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Dominican Republic Offers Affordable Caribbean Living

News Posted On: 19 October 2011

First discovered by Columbus in 1492 The Dominican Republic – like most Caribbean islands -- has unspoiled towns with picturesque churches and brightly coloured houses. The island is proving to be popular with holiday home buyers looking for a bargain, because there are many areas where Dominican Republic property is the cheapest in the Caribbean, as well as some where property is very expensive. The island’s simple residency requirements are another attraction to those looking to retire somewhere warm, especially as temperatures tend to be a steady 80°F year-round.

The island covers an area of less than 19,000 mi.² maaking it the second largest country in the Caribbean, and much of the economy being based around tourism. The capital city of Santo Domingo has a population of around 4 million and includes all the amenities you would expect in an urban area including a national theatre, upscale shopping and restaurants.

Last year one of the resorts on the island made the list of Luxury Living International magazines top 10 beaches to live, and the hotels along this stretch of beach can charge up to $700 a night. Luckily property prices don't (yet) reflect this attractiveness as a three-bedroom house with a pool and capable of fetching $1,200 a week in rent costs just $275,000.

Rental property on the island averages 50% occupancy, and it is possible to buy property just 10 minutes’ walk from the beach for around $70,000. The Dominican Republic is particularly popular with visitors from the United States as it is a short flight from Miami and just four hours from New York.

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