Boasting miles and miles of beautiful beaches, world-class championship golf courses, lush, sprawling nature reserves, a long history and rich musical culture, the Dominican Republic has recently emerged as a tourism hot spot.
This rapid growth in tourism has fuelled a boom in property. The country attracts more tourists than any other in the Caribbean and increasing numbers of visitors are clearly smitten.
New real estate developments including luxury villas and apartments with access to golf courses and yacht marinas are springing up.
In addition, ranking 2nd place in the NEF's Happy Planet Index, the Dominican Republic, as the Caribbean's second largest island, and the second largest economy benefits from well developed infrastructure and has so much to offer a property investor.
Capital: Santo Domingo
Area: 19,000 square miles
Currency: Dominican Peso
Buying property: There are no restrictions on foreigners buying property. Be sure to engage the services of a reputable real estate lawyer who will undertake due diligence and provide an escrow account for payment, including for the 10% deposit.
Property taxes & fees:
Buyers are required to pay a 3% Transfer Tax and 2% Registry Tax.
7th Heaven Properties is the Caribbean property specialist, offering homes, villas, land and commercial real estate for sale from across the entire Caribbean, including the Dominican Republic. Please see our website for all kinds of Dominican property for sale
Labels: buying guide, Dominican property, Dominican real estate, Dominican Republic, property taxes