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Buying property in The Dominican Republic

“I assure your highnesses that these lands are the most fertile, temperate, level and beautiful mcountries in the world”- Christopher Columbus. The Dominican Republic is one of the most beautiful Caribbean destinations and is also one of the most exciting emerging property markets in the world. Government incentives to attract high quality sustainable tourism continue to successfully revitalise the countries economy and industry and there has never been a better time to buy a property in The Dominican Republic.

The market continues to grow at unprecedented rates resulting in steadily increasing real estate prices and solid rental returns. Guaranteed rental has become a buzzword within the property industry but few schemes could compare with the structure or yields offered by guaranteed rental schemes. Furthermore the government incentives for the current developent offer 10 years of tax incentives, no tax on rental income, no capital gains tax and no property purchase tax (Normally 4.6%). There are no restrictions on foreigners inheriting title to property and all development properties are freehold.

Punta Cana-Bavaro has become the fastest growing tourist area within The Dominican Republic. Punta Cana International airport receives 47% of all foreign tourists, with local resorts enjoying occupancy levels in excess of 86%. There is a demand for more upmarket, residential style accommodation and hence the major investment in the area as more people realise the potential of this beautiful country in comparison to other Caribbean destinations. The Dominican Republic has seven international airports, more than any other Caribbean Island.

Many improvements to the countries infrastructure are linked directly to the pursuit of tourist income, with new highways being built and refurbishment work, as well as renovation of historic areas. The government is currently spending $20 million on an international marketing campaign to attract tourism and investment from around the world to this area. High interest bearing USD accounts and USD based investments are both available and tax free. The banking system is highly regulated and security is deemed good.

The most recent development is widely recognised as the largest dedicated leisure resort development in the world and perhaps the last investment opportunity. It is continually courted by premier international leisure resorts and understandable when 8% guaranteed rental yield (net of management fees) is available for the first 5 years. The Dominican Republic is approximately 600 miles South East from Florida, United States and approximately 4000 miles from the UK, With flying times of approximately 2 hours and 7 hours respectively and Punta Perla is fifteen minutes from Punta Cana International Airport. For leisure, opportunity and benefits The Dominican Republic is the off plan capital.

2700 acres of sculptured tropical paradise along with 3 signature Golf Courses plus academy. The Golf Club is the synthesis of spectacular location with grand vision and it is destined to become one of the most prestigious international championship standard Golf retreats in the World.

The Dominican Republic enjoys a year round tropical maritime climate, a latitude of 17’36 – 19’58, places the Dominican Republic at the border of the tropical zone. Sea breezes refresh the insular territory, evening out temperature to average 23’C in the early mornings to 32’C at mid-day. There is little difference between winter and summer temperature with July averaging at 82’F (28’C) and January at 76’F (23’C).

The lowest temperatures occur in the mountain areas near Constanza, where temperatures have dropped to 0’C , and record highs have been registered at the frontier with Haiti , 39’C in the summer. The months of May to November are regarded as the rainy season and most rain falls in the northern and eastern regions. The Dominican Republic is similar in size to Scotland or the U.S. state of Maryland and is the second largest island in the Greater Antilles.

Named by its Spanish settlers “Hispaniola”, the island became the hub for the expansion of the Spanish empire into the new world. The city of Santo Domingo (originally named “La Isabela”) was founded in 1496, and soon became the seat of the first cathedral, hospital and university of America.

A year after gaining independence from Spain in 1821, the eastern part of the island was occupied by Haiti. This occupation ended on February 27, 1844 with the proclamation of the National Independence. Since 1966, ten democratic elections have been held, alternating the power between the three main political parties.

The Dominican Republic’s Latin style is a sharp contrast to the character of the many nearby islands, especially the British and French-influenced ones, and is reflected in both the local music and cuisine.

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