Dominican Republic Property Set For Increasing Sales
News Posted On: 15 October 2010
After being hit harder by the recession the Dominican Republic has recovered strongly in 2010. According to official figures Dominican Republic GDP grew 7.5% in the first half of 2010, making it one of the fastest growing economies in the world.
Property sales have also been hit hard, as the credit crunch hit buyer confidence and risk appetite in the stomach with a sledge hammer. This of course had an effect that increased near-parallel to distance; buyers have been favouring markets closer to home and avoiding the far flung destinations that were seeing popularity during the boom.
This obviously affected Dominican Republic property, which was hit harder than some in the Caribbean because of its issues with wealth distribution.
However, confidence is finally returning, and, more importantly for Dominican Republic property low budget private investors are also returning; targeting low priced properties in high growth markets. Dominican Republic property puts a huge tick in both those boxes.
We forget that the Dominican Republic is the largest economy in the Caribbean, largely because it is the top tourist destination in the Caribbean, which as we all know is a region fuelled by tourism.
But unlike many in the region, tourism is not the only string to the Dominican Republic's bow, it is an increasing presence in international trade. Free trade agreements with the US, Central America and Europe are already in place, and negotiations being made to open free trade agreements with Taiwan and Canada.
The IMF, and the ECLAC (Economic Commission for Latin America and the Caribbean) are predicting 6% growth in the Dominican Republic economy this year, we predict a surge in sales in 2011's overseas property hot seasons (Jan, Feb, Sep, Oct).
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