceanfront residential properties. The first development will be the project “Trump Farallon Real Estate in Cap Can” – a land ownership of 1.5 acres. Homeowners of 68 such estates will receive club memberships and benefit from many other services and privileges within Cap Can.
Currently, interest in the Dominican Republic from large foreign companies is growing. For example, Wal-Mart is actively expanding its business in the Dominican Republic and other countries of the Caribbean. Starwood Resort Worldwide has opened A Westin in this country. Other American network companies follow their example.
Recently, the Ocean World water entertainment complex (“Ocean World”) worth $ 50 million has opened on the north coast. Another company acquired 2,000 acres of land in Playa Grande to grow its business. In addition, Aquabella recently completed the construction of its signature Beach, Spa and Marina complex.
European and American investors are equally interested in purchasing luxury real estate in this country. Real estate prices in the Dominican Republic are growing steadily and are expected to grow more and more. So, in 1992, property prices amounted to about 400 Dominican pesos per square meter. m., and in 2008 – already 2800 pesos. Such an active business development helps to strengthen the tourism industry and enables thousands of people to find work, which is a great help for a country with an unemployment rate of 17%.