The Dominican Republic is a contender for best overseas property market, claims one financial advisory company.
The first reason why the Dominican Republic is rising to prominence as an investment location is its rapidly developing tourist market, says Maclee Sipps. The year round sunshine and fantastic climate make it a magnet for tourists from all over the world. Indeed, bookings to the Caribbean in general were up in 2011/12 and by as much as 800% in the Dominican Republic in the past year according to a report by Hayes and Jarvis.
This can only fuel demand for holiday rental property, particularly on established resorts where facilities are of a high standard. Resort property in these locations also comes fully managed, so investors can enjoy the profit without the hard work of maintenance.
Developers even feel confident enough to offer two years guaranteed rental in some locations and with prices low in comparison to equivalent properties in Europe, property in the Dominican Republic is about to get a lot more interesting as an investment proposition.
The Dominican Republic has also been nominated in this year's so-called Oscars of the tourism industry, the World Travel Awards (WTA). The Dominican Republic has been nominated in 14 categories. These include the leading airport lines (with the terminals of Punta Cana and La Romana), best beach resort, leading cruise destination, best sports tourism destination, best hotel, boutique resort, and leading casino resort in the Caribbean.
The Dominican Republic has also been entered into the categories of all-inclusive hotel, family and golf resort, leading honeymoon resort, leading resort and all-inclusive luxury resort in the Caribbean.
Aside from tourism, The Las Terrenas region of the Dominican Republic has been singled out as one of the best places in the world in which to buy a property according to The Global Real Estate Index compiled by International Living magazine.
The country ranked fourth out of 27 for numerous factors including value for money and the predicted rental income from beachfront property.
Gary Mcard MD of Macleesipps argues: "Right now there are few better places to invest in holiday lets than the Caribbean and the Dominican Republic is already a favourite destination with us Brits. The growth of tourism in the area has been staggering and this can only feed the appetite for investing in property that is excellent value for money and, if you invest with a SIPP, you get an excellent investment for the future."