The Dominican Republic makes retirement affordable

The Dominican Republic makes retirement affordable

The Dominican Republic is not only one of the best retirement destinations in the world, but one of the most affordable.

In fact, retiring to the Dominican Republic is so budget-friendly that it has been named among the top 10 Bargain Overseas Retirement Hotspots by USA Today.

Echoing the endorsement, InternationaLiving.com has selected the Dominican Republic among its choice of the Top five Caribbean Islands to live on – that will not break the bank.

An important reason why the Dominican Republic is so affordable is the competitive price of its housing.

Leading developer Noval Properties has just released details of a new, affordable oceanfront development in popular Punta Cana, which is ideal for those who are thinking of retiring over the next few years.

Retirees can reserve one-bedroom apartments with pool views at the Ocean Bay beachfront development that cost from US$214,000.

Ocean Bay is on the last plot by the world-famous Bavaro Beach and is also close to the airport, luxurious shopping malls, the finest restaurants and private amenities, including an infinity pool with an ocean view, local-inspired spa and fitness center, kids’ club, and a market. 

Barbara Warren, Director of Business Development for Nova Properties, says, “Ocean Bay features spacious floor plans and balconies that make the most of the captivating oceanfront lifestyle. Each of the residences is complete with flow-through layouts, impeccable finishes and fixtures, and large bedrooms.

“For the ultimate in retirement lifestyle, private rooftop penthouses feature Jacuzzi, garden terraces, and summer kitchens.  You can hear and sense the ocean, but you are surrounded by only clouds and blue sky."

High-quality materials, appliances and European finishes are used throughout. These include Stosa kitchens, German Hansgrohe faucets, Duravit bathroom pieces, Italian porcelains, and coatings, quartz countertops, zoned central A/C, including electric appliances: stove, range hood, and oven.

Under CONFOTUR Law, all foreign owners are exempt from tax on transfers of property rights, 3% of the property value; and annual real estate tax (IPI) for 15 years, which is equal to 1% of the assessed value of the property.

The properties can be reserved with a US$10,000 deposit. The estimated completion date is December 2023.

For those who want property now, take a look at Noval Properties’ Reserva Real resort at Cocoval Golf & Country Club, within easy reach of the beach. Luxury two-bedroomed properties begin at $199,000.

Contact our sales executive [email protected]