Dominican Republic Benefits from the Spanish and International Real Estate Crisis

The secretary of Tourism, Francisco Javier Garcia said that the country is receiving major investment projects and real estate builders in search of new opportunities to the international crisis which is affecting mainly to Spain. The official made these statements in the Madrid newspaper Cinco Dias, a publication specializing in the economic area.

“Investors come here because the real estate crisis that has emerged in Spain. 75% of investment in tourism has Spanish origins. First, there is demand for Dominican Republic and second, during economic crisis, properties in the Dominican country never decrease its value. In addition, investors see that the tourist area of the Caribbean led to the best ratios of profitability, “said Garcia.

Questioned for five days on whether the reasons should not be sought in the legal conditions to raise a building in the Dominican Republic are more flexible than in Europe, the Dominican official replied: “We are working alongside the private sector. We do not want to go in front or behind them. The Dominican Republic has a great legal security and the investor makes no distinction whether it is foreign or Dominican. ” The paperwork is much lower and licenses for approving projects take an average of 90 days, compared to two years it took before. “In general, the process has accelerated and reinforced the facilities to investors. We seek a personal and fast. Of the 21 project proposals received, we have granted licenses to 19 projects valued at more than 4,500 million euros. Most of these plans are Spaniards. Groups like Piñeiro, with 1,400 million investment, or groups working in Cap Cana (with $ 235 million investment), are some examples of the Spanish initiative, ” added the secretary of tourism.

Also asked about the type of projects being approved in the country, the Dominican tourism secretary said: “They are primarily investment risk sharing with local partners. It also changes the type of tourism product: before lifting complex system of all-inclusive, but now looks after the quality of the resorts. Are of a higher grade and are sports (golf). Only the first three months of the year we have planned resorts on the spectacular figure of 9600 million. In fact, we are finalizing an agreement with major Spanish investors, “said Garcia.