Dominican Republic property market 'still strong'

Wealthy property investors are heading to the Caribbean as many individuals travel to the archipelago in search of a better quality of life and tax situation, Overseas Property Professional (OPP) has reported.

The news could mean that the housing market in the Caribbean's second largest nation, the Dominican Republic, is likely to see a rise in the number of people looking to purchase property.

One agent in the region has reported a massive growth in enquiries of 40 to 50 per cent during the month of January compared with 2009.

Walter Zephirin of 7th Heaven Properties told the website that homebuyers are able to take advantage of the fact that the market has not dipped like many others in places like Spain or the UAE.

"A lot of proposed developments never happened because of the crash and this has helped keep property scarce and so maintained prices," he added.

Furthermore, OPP cites a number of programmes present in the Caribbean that allow potential investors to become citizens of various countries as one reason there has been a rise in the number of interested parties.

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