With year-round sunshine, beautiful beaches, golf courses, and warm and welcoming locals, it is easy to see why the Dominican Republic is one of the top tourist destinations in the Caribbean. In fact, in recent years many North Americans and Europeans have opted not just to visit the DR, but to invest in second homes here. If you’re considering buying a second home in the tropics, these are just a few reasons why the Dominican Republic is an ideal spot to invest in property.
- Stable Government and a Booming Economy
Unlike many other Latin American nations, the Dominican Republic has been experiencing a lengthy period of peace and prosperity for decades now. The World Bank lists the Dominican Republic as the largest economy in Central America and the Caribbean, and one of the fastest growing economies in the Americas with a growth rate of 7.4% in the first half of 2016 alone. This has led to huge developments in infrastructure, amenities and healthcare. The government also welcomes foreign investors with many incentives for those who want to invest in property or business.
The Dominican Republic is strategically located in the middle of the Caribbean, and it boasts seven international airports, which means it is easy to access from North America, Central and South America and Europe. Flights from Miami are just two hours, flights from New York are just four hours, and a flight from London takes about nine hours. In addition, new toll roads and highways connecting the major cities and tourist centers mean that it is easier than ever to travel by car around the island.
- Value for Money
Compared to other markets in the Caribbean, property in the Dominican Republic is extremely affordable. You can find gorgeous apartments just steps to the beach, luxurious golf villas and expansive family homes for a fraction of the cost of what you would find in your home country or pricier locales like the Bahamas or St. Lucia. Property taxes are also extremely low, as are basic amenities like electricity and water.
- Opportunities to Generate Income
The Dominican Republic is the most visited destination in the Caribbean with over six million tourists visiting the island every year. While a small number of tourists opt for all-inclusive resorts, many more are looking to rent holiday homes and villas where they can enjoy privacy, space, and accommodation that is more tailored to their tastes. By renting out your second home while you are away, it is entirely possible to recoup your own living expenses for the time you are in the DR and turn a profit.
- A Sense of Community
In general, Dominicans are extremely welcoming to foreign visitors and residents, which is why many second homeowners find that it doesn’t take long to feel settled and secure in their new adopted home. Moreover, there are thriving expat communities in nearly all of the Dominican Republic’s major cities and resort areas, so it is easy to find imported international products, multicultural restaurants, world-class shopping and entertainment, and social groups and activities where you can meet other people from around the globe.