The Dominican Republic is fast becoming a tourist destination for island paradise lovers from all over the world. With white beaches, idyllic climate, warm crystal blue waters brimming with exotic sea life, and striking mountain ranges, it is really not surprising that the tourist industry is growing and prime real estate in the country is attracting international investment from commercial and private buyers.
The Dominican Republic covers an area of 18,815 square miles, the size of New Hampshire and Vermont combined. With a population of 9 million, it is the second largest country in the Caribbean. It takes up the eastern two-thirds of the Island of Hispaniola which is located to east of Cuba and Jamaica and west of Puerto Rico in the Greater Antilles archipelago. It shares the island with its neighbor Haiti.
According to The National Geographic, the Dominican Republic´s economy is mostly based on tourism, sugar, ferronickel, gold mining, and textile industries. Its agricultural sector grows sugarcane, coffee, cotton, and cacao. Exports from the country mainly consist of sugar, coffee, silver, and gold. World Travel and Tourism Council forecasts that the Dominican tourist industry will contribute 16% to the Gross Domestic Product (GDP) of the country in 2008. Currently, one out of seven people in the country are employed in tourism related jobs. Thirty five percent of total export earnings for 2008 are expected to come from international visitor related transactions.
Santo Domingo, the country’s biggest city located on the southern coast, is the oldest capital in the Americas. With a population of four million, it comes complete with standard urban amenities including an assortment of restaurants, modern and upscale shopping centers, broadband internet connection and English language cable channels.
According to John Schroder who is the owner of Ascot Advisory Services, a company that specializes in offshore incorporations, banking, investments, and residency services in the Dominican Republic, “also offers a national theater with ballet, plays, and symphony orchestra events.”
Real Estate in the Dominican Republic is much more affordable and better value than other Caribbean islands. You can get beach front condos for $140,000,” Century 21’s Dean Brown reiterated the country’s price advantage.
“It still offers some for the most affordable real estate in the entire Caribbean and this is especially true for middle class buyers…many other jurisdictions have become so pricey that only the wealthy can afford them,” said Schroder, the overarching message being buy now while the good prices are around because they won’t last forever.
