An article titled “Second homes: A gust of new development in the Dominican Republic” recently appeared in USA Today.  The article was very positive, which is good news for investors and those considering investing in real estate in the Dominican Republic.

The article’s focus is on the north coast, and specifically  the Samana Peninsula, Cabarete and Puerto Plata.

Some of the highlights of the article include:

• The Dominican Republic has long been a favorite of US and international buyers, thanks to plentiful beaches and high-quality golf courses, high-end developments coupled with affordable prices, and a stable, democratic government.

• Now, thanks to infrastructure improvements and the simple desire to find the next hot place, second-home buyers are heading back north, spurred by the development of the Samana Peninsula.

• The newly emerging Samana Peninsula began as a second-home destination for Dominicans but is increasingly being “discovered” by overseas buyers.

• Samana Peninsula: Several towns on this 40-mile-long peninsula are seeing development, but for US buyers, the runaway favorite is Las Terrenas.  Already home to several boutique hotels, the longtime fishing village is emerging as a culinary hotspot, with European chefs taking advantage of the seafood.

To read the whole article, go to USA Today.

December 3, 2009

Article supplied by Dominican Today

PARIS. – The French Enterprise Movement (MEDEF) today stated its interest in making Dominican Republic the front door for a second wave of investments from its country in the areas of tourism, energy, rail transport, technology, banks, perfume and telecoms in the rest of the Caribbean.

As part of the French strategy to continue investing abroad, president Leonel Fernandez was treated to a breakfast to explain Dominican Republic’s attractive investment facilities in beach and mountain tourism, extreme aquatic sports and in the renewable energy, telecom, medical industry and retail sectors, with legal security guaranteed.

Around 35 representatives of French companies heard Fernandez affirm that despite the global economic crisis’ negative effects, the Dominican economy grows steadily , which spurs confidence in foreign investors who continue bullish on the country’s stability.

He said the country offers the best possibilities for French investors, that already have a massive presence in northeast Samaná province, especially Las Terrenas, where 80 percent of the hotels and restaurants are French managed.

The chief executive noted that after 11 years since his first official visit in 1998, fruit  those efforts the companies Alstom, Accor, Carrefour and Orange have set up operations in Dominican Republic where their performance has been more than satisfactory. “We’re very confident this new encounter can contribute to the alliance between our two countries and materialize other business projects as a way to continue fortifying the progress which we have obtained in recent years.”

“This crisis definitively affected us in the second half of 2008 and alerted us to the importance of preparing ourselves to confront the difficult problems at any moment,” Fernandez said.

This newly announced project means more good news for the Samana Peninsula.  Though the project won’t be completed for 20 years, the scope of this project indicates to me that  Samana has a very bright future.  The Samana Peninsula, where Las Terrenas, Samana and Las Galeras are located, has been getting attention from travelers, retirees and investors for many years.  Real Estate appreciation in the area has been as high as 35% per year, averaging about 20% over the last five or six years.  

Cisneros announces his Investments – article supplied by dr1.com

Venezuelan businessman Gustavo Cisneros has announced plans to build Tropicalia, a resort and residential project in the Samana Bay-Miches area in the east of the DR, with an estimated value of US$485 million. Construction is due to begin in March 2010 and will be completed by 2030, with a further US$1.5 billion investment over that period for a total investment approaching US$2 billion. 

Cisneros spoke of a vision for building a socially responsible tourism venture. He made his announcement during an American Chamber of Commerce luncheon, which was also attended by President Leonel Fernandez.

The new highway connecting the Dominican Republic’s capital city, Santo Domingo, to the popular tourist area of Samana has been open for use for over a year.  However, there are a few sections that have not yet been completed. Currently the drive is about two and a half hours from Santo Domingo to Las Terrenas.  With the new sections completed, it should take about two hours for the same trip.  Before the highway was opened in 2008, the drive was approximately five hours on a road in poor condition. 

According to the following article posted on September 8, 2009 on the Gov Monitor, the Inter-American Development Bank will lend up to $44.8 million to the highway project.  The 99 kilometers of existing highway that connects Nagua, Sanchez, Samana, El Limon, and Las Terrenas will be rehabilitated and there will be a new 24 kilometer route connecting Las Terrenas and Majagual.  

Last year when making the drive from Santo Domingo to Las Terrenas we took a few photos of the new highway.

Here’s the article that appeared in the Gov Monitor:

IDB Supports Toll Highway in Dominican Republic

Project will back development of road infrastructure to improve travel connections in areas with great tourist potential

The Inter-American Development Bank will support a toll highway project that will reduce the travel time between Santo Domingo and the Samaná peninsula, an area with great tourist potential, located in the northeastern part of the Dominican Republic.

Continue reading article: The Gov Monitor