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/en
Contact our sales executive [emailprotected]
FAQs
Comparative Advantage Dominican Republic - United States
During 2022, Dominican Republic had a large net trade with United States in the exports of Foodstuffs ($1.49B), Instruments ($1.26B), and Machines ($1.16B).
Is Jamaica cheaper than the Dominican Republic? ›
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.
Is it worth investing in Dominican Republic? ›
The Dominican Republic offers a stable place for your money. With its political steadiness and growing economy, people see their wealth go up. This makes the country a hot spot for buying homes and land. People who rent out their properties are finding they make good money too.
Why buy in the Dominican Republic? ›
The country's stable economy, low cost of living, and favorable tax incentives for retirees and investors make it an attractive choice for buyers seeking both personal enjoyment and potential rental income.
What are the tax advantages in Dominican Republic? ›
The Dominican Republic follows a Territorial Tax System, which means that it only collects income from Dominican Republic sources, and all income that comes from abroad is exempt from taxes, even if it's received by individuals or companies that are based in the Dominican Republic.
Why choose Dominican Republic? ›
Its beautiful beaches, rich culture, and variety of activities make it an ideal destination for all types of travelers. Whether you're looking for an adventure or just want to relax and unwind, the Dominican Republic has something to offer everyone.
Should I go to Punta Cana or Jamaica? ›
Compared to Punta Cana, Jamaica has many more snorkeling locations throughout the island that can provide a bit more flexibility for beginner and more advanced snorkelers. While Montego Bay on the north coast has excellent options for those just starting out, Negril has options for snorkelers of all skill levels.
Is Dominican Republic hotter than Jamaica? ›
The Dominican Republic and Jamaica experience similar temperatures. You may get some rain in these months, but we are talking short sharp showers rather than downpours or drizzle.
How much is 50 Dominican dollars in Jamaica? ›
Download Our Currency Converter App
| Conversion rates Dominican Peso / Jamaican Dollar |
|---|
| 50 DOP | 130.76600 JMD |
| 100 DOP | 261.53200 JMD |
| 250 DOP | 653.83000 JMD |
| 500 DOP | 1,307.66000 JMD |
8 more rowsIdeas for souvenir shopping in the Dominican Republic
- Coconut oil. ...
- Taíno handicrafts. ...
- Mamajuana. ...
- Rum, the Dominican drink par excellence. ...
- Dominican coffee, aroma and pure pleasure in a cup. ...
- Larimar and Amber: Dominican jewellery. ...
- Typical sweets. ...
- The Dominican Republic and the allure of its cigars.
The country has a stable economy and a growing real estate market, making it an attractive option for many investors. However, safety concerns have plagued the country in recent years, with high crime rates and reports of corruption within law enforcement agencies.
Why is real estate so cheap in the Dominican Republic? ›
Taxes on real estate in DR are also on the lower side compared to other countries. These two things play a vital role in keeping the Punta Cana real estate market cheaper. The warm climate of this area allows construction projects to continue all year round.
What is the return on investment in the Dominican Republic? ›
Solid Foundation, Promising Returns:
Reports from the Dominican Republic Association of Realtors (ADOBI, 2024 Market Report) suggest that investors can expect healthy returns on their investment, with average annual rental income yields ranging between 6% and 12%, depending on the property type and location.
What do Dominicans value the most? ›
DOMINICANS TODAY
Courtesy and hospitality are core values, particularly in rural areas. Helping visitors or neighbors, and sharing a plate of food are normal activities.
Why do people want to move to the Dominican Republic? ›
1, Affordable Cost of Living:
The cost of living in the Dominican Republic is relatively low compared to other countries, making it an affordable destination for expats. From housing to groceries, everything is reasonably priced, allowing you to live comfortably on a budget.
What country has a comparative advantage? ›
For example Ireland has a comparative advantage in cheese and butter due to climate and a large amount of land suitable for dairy cows. China has a comparative advantage in electronics because it has an abundance of labor.
What makes the Dominican order unique? ›
Founded to preach the gospel and to oppose heresy, the teaching activity of the order and its scholastic organisation placed it at the forefront of the intellectual life of the Middle Ages. The order is famed for its intellectual tradition and for having produced many leading theologians and philosophers.
What makes the Dominican Republic unique? ›
The Dominican Republic is the only country in the world with a Bible on the flag. In the 17th century, islands around the DR were bases of operation for buccaneers who raided Spanish trade ships. Puerto Plata features the only cable-car system in the Caribbean.
