Posted by: Anni Orekh | October 9, 2011

Getting a property….this time around in Dominican Republic!

 A fresh wind of opportunity is about blow into the Dominican Republic (DR) with the announcement of more construction of  golf resorts that is to commence as early as this May. Well known for its idilly beaches, DR might finally enter a new era as the government is keen to attract more overseas investors and tourism.

While the thought of buying a $70,000 property in the Caribbean might attract many, there are many things to consider before you actually part with your money.

There seems to be no doubt that with Leonel Fernandez  new and better opportunities for investors into DR, but the process is still tiresome and riddled with red tape.

If you are happy to acquire new property in  DR for a bargain compared to other destinations in the Caribbean free of  a 75 year lease rather than outright freehold rights, then yes, you could become a new property owner in no time.

Europeans and Canadians have free range to take advantage of the favorable prices but we think it is fair to say that most would cringe at the 75 year lease clause ( this happens in Cuba). Why would one want to invest thousands of dollars to own a property for a short amount of time in the first place?

True….DR also sits right in the destructive path of a Hurricane alley and residents of the island certainly suffer the consequences of some damage most years. Not entirely a comforting thought for those ready to part with their money, but you can ask Donald Trump  as for him and others investors have been totally worthy.

Cap Cana is the most important tourism and real-estate project of the Caribbean. With a master plan investment projected at $1.5 billion, the first stage of the project will be developed in a span of 12-15 years and comprises an area of 35 million square meters (8,680 acres) of a total of over 120 million square meters (30,000 acres); 5.5 kilometers (3.5 miles) of virgin beaches and privy to a privileged climate. In its initial phase, the project will have more than four 5-star hotels, five golf courses, three of them being Jack Nicklaus Signature Courses, one of the most complete and modern marinas in the Caribbean and a total of 5,000 residential units and 500 hotel rooms. For more information, visit our web page www.capcana.com
.

There is no doubt that DR offers buyers a lot in terms of cost efficiency and scenic beauty, but when we look at the other aspects of buying such as infrastructure, laws and ease of ownership it is clear that buying property in DR isn’t as straightforward as one might think. In the least you should inform yourself about all your options before you rush to buy those property bargains.

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