dominican republic tourism weathering the crunch
News Posted On: 16 July 2009
The Dominican Republic is faring better during the credit crunch than many of its rivals because of the low cost of living and low property prices it has been claimed.
The country was enjoying massively rising tourism figures in 2007 and the same was expected during 2008. The credit crunch has stunted tourism growth around the world, but the Dominican Republic has not been as badly affected as many people expected, according to overseas property portal Property Abroad.
"Though we are known as a property sales portal, in recent years we have grown a sizeable database of private rental properties as well. From the enquiries we get for private rental properties that we get, we have found that the Caribbean markets, and many other far-flung destinations for that matter have been badly dented by the international economic crisis, the Dominican Republic has fared extremely well," said Les Calvert Property Abroad.com director.
"We have to suspect that this is because living costs are lower than most other places in the Caribbean," he added.
Tourism is one of the main drivers behind overseas property investment in the Dominican Republic, and property investment has reduced more than tourism, as people believe tourism has been affected worse than it has Les said.
The Dominican Republic is also set to benefit from greater accessibility in the near future as the budget airlines battle for the Caribbean market according to the Sun Sentinel in Florida.
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