I asked Bruce Pierson of Dominican Paradise why he felt that Las Terrenas was beginning to hear the whispers of interest from investors throughout the world and how long he felt before the world awakened to opportunities that are present there.
Bruce writes, Unlike many of the coastal towns in the Dominican Republic, Las Terrenas has been mostly undiscovered by major economic tourism and development. The Peninsula of Samana was mainly an eco-tourism destination and the perfect hideaway for many Europeans expats.
Most of the desired real estate is not owned yet by foreign investors or all-inclusive hotel chains; instead much of it is still owned by Dominican families and is still affordable.
This is about to change. The new international airport, El Catey (25 minutes drive from Las Terrenas), is now operational. Long distance carriers from Europe and The Americas are now bringing tourists directly in the Samana Peninsula.
In May 2005 construction began on the new Santo Domingo – Samana Highway that will reduce the drive time from 5 hours to less than 90 minutes.
In the past year alone, 4 all-inclusive, 5 star Bahia Principe resorts have opened in the peninsula, with a total of 1,600 rooms. The major project Las Terrenas Country Club is already under construction and selling its villas and condos on the golf course, designed by the world renowned Dye family.
A marina project, called Puerto Bonito, with 150 slips, is also under construction near Las Terrenas
Chains such as Wyndham and Melia have acquired properties and options on several of the available land plots, narrowing the window of available real estate in the area.
We believe that there is a 3 to 6 year window of opportunity to purchase land for development in the area of Las Terrenas, and, the sooner the better. It is likely that 2 to 3 years after completion of the new international airport and highway, the prices of real estate will have drastically increased, catching up to and equaling the other Caribbean Islands.
In addition to the developments and chains mentioned above, more than 20 more projects are currently underway in Samana. Presently, investing in Las Terrenas is not only about investing in one of the most beautiful areas in the Caribbean, but also about the possibility of getting an excellent ROI. We foresee land prices will continue rising, minimum, at a yearly rate of about 35%. Compared to the low rates of ROI in Europe and the US, this signifies great potential for earnings with minimal risk.
I spoke a great deal with Bruce, who moved Las Terrenas twenty years ago. His interest and love for the area goes far beyond financial and economical interest. The DR is arguably the most beautiful spot in the Caribbean, referred to by many as The Land of Dreams. Las Terrenas boasts a magical strip of 15 kilometers of virgin beach, and a town with more than 40 international restaurants including everything from Italian, French, and Swiss cuisine to Japanese sushi bars. It offers as well a broad selection of available activities including horseback riding, golf, scuba diving, windsurfing, tennis and many more within just minutes of town.
Bruce, who has made the Las Terrenas his own, sees the area as an unspoiled paradise where the inhabitants ride motorcycles instead of cars, and all share a sense of community that makes it a magical place to raise a family. Bruce, who spent time with the Peace Corps and has traveled a majority of the world is not hesitant to pronounce Las Terrenas one of the most magical places I’ve been to.
And as others come to see the same unique qualities that Bruce has, you cant help but to realize that there is a premium to be paid for paradises like this. You should keep up to date on the trends of Dominican real estate and be ready to buy.
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