Real Estate in the Dominican Republic
Why Dominican Republic? Medina explains that tropical destinations are appealing to US baby boomers and European retirees. Now more than ever, baby boomers preparing for a carefree life are looking for value in their dream getaway in the tropical climates where their pensions will buy more and they may have access to services they may not necessarily have at home. High real estate taxes and a floundering US economy have many retirees from North America seeking alternatives in the international real estate market.
As it turns out, Dominican Republic is among the top ten destinations in the Caribbean, Central and South America for places to retire, along with Mexico, Costa Rica, Belize, Panama, and Brazil.
Once described by Christopher Columbus as "a beautiful island paradise", the lush and culturally diverse Dominican Republic is the second largest Caribbean nation, making it an attractive alternative to settling in the US. "The Dominican Republic has it all," says Minister of Tourism Javier Garcia who speaks of its unspoiled beauty, diversity and accessibility.
However, the island cannot help be touched by global economic winds and the US slowdown, with 32 percent of its visitors arriving from the United States, 19 percent from Canada and 40 percent from Europe, according to the Central Bank of the Dominican Republic. The United States, Canada, Western Europe and Japan buy the majority of Dominican Republic exports, which makes the country vulnerable to global economic conditions.
Why invest in a Villa
According to a recent report by Dominican Republic Ministry of Tourism, visits increased in 2008 with more than 3.4 million guests choosing the Dominican Republic as their vacation destination -- a 1.45 percent increase compared to the same period in 2007. US tourism remain steady, with more than one million arrivals for the fourth consecutive year, and North American visits faring consistently better than those from Europe by about 24 percent.