On the island’s less-trafficked northern coast, where “everything is on a smaller scale,” a stable economy and increased tourism are driving a slow market uptrend.
The Dominican Republic’s real estate market has not yet fully recovered from the 2008 global financial crisis, agents said. But Cesar Herrera Gutiérrez, the president and chief executive of Provaltur International, the exclusive affiliate for Christie’s International Real Estate in the Dominican Republic, which has this listing, said prices for top luxury homes are stable, and in some cases have begun to rise. He defined these homes as being in the top 1 percent of their local markets and typically having an asking price of at least $5 million.
Overshadowed by an explosion of all-inclusive resorts in its Punta Cana resort region, the Dominican Republic’s capital city of Santo Domingo is steadily gaining ground as a magnet for visitors with several new hotel openings in the last two years.
Demand for Caribbean real estate has doubled during the first six months of 2015 compared to the same period last year, according to analysis of enquiries conducted by Caribbean luxury property specialist 7th Heaven Properties.
Analysis of enquiries received via the 7th Heaven Properties website and the company’s magazine The Caribbean Property Investor indicates that interest in residential and commercial real estate in the Caribbean has increased dramatically across all price brackets.
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