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Robust Housing Market in Dominican Republic

Posted by Hispaniola Real Estate on July 30, 2021
| News

Relocating to the Dominican Republic

Are you considering relocating to a Caribbean island? A villa at Hispaniola Residences in Sosua, Dominican Republic could be your new island home.

A rewarding new life awaits those looking to relocate to a tropical island. If having space to expand as a family is your priority, you will enjoy the options available in our gated community.

Sosua. Puerto Plata

Real Estate Market Remains Strong

“What I’m hearing now is an uptick in inquiries about the second home market,” said Anders Bogebjerg, owner of local real estate firm Group Palmera. “Interest really hasn’t slowed down with COVID. A lot of people are asking, especially from New York Area and Florida.”

Barbara Warren of Noval Properties said that the pandemic actually did the contrary. “There has been a boom in residential [investment] due to the [coronavirus pandemic] and the fear of large crowds,” Warren revealed. “There has been a significant uptick in sales of turnkey-ready properties.”

These claims were supported by Lucien Echavarria, director at the Ministry of Tourism of the Dominican Republic. “Interest in real estate in the Dominican Republic remains high because smart investors know the DR is the type of destination travelers are looking for now,” said Echavarria. “It is close to the U.S. and has a strong, stable government.”

The Dominican Republic’s residential property market has grown rapidly in recent years, thanks to robust tourism growth and the arrival of luxury international and boutique hotels, coupled with strong economic fundamentals.

Foreigners are further encouraged by a strong economy, stable government, improving infrastructure, and easy access via its three international airports. In 2019, the economy grew by a healthy 5.1% from a year earlier, following expansions of 7% in 2018, 4.7% in 2017, 6.7% in 2016, 6.9% in 2015, 7.1% in 2014 and 4.9% in 2013. However, due to the pandemic, the economy is projected to contract this year by 6% before bouncing back with a 4% growth in 2021, according to the IMF.

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A New Home Away from Home

People are more interested in leaving cities and relocating to a gated community in the Caribbean, so local home sales are garnering increased interest.

“A revealing fact in the context of the shutdown of tourist visits due to the conditions of the Covid-19 pandemic, is that the demand for a second home in the DR by foreign investors in need of a safe and comfortable space has increased, in addition to their residences in their home countries” stated Frank Rainieri, President Punta Cana Group at the VI virtual conference of the Dominican Association of Tourist Press (ADOMPRETUR).

The Dominican Republic provides an excellent option for a full-time residence, with safe and first-world facilities including international schools and medical care.

If you would like to learn more about our properties available for both rent and sale, please contact us to discover more.