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For further reading on "property market in Dominican Republic" visit EMP Advisers website.
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The Dominican Republic, known as DR is the second largest country in the Caribbean with 805 miles of coastline. The population is 9 million. Flight time from the UK is 8 hours. The Dominican Republic is the largest cigar producing country in the world!
The temperature is between 18-27 degrees therefore there is only one season which is summer.
The island is very tropical and has breathtaking scenery including dense rainforests, rivers with rapids, waterfalls and mountains. This creates opportunities for sporting enthusiasts, with activities such as mountain biking, white water rafting, kite surfing, windsurfing, horse riding and golf. There is also the opportunity to see humpback whales by boat.
There are a number of excellent golf courses on the island. The development is bordering the Playa Dorada golf course designed by Robert Trent Jones, which is listed in the top 100 golf courses outside of America. There are other excellent courses some with ocean front fairways. Playa Grande is considered the best in the Caribbean. Nick faldo and Jack Nicklaus are designing courses for the near future.
Our developments are on the North coast of the island, in Puerto Plata which is known as the amber coast. The north side of the island is protected from hurricanes by the 2,600ft high mountain, Mount Isabel de Torres. The mountain also creates a stunning backdrop.
Puerto Plata is already a very popular tourist destination with a shopping complex called Plaza Turisol with 80 outlets, most offering upscale merchandise.
Puerto Plata has a new attraction called 'Ocean World Adventure Park'. The largest marine attraction in the Caribbean. Visitors can swim with dolphins with their interactive program, or take a snorkel reef tour amongst other attractions.
The Dominican Republic used to be more popular with European visitors, however this is changing. New figures show that 49% of passengers visiting the Dominican Republic came from North America and now 43.4% from Europe.
Carlson Wagon-lit travel agents of the US list The Dominican Republic as the fourth most popular international vacation destination for Americans after Caribbean Cruising, Cancun-Mexico and the Mayan Riviera-Mexico. Today the Dominican Republic is the No 1 holiday destination for eastern Canadians.
Tourism is gearing up for the amounts of U.S. visitors and the changing requirements of travelers, moving from an all-inclusive type of visitor to a more up market visitor with higher demands. This is leading to rapid investment in the area as people see the potential in comparison to other more established Caribbean destinations.
Donald Trump is opening a US$1 billion-plus resort and residential development on the East Coast of the island and chose the Apprentice winner, Stefani Schaeffer to direct the operations, putting The Dominican Republic in the US limelight yet again.
The Government is currently spending $20,000,000 on an international marketing campaign to attract tourists from around the world.
2005 reported an 8.3% increase in visitors to the islands and 2006 reported a further 9% increase in bookings making the average occupancy rate on the island 86.6%.
Law 158 in December 1995 allows unlimited foreign investment. In October 2001 this was extended to make investment in business and upscale tourism exempt from income tax for ten years. No Stamp Duty on property purchases which is usually 4 % of the property price, No Tax on Rental Income and no Capital Gains Tax for ten years.
The Dominican Republic has such diverse, beautiful landscape, offering activities for everyone, but up until now has limited choice in terms of accommodation. With more up market developments opening on the island, this will open tourism up to more visitors and push the popularity of the Dominican Republic even further.
