In 1492, famed adventurer Christopher Columbus sailed the ocean blue. He landed in the Dominican Republic on December 5, naming it La Isla Española; some say he was confused, believing that he had set foot in America. However, the absence of any form of fast food chain on its shores should have corrected that impression within seconds!
Christopher returned to the island in 1493 and founded the first Spanish colony in the New World, the city of Isabella. So, in some respects, the Dominican Republic was already a property hot-spot in the 15th and 16th century. Today, the island has extremely strong political and economic ties with North America: in fact, the Dominican American community in the US remit an estimated three billion dollars per annum to relatives at home.
The country used to enjoy GDP growth of more than seven per cent between 1998 and 2000 before it got hit by the global economic slowdown. Things are getting better now and with the economy looking like it has hit bottom, it may be an auspicious time to buy property if you consider it as a long-term investment or a Caribbean second-home escape.
There is a crop of top quality, low-rise new-build property in the pipeline at very acceptable prices. The climate is tropical with minimal seasonal temperature variation and cyclical rainfall. Add to this a mixed terrain of rugged highlands interspersed with fertile valleys and you have a very desirable destination.
At 48,380 square kilometres, the Dominican Republic is slightly more than half the size of the UAE. By the look of it, there is considerable scope for development. While new builds are the theme of this article, a yen for the classic conquistador or a plantation farmhouse may also be satisfied here. La Altagracia, for example, is a beautiful expanse of wide open space attracting many new residents every year. The golf estate boasts more or less perfect all-year weather conditions aside. Here is a sample of whats on offer: The apartments at La Gema Bahia come with full air-conditioning; the master bedroom comes with an on-suite bathroom and direct access to the balcony or terrace, combined dining and living room, two bedrooms, two bathrooms and views of the golf course. Price: dhs960,000.
Also, take a look at this: Palma Cana Golf Apartments is a luxury residential estate within the Cocotal Golf and Country Club. The Development consists of 24 apartments, one to three bedrooms, and communal swimming pool. Choice of ground floor or first floor apartments, views of the golf course, starting at dhs495,000.
Quite an appealing alternative in the tropics, wouldnt you say?
Andy McTiernan is the editor-in-chief of Property World Middle East. Contact him at pworld@eim.ae
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