The largest residential community in the Dominican Republic, Costasur’s vice president Alfonso Paniagua announced recently that there were 1,680 villas in the Casa de Campo residential community in La Romana at the end of 2010. The development has maintained an annual growth rate of 6% over the last decade.
As reported in Costasur/Casa de Campo News, the development broke the 1,000-villa mark in 2001, ending that year with 1,049 built properties. “Throughout the years it has been our policy to maintain a sustainable growth rate,” said Paniagua.
The first villas were built in 1974, the Golf Villas. At the time they sold for US$40,000. Some of those same villas have gone for US$700,000 on the market today.
Paniagua said that that same year some of the first homes were built on Punta Aguila, followed by Tennis Villas and Golf Villa Phase II in 1976.
There were years when more than 90 villas were built, such as 2002 and 2006, reflecting an economic boom.
Construction pace has slowed to 28 villas completed at the end of 2010, but the rate of construction is expected to pick up again this year, as 36 villas are currently under construction.