Dominican Republic Villas And Tourism Development
The Dominican Republic is a Caribbean island that has enjoyed constant growth in the past 20 years
, with a stable Gross Domestic Product yearly increase in the two digits or over. Tourism has been the driving force behind this economic growth, fueling the development of hundreds of resort developments, especially along the beach and ocean front shores.Among the large scale projects there has also been an increase in the development and construction of oceanfront luxury villa residential communities that have created a self-catering villa rental market along the North coast and some areas of the Eastern part of the island.
The first luxury villa development in the Dominican Republic started in La Romana in 1975, named Casa De Campo by an Austrian named Charles Bludhorn, under the wing of the Gulf and Western Corporation. A resort that was opened in 1971 in what's known as Punta Cana, was later expanded into a modern development that included villas and condos (now called Punta Cana Resort). Cap Cana, another big name in the resort development world, is the largest single project in the entire region.
Later in the beginning of 1981 Playa Dorada opened its doors in Puerto Plata, the first area to market the country as an all-inclusive top destination overseas. Soon the area took off, and the smaller beach side towns of Sosua and Cabarete began to turn agriculture into the more profitable business of tourism.
The next 30 years would see a booming economy in the North coast that would gradually fade because of market conditions and new competitors within the island.
During the best years of tourism development in the Puerto Plata area, luxury villa communities such as Sea Horse Ranch headed by William Kirkman would bring high end property owners to Sosua and start a trend that later saw Haciendas El Choco, Perla Marina, Hideaway Beach, Playa Laguna, Sol de Plata Gardens and other fine residential gated communities.
Dominican Republic villas began to become a trademark in the international scene, almost a lifestyle. Socialites and people from the political and entertainment world soon began to buy villas here as they did in Palm Beach a few decades earlier.
East of Puerto Plata, a new tourist enclave was taking shape. Cofresi began to emerge as a new vacation villa spot with several beach resorts and vacation clubs such as Lifestyle Holidays and Sun Village. Several foreign investors purchased villas there in order to make rental income and take advantage of the resale value. Today, a villa in Cofresi beach costs well over a million dollars, if you find one for sale.
Farther to the Northeast, a quiet oceanfront town was also the target of wealthy investors that discovered the benefits of developing land in the Dominican Republic's pristine areas. Cabrera saw the creation of Orchid Bay, a multimillion dollar gated community that boasts some of the largest, and expensive luxury villas in the country. Smaller communities such as Sea Tree and others are still in the first stages, and many individual villas built along the shores.
Oceanfront condos have also taken over in the North coast, with hundreds of millions of dollars literally poured into Sosua, Cabarete and nearby areas in the past 8 years. The landscape of the northern shores has to be seen in retrospective to fully understand the changes taking place and how it is benefiting the locals and the country.
Nowadays the North coast has seen a shift in the way foreigners see the area, more like a self-catering vacation area than like an all-inclusive destination, which is why many are buying homes and villas here to come each year or just retire. Several hotels in Playa Dorada and Sosua are being turned into condos for sale, following the new "real estate tourism" trend that is taking over the whole area.
Puerto Plata still being the number one place to buy low cost houses with ocean view, it still remains as the favorite area to settle for retirees. Sosua, Cofresi and Cabarete are more active, fit for people who come to vacation and put their villas into the rental pool while they don't use it. Places like Residencial Hispaniola and Casa Linda have created quiet atmospheres in smaller than usual villas, attracting low budget buyers and rentals that keep the market going despite the world economic recession.
Compared to other destinations, the Dominican Republic is still a bargain. Samana was recently purchased by a group of investors that will turn it into the next Cap Cana in a few years time. It is known that Mr. George Bush Sr. was touring the area with telecom magnate Carlos Slim and media tycoon Jose Cisneros, who is the main voice of the project.
Being blessed as one of the most beautiful islands in the Caribbean, and a stable way of life has made the Dominican Republic villas one of the best investment choices for foreign and locals alike. And with so much undeveloped land still waiting for more projects, we'll surely be here again to report on the real estate market.
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