CAE, which owns and operates the airport, will build a new runway and taxiway suitable for larger aircraft and expand the passenger terminal. The expansion will enable increased passenger capacity, improve services, and diversify destination markets. It also will benefit the local economy by supporting tourism, a key source of foreign exchange and fiscal revenues.

The airport serves top-tourist destinations of the Punta Cana and Bavaro regions and is the country’s busiest and fastest-growing airport. During the first 10 months of 2009, it handled about 3.2 million passengers and accounted for roughly 43.2 percent of total air passengers in the Dominican Republic.

“In 1984, we opened the Punta Cana International Airport, an essential infrastructure project for the Dominican Republic’s economic and social growth,” said Frank Rainieri, President and CEO of Grupo Punta Cana SA, CAE’s shareholding company. “We welcome IFC’s financial support and expertise in this project that will help enhance regional development.”

Salem Rohana, IFC Representative in the Dominican Republic, said, “IFC’s support of the Punta Cana International Airport project shows our commitment to helping develop the local infrastructure and tourism sectors, a cornerstone of our strategy in the Caribbean. It also reiterates our continued support of the region in the aftermath of the global financial crisis.”

Banco BHD, a leading commercial bank in the Dominican Republic and IFC investee bank, provided an additional $10 million in cofinancing for the expansion.

“With this financing, BHD once again demonstrates its commitment to supporting the development of its corporate clients, while also partaking in the social and economic progress of the Punta Cana region and the country,” said Carmina Pellarano, Banco BHD Vice President of Corporate Banking, Large Corporations, and Multinationals.

IFC’s committed investment portfolio in the Dominican Republic is $183 million. Over the past 10 years, IFC’s investment in the Caribbean totaled $1.2 billion, including $268 million in syndications, for 61 projects. IFC is expanding operations in the Caribbean, with special focus on diversifying economies and strengthening private sector competitiveness to stimulate economic growth and job creation. Priority sectors are infrastructure, health, education, tourism, and the financial sector to promote access to finance for micro, small, and medium enterprises.

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by supporting infrastructure projects in the Caribbean.

Terms of the deal involving the 121-acre property, which includes an 1,800-room hotel, were not revealed.

Hard Rock Hotel & Casino Punta Cana will offer more than 48,000 square feet of gaming space, with a high-limit poker room, a VIP lounge, and a race and sports book, along with 457 slot machines and 40 tables. Games will include baccarat, blackjack, craps and roulette.

The Seminole Tribe acquired the Hard Rock brand in 2007 with plans for international expansion of Hard Rock properties. The tribe also owns the Seminole Hard Rock Hotel & Casino in Tampa.

By TED JACKOVICS  | The Tampa Tribune

Parish of Jesus the Master

This beautiful Catholic Church is new to the Parish of Cortecito in the area of Bavaro/Punta Cana.

The Church is not completed yet-donations are sorely needed. Masses are held currently in grass hut where the faithful gather every week to praise our Lord, Jesus Christ. Come see for yourself the beauty of the surroundings and feel God’s presence among the congregation. People from different countries of the world gather here to hear the word of God. Come experience it at least once for yourself-whether you are here on a short vacation, an extended vacation or live here part-time or full time.

The residing priest is Father Jose Eusebio. He can be contacted on his cell phone; 809-710-2635. The deacon is Francisco Tavarez: ing.tavarez32@gmail.com. His cell number is 809-962-5559.

Mass times: Wednesdays at 7:00 PM (19.00hours)

Sundays at 10:100 AM

Father Eusebio also conducts the following services at these locations:

Saturdays and Sundays at 6 PM (18.00 hours) -Mass Virgin Chapel in Barceló hotel.

Wednesdays at 5:30 PM (17.50 hours) Hoyo de Friusa

Thursdays at 4:00 PM (16.00 hours) Cabeza de Toro.

Please come help our parish grow!

Parroquia de Jesús Maestro

Esta hermosa iglesia católica es nueva en la Parroquia de Cortecito, en la zona de Bavaro / Punta Cana.

La Iglesia aún no ha concluido las donaciones que son muy necesarias. Las Misas se celebran actualmente en la choza de paja donde los fieles se reúnen cada semana para alabar a nuestro Señor, Jesucristo. Venga a ver por si mismo la belleza de los alrededores y a sentir la presencia de Dios entre la congregación. Personas de diferentes países del mundo se reúnen aquí para escuchar la palabra de Dios. Venga a disfrutar al menos una vez de esta Iglesia si usted está aquí en unas vacaciones cortas, unas largas vacaciones o si vive aquí en tiempo parcial o tiempo completo.

