Dominican Republic Property Sales Set For 2010 Increase
News Posted On: 13 January 2010
2010 is set to be a very good year for foreign sales of Dominican Republic property
Caribbean property sales dropped off a cliff in the second half of 2008, when the faceless US credit crunch became a crisis of international proportions, and even those not affected stopped buying overseas property and other extravagances for fear that they might be if it got as bad as predicted.
Unfortunately, the Dominican Republic market had previously been attracting predominantly low budget buyers, and so, while high-end developers were able to increase sales by cutting back on luxuries to reduce prices, Dominican Republic developers did not have as much room to manoeuvre.
For that reason, while Dominican Republic continued to struggle, the high-end markets saw sales increasing since April 2009. This is when the price-cuts combined with the recovery in international economies reducing fear on a grand scale, as the full extent of the crisis could then be seen.
However, this was largely because those buying in 2009 were predominantly the better off among society, those who hadn't been affected directly by the crunch, but who had stopped buying on fear alone.
In 2010 the recovery in international markets is expected to continue, if potentially at a slowing pace as central banks remove their stimulatory measures. The longer the recovery continues the more confidence will continue to build down and down the pay scales.
Dominican Republic property is still the bargain of the Caribbean, and still has one of the fastest growing tourism sectors. When the low-mid budget buyers return to the market this spring Dominican Republic property is almost certain to be a favourite.
View Dominican Republic property for sale
Op-ed written by Liam Bailey
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