How This Wild West Market Has Cleaned Up Its Act
Feb. 18, 2015, Las Terrenas, Dominican Republic: Thanks to focused government attention, the real estate market in Las Terrenas, Samana Peninsula, Dominican Republic is much less a Wild West.
Dear Live and Invest Overseas Reader,
A decade ago, this real estate market was the Wild West. Roads in Las Terrenas, in the Dominican Republic's Samana Peninsula, were rugged and all dirt back then, and the property they led to was sold with or without title, with or without access, with or without the necessary permits, by the owner or maybe not...
No one kept track of property sales in any formal way. At one point, construction permits existed for more than the total land area of the country.
That was the reality on the ground in this remarkably beautiful corner of the Caribbean 10 years ago. Today?
Today, the scam artists are history (for the most part), and the Caribbean bargain-hunter should have this coastal town on his radar. It's more accessible and better serviced than ever, thanks to a new international airport, the now-paved highway connecting the region to capital city Santo Domingo, a just-opened state-of-the-art hospital (with 24-hour emergency care), and a likewise brand-new national-chain grocery store.
The Samana-Santo Domingo highway leads directly to Las Terrenas and has reduced the drive time from the capital from up to six hours to two. Its advent in 2009 increased traffic to town in a noticeable way and has also helped to lower the cost of living, as more goods are now more readily available.