Dominican Republic’s 2nd home tourism resurges
Santo Domingo.- The recovery of tourism real estate for a second home, after surmounting the 2008 global financial crisis, has resurged in the country during the last three years, Realtor Association (AEI) president Emil Montas affirmed Monday.
He said a new niche in the first-house market has also been developed in Santo Domingo, as foreigners with a high buying power have come to live in the capital after having made large investments in the metropolitan area in the past two years.
He said the sector’s dynamism comes in the wake of the United States housing crisis when property prices plummeted.
The business leader said although not many projects are being built, construction companies have begun selling their inventories at second-home tourist projects. “The lowering of their inventory will lead to the construction of new projects.”
Montas said Punta Cana is one of the areas where the revitalization is most felt and stressed that the boost in sales stems from lower prices and the construction Coral Highway, which cuts the Santo Domingo-Punta Cana trip to one hour and 45 minutes.
Quoted by hoy.com.do, the real estate leader added than the tourism destination also has the cheapest first-house projects being developed since the employees at resorts and of local businesses prefer to live in that area. “Punta Cana is becoming a community, more that just a tourist destination.”
Category: DR News |