dominican republic property market well placed to recover quickly
News Posted On: 17 August 2009
The International Monetary Fund is forecasting a 0.5% growth in the Dominican Republic economy for this year, with a growth of 2% next year. The IMF has loaned $5.1million to the Dominican Republic so they can survive the crisis without digging into their reserves too much.
This is a good indication of the resilience of the emerging Dominican Republic economy, especially given that the Economic Commission for Latin America and the Caribbean has forecast a 1.9% contraction in the region's economy for this year, with a strong return to growth of over 3% next year.
In all honesty however, the economy is not one of the main factors looked at by those buying property in the Dominican Republic -- for investment or lifestyle -- with the exception of one industry sector: tourism.
The Dominican Republic began to grow rapidly from about 2006 onwards, and this growth had actually started to accelerate further in 2008. At this time developments were being launched with guaranteed rental yields of over 10% on apartments priced under £20k -- times were good.
There are indicators to suggest that the Dominican Republic tourism sector has not been affected as badly as others in the region and around the world. This is because of the low living costs in the Dominican Republic, which give it the strength of offering a cheap Caribbean beach holiday.
For these reasons it is a fairly safe bet that the Dominican Republic property market will be well positioned to recover quickly from any affects of the international downturn that it has suffered.
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