One of two countries located on the island of Hispaniola, which is centered directly between Jamaica and Puerto Rico, The Dominican Republic is a part of the Caribbean that until recently was virtually ignored by tourists. However, thanks to major cruise lines encountering the hidden paradise and making it part of their itineraries, people are starting to discover everything the Dominican Republic has to offer, including the white, sandy beaches, impressive mountain ranges streaked with spectacular rivers and waterfalls, and saltwater lakes scattered throughout the region teeming with exotic wildlife. As a result, the number of tourists who visit the DR over the past five years has increased more than 50%, a statistic not unknown to investors.
Investors have been eyeing the Dominican Republic as a potential place for investment for the past few years. Recently, the government realized how important foreign investment was to the development and growth of their country and decided to change the laws to attract foreign investment. As a result, property taxes and other fees associated with buying real estate are some of the least costly in the world, and the process of foreigners purchasing real estate in the DR is as simple as it gets.
There are many websites available where it is possible to search for real estate in the country. Once you have narrowed your choices to a few, there are real estate agents available who can assist with the inspection of the property and can oversee any construction. Within a month, it is possible to choose a property and eventually rent it to your first guests without even leaving your town
Prices are not discouraging investors either. If anything they are encouraging people further to invest before property in the DR starts to appreciate. A beach front villa with modern conveniences, three bedrooms and two bathrooms can be bought for a mere 0,000. A condo with four bedrooms and two bathrooms in the Caribbean’s oldest and most cosmopolitan city, Santo Domingo, can be bought for 5,000. Year round, properties such as these are rented out for one week to several months at a time in the DR starting from around 00 – 00 a week, making it possible to have at least a 30% return on investment within the first six months of owning the property.
Don’t waste any time! The recent integration of these laws, ease of which a foreigner can purchase real estate, the significantly undervalued property and the high predicted return on investment, make it so that there has never been nor will there ever be a better time to invest in the Dominican Republic.