Investment Watch: Dominican deal rivals Spanish resorts
One Dominican deal rivalled several Spanish resorts last month, reveals TheMoveChannel.com´s latest Investment Watch, as a beach development in Puerto Plata received almost as many enquiries as apartments in Murcia’s La Manga.
Spain remains the top property destination on the site, confirms the monthly report, which proves that apartments in La Manga are irresistible to buyers: the Las Lomas Village resort was the most popular listing in October 2012 for the third month in a row and has been a firm member of TheMoveChannel.com´s top 10 listings since June.
But while Spain dominated the chart, accounting for three of the top 10, last month introduced a surprise contender: the Dominican Republic. One-bed condos in a beachfront complex in Puerto Plata attracted the second highest number of enquiries on the site in October – the first time the country has ever appeared in the Investment Watch rankings.
The resort, located by the tourist magnet of Playa Dorada, combined holiday home appeal with 9 per cent guaranteed rental return to attract buyers´ attention, a package that competed head-to-head with Las Lomas´ fully-managed flats. Indeed, even with Spain´s discounted price tags, up to 50 per cent down on 2007 levels, Puerto Plata´s Palm View Resort was £1,003 cheaper.
Was it just a one-hit wonder? Simon Peck of Best Overseas Property, who are handling the Dominican Republic property, explains its appeal:
"The project continues to sell very well as it is unique for a number of reasons. Firstly, there is genuine 100% funding. Only £6,995 capital is required as a contribution to the closing costs. Secondly, the resort is already built so completion of purchases is generally around 2 months. Investors do not have to wait for a couple of years as they do on most similar resorts. The resort has enjoyed 73% occupancy over the last 12 months and is already 95% booked for this winter´s peak season. The Dominican Republic accounts for one third of all tourism to The Caribbean. Investors from over 20 countries are currently proceeding as the 100% funding is available to all nationalities, subject to status, and the investment with guaranteed returns is cash flow positive from day one."
TheMoveChannel.com Director Dan Johnson adds: "It´s no coincidence that both of October´s big players are offering 100 per cent funding. The battle of the resorts may rage on, but it proves that in this cash-strapped investment climate, the right finance package can make all the difference."
The top 10 investment properties for October 2012 are as follows:
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Notes to Editors
Founded in 1999, TheMoveChannel.com is the leading independent website for international property, with than 400,000 listings in over 100 countries around the world, marketed on behalf agents, developers and private owners.
The website address is http://www.TheMoveChannel.com and the office address is 24 Jack´s Place, Corbet Place, Spitalfields, London, E1 6NN.