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What crisis? Dominican Republic tourism real estate projects forge on

Article provided by Dominican Today

Santo Domingo.- Contrary to what occurred in other countries which compete with Dominican Republic, investments in tourism real estate projects continue growing as the result of the strong position of local banks and lower interests in the wake of the global financial crisis.

Dominican Tourism Realtors Association (ADETI) president Juan Bancalari affirms the scenario has led to the creation of new residential facilities in the different tourism regions. “The financial sector played a preponderant role in the reactivation of the tourism real estate sector.”

Though the hotelier didn’t specify figures the Tourism Ministry had previously announced that to October 30 the Tourism Promotion Council approved and classified 44 projects of US$7.9 billion, to build 54,725 non-hotel rooms and complementary offers.

Bancalari affirms that the tourist who invests in luxury real estate projects and tourism residences become part of the country due to the society created, adding that they come to Dominican Republic more than twice a year and bring relatives and friends with them, which may produce a new investor.

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