A paradise at your fingertips
The Dominican Republic catches the eye of many American property investors. It has always attracted foreign tourists and European investors, thanks to its miles and miles of soft-sand beaches. The French especially, have been moving to and investing in the Dominican Republic for generations, while the German, Russian and Italian communities are increasing.
In recent years the economy of the Dominican Republic has been the one with the fastest growth in the Americas. It grew from 6% to 7% per year from 2014 to 2016 and 4.8% in 2017. Further growth for 2018 is expected at 4.5%.
Much of the expansion that the country has gone through is due to the millions of dollars brought by the North American and European tourists who flock to this beautiful island.
Alongside economic growth, the country’s president, Danilo Medina, re-elected for the second time in 2016, has re-issued the priority of education, sponsoring adult literacy and training programs and building 2,500 new schools.
The country’s infrastructure is improving dramatically. Roads and sidewalks are being built, utility cables are being buried underground and new highways now connect most of the resort and beach areas.
More flights from the United States make the island more accessible to foreigners; the Carnival cruise line brings a ship a day to Santo Domingo’s cruise dock as well. The number of intercontinental hotels has increased to accommodate them. Including a JW Marriott and an Embassy Suites by Hilton, a Hard Rock Hotel, and an Intercontinental. Health is no less important, with structures and operators of international level.
More flights from the United States and Europe make the island more accessible to foreigners (Punta Cana airport is the busiest in all of Central America, the Carnival cruise line takes one ship a day to Santo Domingo and, in the north, in Puerto Plata, the number of intercontinental hotels has also increased, to accommodate them all, including a JW Marriott and an Embassy Suites by Hilton, a Hard Rock Hotel and an Intercontinental.
The RD receives about 6 million tourists a year, ranking third in Latin America in number of visitors, only behind giants like Mexico and Brazil; about 50% of these come from North America. The country is also trying to attract more Chinese tourists by improving trade relations with the Asian giant. The goal is to reach 10 million tourists within six or seven years. All of these features are a real incentive for those who want to make a real estate investment in the Dominican Republic!
In addition to tourism, another advantage of the country’s economy is the export of agricultural products (bananas, coffee and cocoa) and the mining industry.