Real Estate Tourism Booms in Dominican Republic

Armen Hareyan's picture

Property outlook is great and the real estate tourism is booming in Dominican Republic, says the forecast from the Dominican Association of Real Estate Tourism Companies (ADETI).

U.S. $1.5 billion is invested in real estate property developments in Dominican Republic, says the ADETI president Juan Bancalari. The real estate tourism prospective is even more upbeat considering the fact that it is expected to attract US$3.0 billion per year within three years.

Marinas, beaches and golf courses are the leading factors that make the real estate tourism and investment in the Dominican Republic hat attractive. However, the country has competitors such as the wonderful beaches of Mexico and Central America. For this reason Bancalari, the president of Dominican Association of Real Estate Tourism Companies, says that the country needs to project an image of security for real estate and other types of investments to develop tourism and properties for European and American holiday vacationers.

It seems that the projection of secure investment environment is working. As the real estate development is experiencing a slump in Florida, a local engineering company is looking not only outside of the box, but also outside of the U.S. borders. “Bonita Springs-based Stafford Engineering will open the doors of a new office in downtown Santo Domingo, the capital of the Dominican Republic, on Tuesday and begin offering architectural, engineering, real estate, construction management and business relocation services in the Caribbean Island country.” – reports in its July 31, 2007 issue.

The newspaper says that “Other Southwest Florida businesses also are moving into Caribbean markets, Garcia added: Cape Coral-based Bellagio Homes and SJR Development are developing a residential community in the Dominican Republic, and The Jack Parker Corp., a Fort Myers-based real estate development company, is building a mixed-use community in Costa Rica.”

There is a change in tourism and holiday vacationers’ trends. According to Frank Rainieri, the vice president of ADETI, tourism is changing toward real estate tourism. "Before hotels were simply pure hotels. All the large chains of the world (...) are already entering the tourism real estate component. I believe that that already creates the new dynamics of investment in the tourism sector." -

Tourism, and particularly real estate property tourism has been among the top five currency generating factors for Dominican Republic. It was this type of tourism that created the boom in the coastal areas of Southern Spain in 1970s and 1980s, which used to be Spain’s most economically depressed areas. Today, due to the real estate tourism and boom in properties those have become some of Spain’s most developed and attractive areas. Dominican Republic intends to do just the same by attracting more real estate tourism and creating a good image that investing in Dominican Republic’s real estate and property market is safe and secure. -

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