First and foremost, while finding reasonably priced real estate is of importance to many, there are other considerations equally important as well.  One such consideration is what I would call "Island Fever".  That is to say, many believe the stereotype of a typical Caribbean Island as a postage stamp sized location under the sun, and this is often the case with many islands.  Aruba, Antigua, Tortola and others, (just to name a few) are indeed very nice islands, but chances are you can drive such an island completely and still be back in time for lunch.  While this may be quaint and appealing for some, a good number of people often eventually feel confined or claustrophobic as a result.  The Dominican Republic in contrast is located on the second  largest island in the Caribbean, offering both high mountains with pine trees and ferns, plus beautiful white sand beaches all at the same time.  Many have compared the land mass of size as being about or slightly larger than the US State of Connecticut.  As an illustrative example, the drive from the modern metropolitan capital city of Santo Domingo (population 3.5 Million) to the North Coast town of Puerto Plata takes about 4 hours. The drive from Puerto Plata eastward to the Samana Peninsula takes an additional 4 hours.  If you want to drive from Santo Domingo to the Punta Cana or Playa Bavaro area, figure on about 4 hours as well.  So, if you want to see the country, pack either an overnight bag or lunch, depending how far you want to go.

This of course leads us to the discussion of diversity, quality of life and other issues.  If you want to live in the Caribbean, but still want the benefits of a city, then Santo Domingo or the second largest city of Santiago (population 1 Million) would be your choice.  What's in Santo Domingo?  Movie theaters showing recent releases one week after they open in New York or elsewhere (in English with Spanish subtitles), plus a variety of international restaurants as well (not to mention a variety of clubs and nightlife).  For other activities and shopping, there are bowling alleys, art museums, orchestra and ballet, modern shopping malls, supermarkets stocked with a number of American and European brands, PriceMart, and K-Mart (coming soon).  Many major universities also, just in case you want to keep busy by studying for a medical degree at a cost of roughly US$ 1,000 per semester.  Of course if your idea is to get away from it all, then you have the option of the highest mountain range in the Caribbean or miles of uninhabited beaches.  If your ideal place involves having the best of both worlds, well - you can.  Couple this with high interest tax-free US Dollar banking or other investments (current interest rates are up to 11% for US Dollar deposits, interest paid monthly) and online internet banking access, the appeal for many is not too hard to understand. In addition, three major international airports offer direct flights to New York, Miami, Philadelphia, Panama, Venezuela, Aruba, Spain, Holland, Germany, Martinique, and France.

While properties in the city center of Santo Domingo might still seem reasonable in comparison to North-American cities, such as Denver, Toronto, Seattle or Chicago the fact is that prices have come up.  This in part has been a function of the economy (one of the fast growing economies in Latin America) and also demand (many Dominicans are now moving back from New York and elsewhere).  As a result, the real bargains are to be found on the outskirts.  As an example, new luxury 1,400 square foot apartments in the city can be purchased for about US$75,000 and up (2 or 3 bedrooms plus maid's quarters, 24-hour doorman, intercom, off street parking, etc.).  Small new homes in residential tract developments will start off at about US$ 60,000.  However, one can purchase a 1-acre building lot within 15 minutes of the city for about US$24,000 and build what you like.

The real key of course to finding real estate bargains involves staying away from the normal traps.  That is to say, there are always two markets, one for the locals and one for the tourists. Can you guess which is more?  While it certainly may be more comfortable for you to obtain a nice brochure in English with pretty photos, you can believe you are paying for it in more ways than one.  Stated another way, while some very nice residential developments exist, such properties being offered at US$ 60,000 for a building lot or US$ 250,000 for a home are not only outrageous in price, but also way off what a local Dominican would pay for the same thing elsewhere. So, learn to look where tourists fear to tread or may not know about, which most certainly involves brushing up on Spanish (the official language of the country).  In summary, the true real estate bargains and true local real estate prices are not to be found by reviewing real estate being marketed in English, or by visiting some of the high priced real estate chains either.  Bargains will be found by doing some of your own investigation and by talking to the local people directly.