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Advantages of buying in the Dominican Republic vs Jamaica
When looking to invest in Caribbean real estate, as the second-largest country, the Dominican Republic is one of the top choices.
But how does it compare with one of the other leading contenders, Jamaica?
Both are top tourist destinations and are sought-after by property investors, vacation and second-home buyers, retirees and snowbirds looking for a luxury lifestyle.
When it comes to the economy, the Dominican Republic is a clear winner over Jamaica. DR has one of the fastest-growing economies in the Caribbean region and Latin America.
From 2015-2019, the Dominican Republic’s Gross Domestic Product (GDP) averaged 6.1% a year, according to the World Bank and was at 5.1% in 2019. Jamaica’s GDP performed less strongly, rising 1.9% in 2019.
Property buyers can generally get more for their money for real estate in tourism hotspots in the Dominican Republic over Jamaica. Average values per square metre are 83.50% lower for city center apartments in Punta Cana versus Negril, Jamaica and 91.99% lower for apartments outside of the city centre, according to the Numbeo website.
It is the same story when compared with the Jamaican capital, Kingston, with average city center apartment prices per square meter 5.6% lower in Punta Cana and 23.5% lower outside the city.
In general, consumer prices in the Dominican Republic are lower than in Jamaica. Not including rent, the cost of living is 16.95% lower than in Jamaica. When rent is taken into account, the cost of living is 21.87% lower in the Dominican Republic, says Numbeo.
You would also be likely to earn more money on average in the Dominican Republic. GDP per capita in Jamaica was $9,200 in 2017, while in the Dominican Republic, it was $17,000, according to the MyLifeElsewhere website.
You are also more likely to find a job in the Dominican Republic, if you want to. In Jamaica, 12.2% of adults are unemployed as of 2017, while just 5.1% were looking for work In the Dominican Republic.
Leading resort developer, Noval Properties, offers a choice of luxury apartments in Punta Cana near the golf course and beach. One-bedroomed condos in its new waterside community, Oceana, at Bavaro, cost from $159,000. With the beach, theater, restaurants, spa, gastro market and stores at Oceana Town all close by, Oceana combines luxury ocean living and a chic beach village lifestyle.
For more details about Noval Properties resort communities in the Dominican Republic, visit its website at https://novalproperties.com/es/home-es.
Contact our sales executive [email protected]