20 June 2008
According to the nation’s Tourism Minister, Felix Jimenez, there has been an 8% increase in tourism arrivals in 2008, supported by statistics from the Central Bank released earlier this year which reveal that in the first four months of 2008, 1.6m visitors arrived in the Dominican Republic, an increase of almost 6% year on year from 2007.
Tourism is vital to the country’s overall economy and as a consequence, the government aims to reach 5m annual visitors by 2012, according to the Dominican Republic’s 2008-2012 Tourism Plan, which was recently released. This is expected to generate around £100m in annual revenue.
Steve Worboys, MD of Experience International, comments: “For those seeking the ultimate property investment opportunity now could be the perfect time to invest into the undeniable potential that the Dominican Republic represents. Not only is the nation affordable and committed to maintaining its accessible status as one of the most reasonably priced Caribbean destinations, but millions of dollars of investment are going into everything from golf courses to marinas, from boutique style shopping malls to spas and sports facilities. Already ‘the Caribbean’s Number One Destination’ according to the World Tourism Organization, the Dominican Republic could soon be the number one destination for luxurious yet affordable resort style real estate offering exceptional rental yields in the region too.”
Experience International is currently offering properties for sale in the Dominican Republic, which are subject to rental guarantees. One such development, Swaying Palms, offers investors 7% annual rental guarantee. Prices of apartments within the gated and private luxurious community of apartments and penthouses start from around £75,000, but could soon appreciate in value. The company reports that the ‘projected capital growth’ for the next 5 years is 220%.
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