The Dominican Republic may well be next on the Brit hit list of hot property destinations as a fluent market and demand for properties has bolstered interest in the island over the past 12 months, in particular with British investors.
In recent years the Caribbean island has been a popular holiday destination with Americans and Canadians who are only a few hours’ flight away but more recently, it has seen a growth in the number of Brits seeking property bargains.
Traditionally the domain of the holiday maker and honeymooners, property seekers are now looking at the island as a destination that will get a good return on a property investment with one in seven people in the UK saying that they would consider buying an overseas property in the Caribbean.
The Government’s recent $5million investment in the expansion of the island’s infrastructure is one of the factors boosting the potential for property investment coupled with a push for more tourism, the acceptance of foreign currency and an increase in international flights to the island from Europe and the UK.
While the cost of property is not rock bottom, it offers Brits a chance to buy in a relatively undeveloped area of the world. Prices for budget properties start at around £85,000 and a luxury villa can cost anything from £300,000 upwards.
Cap Cana, one of the island’s most luxurious resorts set within 30,000 acres along the island's southeast coast is said to be attracting the likes of Beyoncé Knowles. With five hotels, five golf courses and thousands of homes, already 33 percent of Cap Cana has been bought by Americans wanting to snap up a luxury holiday home. In addition, the island boasts a number of eco-adventure opportunities and a number of celebrities are already claiming a stake in the island including Brad Pitt, actor Vin Diesel and Robert De Niro.
With prices so competitive and the perpetual increase in the areas popularity with tourists, experts are suggesting that property in the Dominican Republic is going to be a safe investment with prices only set to rise and rental potential drastically increasing in line with its popularity.
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