The developers behind a high-profile Caribbean real estate project have given a series of investment tips for those looking to buy property in the country.
The Dominican Republic is enjoying a growing reputation as a luxury real estate hub, where prices can often be less than more well-known markets like Barbados.
North Island Development, which is behind the Palmera de Cabarete Resort and Spa scheme in Cabarete, issued tax and purchase advice.
President and chief executive Darren Law said buyers should seek out a trustworthy, reliable attorney and title insurance when going for an investment.
He also said: “Property taxes depend upon the value of the home you purchase. If you purchase a residential property and it is worth RD $5 million pesos or less (about US $150,000), then you pay zero annual real estate taxes.
“If the home is worth more than that amount, you pay one per cent of the value over and above RD $5 million pesos (over and above US $150,000).”
Palmera de Cabarete Resort and Spa is a 138 suite five star real estate scheme on 19.5 acres and due to open in late 2011.
Buyers may also be tempted by the fact it enjoys a tax abatement program granted by the government, meaning first-time buyers are exempt from all taxes for the first decade.
Earlier this month brokers said demand for real estate in the Dominican Republic remained high while construction at some property projects had slowed, but remained steady.
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