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Dominican Republic Set To Benefit From Resurgence Of Low Budget Buyers

News Posted On: 28 May 2010

Dominican Republic property is set to benefit from a resurgence of low-budget buyers, due to the market's low prices and subsequent value for money.

Caribbean property has been selling well since April last year, but this has previously been in the expensive markets like Barbados and St Lucia etc. This is because before recently wealthy people were the only ones in a position to buy, due to the lack of financing and the lack of confidence in other income classes.

However, recently reports have begun to suggest that lower-budget buyers are coming back into the overseas property market in the hopes of getting a better property for that budget than they could have before the crash -- many of them of course having postponed their plans to buy when the crunch came down.

So far the reports have concerned European markets, with both Primelocation and Rightmove Overseas reporting substantial increases in searches for places like Cyprus, Bulgaria and Turkey. However, it is logical to assume that these reports will span outwards to low-cost destinations around the world, including Dominican Republic.

Along with the Venezuelan Island of Margharita, the Dominican Republic offers the lowest priced property in the Caribbean. Before the crunch, rising tourism led to many developments offering guaranteed yields of 10% or more. Now that things are recovering, people will be keen to get in and buy while things are still slow, in the hope that a lower offer may be accepted.

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