From the Dominican Republic’s
pristine northeast to its up-and-coming southeast, resort communities are
starting to define the terrain as much as white-sand beaches and coconut palms.
Though the region still has a ways to go before it can offer designer shopping
on a par with nearby St. Barts (savvy marketers have been known to draw
comparisons between the two destinations), it is, if the scores of celebrities
who rent villas and frequent the local resorts are any measure, as fashionable
as it is unpretentious.
 The Dominican Republic is poised to become the
Caribbean’s next "it" destination, thanks to an abundance of natural beauty
and a few motivated developers. The beach is just steps away from this
Ritz-Carlton villa at Cap Cana. (Click image to enlarge)
Investors seeking to expand tourism on the island of
Hispaniola, which the Dominican Republic shares with Haiti, include everyone
from Donald Trump to Flo-Sun sugar magnates Alfonso and José Fanjul to homegrown
natives like Oscar de la Renta and the Hazoury family (owners of one of the
island’s largest construction companies). "We’ve received several proposals to
build casinos," says Ellis Pérez, vice president of commercial relations at Cap
Cana, which is currently under development on the eastern tip of the island.
"But the prevailing thought so far is that we probably will not." The project
will roll out in several stages over the next decade, expanding to 30,000 acres
that will include 5,000 residential homes, five hotels, six golf courses, a
1,000-slip megayacht marina and a wildlife sanctuary––all at a projected
investment of about $1.5 billion.
Top: The $5 million Villa Burbujas at
PuntaCana is one of many Dominican Republic properties within the Christie’s
Great Estates portfolio. Bottom: An interior view of Villa
Burbujas. (Click images to enlarge)
Truth is, at a 34-to-one exchange rate, land and housing
dollars go much further in the Dominican Republic. Also driving the region’s
real estate boom are generous tax exemptions that allow buyers to purchase
their first home on the island without having to pay tax on it for another five
years. A stable political situation, an 11 percent increase in the country’s
economy, and an emphasis on sustainable development provide additional
advantages.
Pleasures are still relatively simple in the Dominican Republic
and range from hiking and horseback riding to watersports. Strolling the nearby
cobblestone villages offers a glimpse into the region’s rich history, which
dates back to the 15th century when Christopher Columbus founded Santo Domingo,
the country’s capital and the New World’s first city.
"We are not some little island with limited resources," says
Frank Rainieri, founder of PuntaCana Resort & Club, located on the island’s
eastern coast. "The Dominican Republic is 19,000 square miles and it’s not all
beach." Indeed, Rainieri’s lush, 15,000-acre residential complex will be, when
fully actualized, a microcosm of the region, containing—in addition to three
miles of sandy beach—its own international airport, a 288-room resort, a horse
ranch, a nature sanctuary, a 72-par golf course, and a dozen or so restaurants
and bars. The goal, however, is to retain the island’s understated quality
within the development as it grows over the coming years. "Our commitment is
long-term," says the native-born Rainieri, who has partnered with designer Oscar
de la Renta, entertainer Julio Iglesias and businessman Ted Kheel, to develop
the property further. "We feel that we have a social responsibility here." To
that end, the group plans to build an elementary school and a community
church.
 The Founder’s Condominiums on Gran Cana marina is
one of several Cap Cana communities. (Click image to enlarge)
Meanwhile, long-established communities, such as the 37-year-old Casa de
Campo on the southeastern coast, have managed to maintain their original allure.
"Even as we continue to evolve, we’re already a fully developed community,"
explains Alfonso Paniagua, vice president of CostaSur, Casa de Campo’s real
estate company. "Anyone buying Dominican real estate today will more than likely
have years and years of construction all around them. But here, we’re already
set." Still, a number of sites have been cleared on the 7,000-acre development,
which sits prettily among sugarcane fields and tropical flora, to make way
for a selection of new vacation homes.
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