West Indies Real Estate encouraged by latest trends
In recent months, West Indies Real Estate has found that the
Change of lifestyle and owning a vacation home feature high in the reasons for buying, but there has also been a very steady build-up, in the last couple of months, of investors scanning the market again.
Retirees are still buying, but are proving a little more cautious in committing to an overseas home in the
Eco-friendly homes, whilst usually of interest, have not figured so highly in the requirements of our purchasers. However, eco-friendly land for organic produce is of great interest to many farm owners from
Sports, such as golf, remain a strong attraction to second home purchasers and the north of the island has shown a noticeable interest in the renovation of existing courses to higher standards of late, improving choices for golfers.
Encouraging North American purchasers to look beyond their own country for a second home has always been a challenge, with most buyers choosing to stay within 1,000 miles from their home. However, with the benefits of a larger airport and heavier traffic reported this year, the
Without a doubt, a 2 bedroom/2 bathroom condo within a short walk of the beach remains the most popular choice for purchasers over here, with many budgets nowadays starting from around US$100,000+. Tropical villas as single-family homes with a good-sized lot and private pool, on average costing around US$250,000, are also very popular. We are finding that most clients do not require financing, cash usually being available to make the purchase.
Despite the world economic situation, the fact that the Dominican Republic is a ‘destination’ has meant that prices, to some degree, have remained fairly stable; although there have been a few exceptions, with owners willing to negotiate considerably, dependent on their situation.
The future is starting to look good.
West Indies Real Estate