The burgeoning property development boom in the Dominican Republic has been fuelled by the elimination of the land ownership restrictions and the appeal that having no property tax exerts over potential owners.

The Dominican Republic offers over 600 miles of sandy coastline, a tropical climate and direct flights from most UK airports. The government has recently implemented attractive incentives for investment in the country's infrastructure, which has encouraged inward property investment from foreigners and led to a number of quality marinas, hotels and golf courses being built.

As a result, foreign property hunters are now beginning to identify the values and the opportunities that lie in the Dominican Republic.

Andrea Marie Portugal, marketing manager of Imoinvest, says, "The Dominican Republic is certainly one of the 'must watch' property locations as expectations of significant capital appreciation are extremely high. Property is taking off in ways never experienced in this Caribbean paradise before and with so many new investments from worldwide companies now involved in projects all over the Dominican Republic, beach side apartments and condominiums are in constant demand." Marie Portgual continues, "This ever increasing demand is providing a good investment platform as those investing here can be sure of capital appreciation but in the meantime can enjoy the benefits of an ever-improving property rental market". 

For those of you dreaming of owning your own little patch in the Dominican Republic, Imoinvest is currently marketing the Las Olas Condo Hotel, ideally located close to the international airport in Juan Dolio, Las Olas offers two- and three-bedroom apartments, with prices for the smaller version starting from £137,394. If you are looking for a property with a rental income you may be interested to know that rental for the first year at Las Olas is guaranteed at £650; 'expected' current rental revenue after will be £970 per month.

Another development in the Dominican Republic that would suit those looking to reap rewards from the property rental market is the Los Palmera Hotel, situated about 10 minutes from Puerto Plata Airport, which is currently being marketed by Harlequin Property.

Puerto Plata is the largest city in the northern region of the Dominican Republic and has become the main tourist area. The complex will consist of 32 rooms, and prices will start from £49,995 for a garden apartment. Purchasers will automatically receive a five-year rental guarantee and will be able to use their room for four weeks every year. 

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Article first published 23rd July 2006