Real estate project in Barahona will have an investment of RD$1.7 billion
The building of real estate complexes is becoming more and more important for the Dominican Republic’s tourism sector as it draws investments that strengthen its value chain and draws in new customers who prefer short-term rental accommodations over hotels. The Barahona project, which has a RD$1.7 billion budget and will create 400 direct and 3,000 indirect jobs, is being developed under this modality. José Luis Ravelo, who is in charge of the real estate project’s communication, made this announcement at the fair titled “Discover Barahona 2022: Toward a Sustainable Destination.”
According to the executive, the project will be completed by the end of 2023 and will cost US$1,500 per square meter to construct. In the meantime, Carlos Peguero, vice minister of tourism, assured that the real estate developments highlight the South as a destination that goes beyond sun, beach, and sand. Since the province has many natural and undeveloped attractions, “our mission is sustainability, and these short-term rental projects accommodate a greater number of people.” Pedernales, however, is where the South’s development is primarily concentrated. Peguero claims that in light of this, “the authorities see Pedernales as the driving force behind the all-encompassing development of the Enriquillo region.” Due to this, the “great real estate project” being built in Barahona will encourage more people to visit the demarcation and will enhance what its neighboring province has to offer.
Real estate tourism became more prevalent in the Dominican Republic’s tourism industry following the coronavirus pandemic. According to statistics from the Central Bank, short-rent projects have a visitor occupancy rate of over 44%.