Nottingham, United Kingdom (PressExposure) July 09, 2008 -- According to independent investment analysis, the Dominican Republic is the most affordable market out of 20 Caribbean countries assessed: Bermuda, was the most expensive at $7,861 per square metre, compared with Dominican Republicâs $1,324 per square metre.
Tourism arrivals to the Dominican Republic in the first four months of 2008 have also grown by 5.6 percent when compared to the year before. The number of tourists rose by around 84 thousand bringing the total for the period to 1.6 million. And the tourist influx is expected to continue increasing at a steady pace for the foreseeable future.
The World Travel and Tourism Council forecasts that the tourist industry will contribute 16 percent to GDP in 2008, and currently one out of every seven people in the country are employed in tourism related jobs. Around 35 percent of total export earnings for 2008 are expected to come from international visitor related transactions.
In terms of GDP, the Dominican Republic is one of the most stable Caribbean economies. Its telephone and internet infrastructure in metropolitan and tourist areas are well developed and reliable. Its substantial local agricultural and manufacturing industry results in much less costly imports than some alternative Caribbean island destinations, meaning a lower cost of living. And the country is a stable democracy with a foreign investment friendly outlook.
The Dominican Republic real estate market has also shown impressive growth over the past few years with the government enacting laws that protect the rights of international property owners and investors. And unlike some other Caribbean countries, investors donât have to become a citizen or a resident to purchase property.
The message from analysts is buy now as the prices wonât last forever and property is expected to see 10-20 percent capital appreciation and 8-10 percent rental yields.
David Stanley Redfern Ltd, the overseas specialists, have three properties in the Dominican Republic. The Apart-hotel Sosua Plaza contains 32mÂ² studios, each with private balcony overlooking the pool in a well maintained gated hotel complex. All apartments are equipped with kitchenette, air-conditioning, ceiling fan, phone, and cable TV. Prices start at Â£24,000.
The Sousa Development contains a range of fully refurbished and furnished one bedroom apartments in a stunning complex surrounding a spectacular pool. Its hillside position offer ocean views from the higher floors and all apartments have living rooms, fully installed kitchens, bathroom, bedroom and terrace. Prices start from Â£30,000.
The Oasis Cabarete is an ocean front development offering one, two and three bedroom private residences within an enclosed community with private entrance and 24hr security surrounded by miles of deserted beaches. Inside, winding paths take you through lush landscape to natural waterfalls and two pools, Jacuzzi, fountains, restaurant, bar, surf shop, sun deck or private beach. Prices start at Â£67,000.
Find out more about Dominican Republic property