Hispaniola is the second largest island in the Caribbean and it is shared by two countries, each with a surprisingly different heritage. The island lies west of Puerto Rico and east of Cuba and Jamaica. The Eastern section of the island is the Spanish speaking Dominican Republic which is a vibrant Latin American nation, whilst the Western end belongs to Haiti, which in recent times has suffered from various political upheavals. The Dominican Republic is often confused with Dominica ( an island close to Martinque ). With a long history going back over 500 years, the Domenican Republic was the site of the first permanent European settlement in the Americas.
The marina resort development at Punta Perla, is currently one of the largest and most ambitious new marina developments currently taking place in the Caribbean. The project is planned to take between 5 and 7 years, and when complete will include three new golf courses designed by one of Europes leading golfers, Colin Montgomerie. In addition to a new marina, there are plans for several five star hotels, an international spa, over 60 restaurants, and around 8000 properties varying from small condo style apartments to large detatched villas.
The Dominican Republic offers an increasingly rare opportunity for real estate investment particularly in the Caribbean, mainly due to the fact that the government has purposely set out to attract upmarket tourism by offering great tax incentives as well as spending millions implementing a modern infrastructure. The Caribbean Highway now under construction, will provide easy access along the coast to the new development, and with the international airport of Punta Cana only 15 minutes away, this new resort would seem to have it all. One of the principle aspects of the development is the low density housing per acre, and a commitment to maintaining a green project wherever possible using local materials to enhance the development. They include the use of limestone and fossilised coral stone which has been quarried out to create the marina.
Prices for one bed apartments at Punta Perla on the golf course start a 199,000 USD – for Europeans this represents unbelievable value at the moment with the weak US dollar – and 329,000 US dollars for a two bedroom apartment. All the developments are low rise in order to preserve the integrity of the development.
In order to encourage inwards investment the Government has introduced several tax incentives for oveseas buyers. These include zero stamp duty, no VAT, no tax on any income generated from renting the property, and finally no CGT when you finally sell the property. With such incentives, a wonderful climate, great sailing and boating weather, a high quality development this development is selling extremely well, both in Europe and and the US. The current phase due for release includes 200 marina apartments overlooking the sea and marina. These incude 2 and three bedroom apartments along with duplex and penthouse units which are situated in a gated compound adjacent to the marina which includes 150 berths in this release which will be available on a leasehold basis. Prices start at around 600,000 US dollars.
One final element to this extraordinary developemnt is the construction of an offshore dolphin conservation area. This will be a natural feature some 600 metres from the beach designed by the international specialist Rene Duss.
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