13 April 2009
Once a sleepy haunt for low-budget tourists, the Dominican Republic has awoken deep-pocketed investors and homeowners seeking an unspoiled tropical paradise.
Despite the troubled economy, there are areas of the world where the real estate market continues to thrive. The Dominican Republic (or the DR as it’s commonly known), just 90 minutes from Miami and three hours from New York, is one such spot. Aesthetically, it is a beautiful country, boasting lush mountain ranges and stunning beaches, as well as a variety of microclimates that range from warm and tropical to arid and temperate. Improvements to the infrastructure are ongoing, and land is cheap and easy to come by. The DR remains as Christopher Columbus described it upon discovery: “a beautiful island paradise with high forested mountains and large river valleys.”
The bottom line: The DR is no longer the budget vacation spot or sleepy Caribbean backwater it was long thought to be. Ritz-Carlton, Starwood, and Four Seasons have all signed on to build or manage luxury hotels and residences here in the next few years, while major real estate players (think Donald Trump) are spending hundreds of millions to create luxury developments from the ground up. One local realtor says he’s seen more new construction during the past few years than in the previous 18, while another estimates that more than 20 new condo projects are taking place along a 30-mile stretch of coast near Puerto Plata.
A colorful tapestry of Spanish, French, Haitian, and African influences woven by a rich and storied history, the DR offers an exciting and unique cultural experience that goes far beyond the typical sun, sand, and sea of neighboring destinations. From exotic cuisine to merengue, premium cigars to world-class baseball, the DR will likely surprise even the most seasoned traveler or home buyer.
And, of course, there are the golf courses and beaches that have put the destination on the map. Pete Dye, Jack Nicklaus, Arnold Palmer, Robert Trent Jones, Gary Player, Tom Fazio, and Nick Faldo have all left their imprint for golfers to enjoy, while no less than 1,000 miles of sand create the perfect complement to the greens in the form of beautiful beaches. The island is also known for its vibrant nightlife. Dancing is a way of life on the island and is viewed by Dominicans as an art; they take pride in sharing their native movements with others.
For its part, the east coast region contains the most popular and fastest-growing tourist area in the country, namely Punta Cana/Bavaro (known best for having some of the most picturesque beaches in the world). Fortunately for luxury home buyers, this region of the country is offering new opportunities. Take, for example, the new Roka Ki development which features the Faldo Legacy Course, the Westin Roco Ki Beach & Golf Resort, Heavenly Spa by Westin, and the Fairmont Residences, all with 3.2 miles of beachfront at your doorstep. Beachfront residences include thatched-palm roofs, infinity pools, tropical shower gardens, and much more, starting at $2.7 million while beachfront lots are available from $1.3 million.
Donald Trump has put his stamp on this tropical paradise with the new Trump Farallon at Cap Cana, one of several luxury resort communities currently being developed as part of the $1.5 billon Cap Cana master plan (68 lots starting at $3 million each). Over the next decade, this 30,000 acre site (located just 10 minutes from the Punta Cana International Airport) will feature more than 5,000 residences including villas, condos, and town houses, and no less than four luxury hotels. Other stand-out amenities at Cap Cana include a huge marina with 1,000 slips (many for mega-yachts), and five golf courses (including three designed by Jack Nicklaus). The first such course to open, Punta Espada, has already been selected by Golf Digest as one of the 100 best non- U.S. golf courses in the world. Cap Cana’s second golf course, Las Iguanas, is due to open shortly.
One of the more exclusive enclaves on the eastern edge of the DR is the Punta Cana Estates at Corales, located within the Punta Cana Resort and Club. Oscar De la Renta and Julio Iglesias (both of whom are involved in the development of the area), as well as Mikael Barishnikov own properties here and it’s not hard to see why. Only 140 homes are being built, some along the new Tom Fazio golf course, and each with a minimum of once acre of land with prices ranging from $1.8-$3.3 million.
Also in Punta Cana, the Punta Perla Caribbean Golf Marina and Spa is a new development that caters to the yachting and golfing crowd. The development features penthouse apartments in its private 400-berth marina or golf villas right on the fairways of the Colin Montgomerie signature course. Properties include bungalows, apartments, golf villas, and more as well as multi-million dollar beach-side mansions.
Just north of the Punta Cana region, lies the Samana Peninsula. It is here, tucked into lush hillsides overlooking the ocean, where you will find Terrazas de Coson, a new development by Swiss firm Valman, S.A. The first phase of development sold out in less than four weeks and now Phase Two has begun, with 52 villas for sale starting at $1.7 million. Benefits include a private beach and restaurant, membership to a private spa, as well as the option of putting your villa into the hotel inventory should you choose to rent it out. The development overlooks white beaches and turquoise waters and is minutes from the new Samana International airport as well as the nightlife of Las Terrenas.
South of the thriving tourist-filled area of Punta Cana is a completely different scene: the environmentally-forward Bayahibe. This area not only contains one of the most celebrated national parks, but has also received two awards for its conservation efforts in tourism. With golf courses designed by Pete Dye, Jack Nicklaus, and Nick Faldo, this region features some of the country’s most unique golfing experiences. Another popular east coast destination is La Romana. More than just a luxurious resort frequented by many celebrities, the city of La Romana is also historically important, especially for baseball fans, and worth a visit. One of the more popular developments here is the 7,000 acre Costasur Casa de Campo with golf and oceanfront villas ranging from $925,000 to $5.4 million. Initially owned by Paramount Studios, this development is home to many socialites from around the globe and features four golf courses and over 20 restaurants and bars.
The south central region anchored by Santo Domingo and its three million residents, is arguably the Caribbean’s most diverse and vibrant destination. As the oldest city in the New World, Santo Domingo features the first cathedral, first university, and first hospital of the Americas, yet it is a very modern city. There are sophisticated restaurants serving cuisine from around the world, high end boutiques and major fashion designers displaying their wares, plus a wealth of museums, galleries, and theaters.
If the Dominican Republic has one very well-kept secret, the western region of the country is it. This scenic region includes the area west of Santo Domingo, and it is still largely undiscovered. The farthest part of the region is only about a three-hour drive from Santo Domingo or Santiago airports.
Although the Dominican Republic provides a change of scenery at just about every turn, this region is the most diverse ecologically. Two salt water lakes, one being the largest in the Caribbean, provide a haven for massive populations of birds and reptiles. And while some sections of the area are mountain rainforest, other parts are pine forest and arid desert.
Local real estate and tourism attorney Letvia Arza Goderich, who has practiced law in the Dominican Republic for 20-plus years, says the island’s hospitality and real estate industries are undergoing the biggest boom in the Caribbean. “Once known for its sugar cane plantations, the Dominican Republic is reinventing itself,” says Goderich. “Most people know that Oscar de la Renta is from the Dominican, but they may not know Leonardo DiCaprio has recently looked at real estate in the region, and Robert DeNiro filmed several movies here. Investors are sinking more money into the area every year because they know they’ll see a return on their investment in just a few years.”
Local realtors say steady growth has actually been enjoyed in the Dominican Republic since the international airport opened at Puerto Plata in the 1970s, but it is only in recent years that the country has gained the interest of so many savvy buyers actively seeking a luxurious, but affordable, second home. If there is any doubt about the level of interest in this red-hot destination, consider this: Trump recently sold $368 million worth of real estate for his Cap Cana project.
Source: www.oceanhomemag.com
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