Small island, big investment potential

Dominican Secretary of Tourism Felix Jimenez recognizes that low wages are part of the draw but also says foreign money is raising the standard of living.

“My country is a poor country, but we are working and investing a lot of money in new roads, electrical supplies, water supply to help build a modern country,” says Jimenez.

That progress is increasingly visible and is encouraging investments from around the world.

Recently a German businessman sank $50 million into a marine adventure park on the north coast, Ocean World, which has been drawing tourists from all over the country.

Wall Street money manager Boykin Curry and a group of investors recently took the plunge on the island's breathtaking north coast and bought up to 2,000 acres to develop in Playa Grande at a bargain $55 million — golf course included.

“He has seen not only the cooperation of the government, but also of key individuals and key development partners in the country that can help us,” said Carl Carlson, CEO of Playa Grande Holdings.

“We have seen a lot of interest from golfers and from people in the industry and everybody is expecting a lot from us,” he added.

Down the road from Playa Grande is picturesque Cabarete beach —a water sports mecca for world-class wind and kite surfers — that has made a splash with Americans.

“Valero is 5 years old, and at the beginning we had a base of international owners, almost 10 percent were American,” said Mario Magnan, general manager of Valero Beach.

“But recently we're seeing a big flux in American owners. Today, Valero Beach is 70 percent American-owned,” he points out.

Retirees drawn to service factor
American retiree Phyllis Berney from Wisconsin discovered the Dominican Republic was a bargain a long time ago, but it's the Dominican people that sold her on staying.

“My mom is going to be 98 in November, and she said, 'Where else could I be that someone could be so kind they actually help me put on my shoes, that I have someone with me all the time?'” said Berney. “'I don't need a walker because when I want to walk someone walks with me.'”

Five years ago Jason and Michelle Matthews from Philadelphia discovered the Dominican Republic while on vacation. They now live part-time on a farm on the north coast. They also own a 15,000 square foot beachfront villa that cost them $2 million dollars and that they rent out to other Americans.

“I think most Americans have discovered what Columbus discovered a long time ago, particularly on the north coast, it's still an unspoiled pristine paradise. It's not over-invested, not over-developed,” said Matthews.

The trick will be keeping it that way.

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