Hartlepool, United Kingdom (PressExposure) May 15, 2009 -- Overseas property portal Property Abroad has recommended the Dominican Republic for property investment in 2009.
The Dominican Republic has among the lowest living costs in the Caribbean, which translates to cheap holidays making it a favourite Caribbean destination in the current climate. The international downturn cam at a perfect time for Dominican; tourism was rising massively beforehand and it has been boosted by people's current penny pinching attitudes.
"The property market is fuelled by its tourism industry, and towards the end of last year a sort of competition started for who could offer the best deal to investors. Isla Margarita had knocked it off the top spot as cheapest Caribbean property, and the competition was to regain its position -- and they did," said Julie Liddle emerging markets analyst with the portal.
Julie was referring to a range of apart-hotels that were launched complete at the end of 2008, with prices under Â£50k and impressive guaranteed rental and buy back options.
"The best areas for investors are Sosua and Cabarete, because they have the lowest property prices, and are extremely popular with tourists. Guaranteed rental yields of 10% and over are not unheard of for apart-hotel products in Sosua," concluded Julie.
Property Abroad is currently advertising dozens of properties for sale in Dominican Republic, with land plots from Â£28k and apartments from Â£50k.