By: Michelle Wong
The Dominican Republic is a hot spot and great vacation destination for travelers.
It has become a destination also for foreigners that are looking to find residence
while they work in the country. In the past 10 years, the Dominican Republic has
become a very popular area for foreigners like Germany, United Kingdom, Spain,
Venezuela, Italy, Colombia, Argentina, etc to call this country their second home.
Many foreigners relocate because of the business they have or the companies that
they work for change locations. This also means a great opportunity for the
builders, developers and real estate brokers for the vast growth in the real estate
market. There is a large amount of money being invested into the Dominican
Apart from the hotels and resorts being built, there is a rapid growth with
residential development. There are more apartments and condominiums being
built in the city of Santo Domingo and the smaller city of Santiago. The larger
residential homes are being built in the outer areas such as La Romana and Bani.
The homes that are built are being bought by outside investors that have money
to buy in these upscale areas. Such clients are celebrities such as Julio Iglesias. He
bought his home back in 2011. There are European based real estate investment
companies that have opened offices in the Dominican Republic. They offer
exclusive properties for sale that are newly constructed.
There is also construction of commercial real estate as well; there is construction
of office buildings, clinics, outlet malls, restaurants. There is an increase with
American themed restaurants in the city of Santo Domingo. From Pinkberry to
Applebee’s, they have most of the American chain restaurants. This also boosts
the economy in the country because it generates jobs for the natives that live in
the country. There is such potential for growth in this Caribbean Country.