Billions in vacation property sales

Note that this information is outdated.

The Ministry of Tourism estimates that vacation property sales reached US$800 million this year, more than double reported for the five-year period of 2002-2007, when these totaled US$351.2 million, as reported in Hoy. According to estimates by the Ministry of Tourism, by 2012, US$7.1 billion will have been invested by foreigners buying second homes in the DR. Sectur statistics indicate that the Punta Cana area has received the most, with US$430 million this year, primarily concentrated in Cap Cana, Puntacana and Roco Ki (Macao) developments. Reportedly, over the past four years, investors have purchased US$2.5 billion in real estate in the area. Samana/Las Terrenas (US$129 million) and Maria Trinidad Sanchez/Cabrera/Playa Grande (US$84 million) provinces have also received hefty real estate investments from foreigners. Technical Deputy Minister of the Ministry of Tourism, Radhames Martinez Aponte says that incentives in Law 158-01 have attracted investors. He mentioned the improvements to Juan Dolio beach as one of the reasons for increased investment in that area. He said there is no inventory of real estate developments targeting second homes in the country, but that there are talks with the Central Bank and the National Association of Hotels & Restaurants to carry one out in the near future.