SANTO DOMINGO – Foreign investment in real estate projects is growing in the eastern part of the country, especially in the Punta Cana tourist destination, where more than 100 Colombians have purchased properties in a single development. This number of South Americans could triple by the end of this year.
This was stated by Hernando Gómez, PMO of Cruise On Land, one of the most ambitious tourism projects currently being built in the East Zone, while participating in the XVIII edition of the Gran Salón Inmobiliario that took place last weekend in Bogotá, Colombia.
The businessman explained that among the nations that have invested the most in the project are the United States, Puerto Rico, and Canada, totaling more than 1,100 investors who have reserved or purchased units, and it is estimated that this number will reach 1,500 by the end of this year.
The Central Bank of the Dominican Republic (BCRD) reported yesterday that preliminary figures for the first half of 2024 show that foreign direct investment (FDI) reached US$2,374.3 million, increasing 0.9% compared to the same period of the previous year.
A statement from the entity highlights that tourism and real estate are among the three sectors with the highest investment during this period: tourism represents 27.8%, while investment in real estate reached 15.5% during the first months of the year.
“More than 100 Colombians have already invested in the project, and this number is expected to triple by the end of the year, boosted by the project's participation in the Gran Salón Inmobiliario (Great Real Estate Show). This project not only guarantees a secure return but also promotes rapid appreciation of the invested capital,” Gómez explained.
He explained that there are several factors that lead Colombians to invest in the country, highlighting the ease with which they can obtain residency through investment in the Dominican Republic.
Added to this is the fact that the country is the second most visited tourist destination in Latin America, with 60% of its visitors arriving in Punta Cana.
Representatives of Cruise On Land during their participation in the Gran Salón Inmobiliario (Grand Real Estate Show). (External source).
“Furthermore, Colombia became the third largest market in the world visiting the Dominican Republic, with 306,608 tourists in 2023, 19% more than in 2022,” a press release notes.
“Colombians do not need a visa to enter the Dominican Republic. Additionally, for residency, they must demonstrate a minimum investment of US$200,000 in the Dominican Republic and complete the immigration procedures. We have a strong partnership with the Dominican Embassy and Consulate in Colombia to facilitate these processes,” explained Gómez, who met with the Consul and Ambassador during his visit to Colombia to define strategies for promoting and facilitating investment by Colombians and foreigners in the Dominican Republic.
Gómez adds to the factors why Colombians are inclined towards the Caribbean country, the projection of the project that according to market conditions, ensures an annual profitability of 9% to 11% in the operation phase and an estimated appreciation during the construction process of 20% to 30%.
Cruise On Land is an ambitious tourist and vacation complex with a projected investment of US$500 million and the creation of more than 7,000 direct jobs during its construction and operation phases. It is being developed on an 860,000 m² site and is planned in four phases and eight stages.
The first one is already under construction, with deliveries projected to begin in September 2025 and the entire project expected to be completed by the first quarter of 2030.
To power the common areas, the complex will also feature a solar energy park. Furthermore, its biophilic architecture will incorporate efficient systems for the comprehensive management of solid and liquid waste, promoting reduction, reuse, and recycling—sustainable practices designed to minimize environmental impact.
