New figures show that the Dominican Republic is the number one tourism destination in the Caribbean.
And the growing demand is echoed by increasing investor interest in real estate.
Up until the end of July, DR attracted almost 2.5 million tourists, according to official figures just released by the ministry. That’s more than for the whole of 2020, around the same as 2019 and the highest figure in the Caribbean.
As more vacationers experience the warm weather, vibrant way of life and just how far money can stretch in the Dominican Republic, where the cost of living is low, they become interested in real estate options for holidays and investment.
Leading developer, Noval Properties, has completed more than 2,000 luxury resort units, with many waterfront, golf courses and beach projects in and around the leading tourism destination, Punta Cana.
Director Business Development, Barbara Warren says, “ Millions of tourists come to Punta Cana every year looking for a beach vacation and fall in love with the lifestyle so much they want to stay.
“High demand from tourists and investors means we have sold out in many of our prime resort communities and other luxury units in our new Oceana waterside development are going fast! We have also seen a significant uptick in sales of turnkey-ready properties.
“They are a great option for visitors who want to come back time and time again and earn rental income when their property is empty to offset costs. Tax incentives, permanent residency options and tax-free pension income are other strong incentives for foreign property buyers.”
Tourism Minister David Collado says the Dominican Republic attracted 2,470,282 visitors during the first seven months of the year and he expects a similar number during the rest of 2021.
One factor for the rise is that the number of flights, routes, frequency, occupancy and cruise ship arrivals have all risen on the previous year.
Mr Collado says, “I am enormously proud to be part of this recovery. The path continues and the commitment to my country grows every day.”
The connection between rising tourism and real estate demand is well known. As tourism director, Lucien Echavarria has said, “Interest in Real Estate in the Dominican Republic, particularly Punta Cana, remains high because smart investors know the DR is the type of destination travelers are looking for right now.”