Dominican Cap Cana project setting sales records

The Dominican Republic is a fast favourite with Canadian tourists.

According to a Statistics Canada 2007 report, it is tied with Cuba as the most popular Caribbean destination after Mexico.

In the first quarter of 2007, it had 400,000 overnight visits from Canadians. Now, northerners are looking to buy there, too.

"Given the strength of the loonie and the worst winter in decades, it's no surprise that Canadians are finding investing in Caribbean real estate increasingly more attractive and more affordable," says Seya Maharaj, senior account director for Siren Communications in Toronto.

Among her clients is Cap Cana, a master-planned mega resort development near Punta Cana (capcana.com).

"Cap Cana is one of the world's next great destinations," claims Maharaj. "It's raising the level of luxury and there are world-class partners involved."

Those development partners include the Trump organization, Ritz-Carlton and AltaBella Hotels.

As well as several kilometres of white sand beach, the master-planned development will unfold over the next dozen to 15 years, with more than 5,000 residential units and four luxury hotels.

It will also have six golf courses, including three designed by Jack Nicklaus, as well as boutiques, fine dining restaurants, spas, water and racquet sports, polo and equestrian facilities. Prices will range from $465,000 to $12 million (all prices U.S.).

"The cool thing about Cap Cana is that it has its own beach club," says Maharaj. "It will be like its own city. People do live there full-time and a school and hospital are being built. The school is gorgeous and it's for international students."

She says there is also a lot of security and it will be a safe area for residents. As well, the project has been designed to blend in with the lush natural surroundings.

Maharaj says the resort is 10 minutes from the airport and during peak season, there are daily flights from Toronto. Another advantage is the food, which at Cap Cana restaurants is of high quality and diverse. Offerings include tapas and sushi.

Maharaj says Cap Cana has attracted local buyers from nearby islands as well as Europe and North America, giving it an international flavour.

The homes of Trump Farallon Estates represent the high end, perched on a bluff 200 metres above the Caribbean Sea. Prices started in the millions for the 68 home sites and it set a Caribbean sales record, selling more than $350 million and more than 95 per cent of its inventory in the first four hours.

In late March, Donald Trump announced plans for more Trump projects at Cap Cana, including a 150-unit condo hotel, a beach club and golf courses.

One of the most reasonably priced options at Cap Cana is Green Village, where villas start from $465,000. The village, located next to two golf courses, has mainly one and two-bedroom units, as well as some three and four-bedroom.

Maharaj says Travel & Leisure magazine has listed Green Village as one of the 10 best options for real estate investment around the world.

Its amenities include a clubhouse, daycare centre, golf practice area, tennis courts and restaurants.