El sacerdote residente es el padre José Eusebio. Él puede ser contactado en su teléfono celular, 809-710-2635. El diácono es Francisco Tavárez: ing.tavarez32 @ gmail.com. Su número de celular es 809-962-5559.

Bavaro - Punta Cana Beach

Why has Bavaro – Punta Cana grown more popular for long term rentals?

Bavaro – Punta Cana being Dominican Republic’s number 1 tourist destinations has settled into one of the top long term rental destinations. More and more long term residents of Dominican Republic and abroad are finding better living standards in Bavaro – Punta Cana areas as opposed to other antiquated areas of DR.

Some of the interests besides having the best beaches in Dominican Republic are the vast varieties of international restaurant choices hosting real Italian and Spaniard cuisines, classy wine and cigar bars give the long term expatriates that touch of luxury missed from previous home land experiences. Having full time electricity with quite neighbourhoods without the constant noise of motorcycles racing up the the streets allows a real relaxing environment to unwind. The Dominant easterly trade winds off the ocean caresses the land with soothing breezes nightly while clear starry skies sparkle with relaxation.

The development boom a couple of years ago in Bavaro – Punta Cana now boasts many unoccupied residential apartment condo options are available for the short term and long term rentals. Prices for vacation rentals and Long term rentals in Bavaro – Punta Cana are showing price reductions from the rapid development to the area which are now allowing affordable living in these parts of Paradise.

There are many online mortgage calculators that can help you to find out how much house you can afford. There are many aspects that need to be considered if you want to buy a house during this ongoing recession.

Low mortgage rates and low home prices offers ample opportunity for you to invest in a house you have always longed for. Although the housing market is gradually recuperating and the signs are evident, it will not be before 2011 when the housing market is expected to stabilize.

The amount you will be paying as interest rate is vital in determining your monthly mortgage payments. If you opt for adjustable-rate mortgage, you may have to pay lower monthly payments initially. However, if the rates start rising, the amount you pay every month will also rise. In other words, the monthly mortgage payments are not predictable in case of ARM. On the contrary, FRM will allow you to make a fixed payment each month throughout the term of the loan.

Your loan term will also impact your monthly mortgage payments. If you are opting for 15 years loan term, you pay more every month but the mortgage interest rate is less. This is in sharp comparison to a 30 year loan term where you will be required to pay less each month but the mortgage rate will be quite high.

Your debt-to income ratio is also another factor that can determine your home affordability.

How will you determine your home affordability?

As a rule, you can shell out at least 3 and a 1/2 times your yearly salary on a house that you want to own. As far as monthly mortgage payments, you can spend 25% to 30% of your salary (monthly) for the same. However, lenders have become very strict as far as lending cash is concerned.

To quote Ryan Tomazin, who is associated with Integrated Asset Services as the COO says “Affordability is almost as high as it’s ever been, but what the banks are allowing people to purchase is still far more conservative than what people could afford”.

During the beginning of 2009, the number of homeowners facing foreclosure increased manifold. As of December 2008, majority of the homeowners had mortgages that were more than the value of the home. Since the real estate market hasn’t stabilized, the returns you will get on investing in real estate are not certain. According to S&P Case-Shiller 20-city index home prices are at 2003 levels approximately. However, if you are ready to take risks, there are many options open for you. If you have some cash at your disposal, you can buy a foreclosed property.

Most individuals that purchase a second home is usually for either the investment or for a getaway/retirement purposes or both. This article will discuss some benefits of owning a second home here in the Dominican Republic for the getaway and retirement crowd.

Many that choose to purchase real estate in the Dominican Republic do so because the prices of property are dramatically cheaper than comparable property in most all other Caribbean countries.

The weather of the Dominican Republic is generally great all year long which does not aggravate medical conditions caused by cold weather.  Sky touching mountains and florescent green valleys provides eye stunning backdrops to have the best of both worlds. Consistently warm weather and sunny beaches in Dominican Republic are a few reasons tourist return over and over again and intrigue many to own a piece of this tropical paradise.

Domestic help is very inexpensive.  The costs having a full time maid, cook, or a gardener is very affordable. Prices for these services vary according to your personal needs but s an example, a full time maid working six days a week may average only two hundred US dollars a month.  Services such as these free up your time to enjoy relaxing.

If your into Golf, Golfing Dominican Republic is one top destinations for golf. Some of the top designer courses in the world are right here in the Dominican Republic. Robert Trent Jones Sr. “Playa Grande Golf Course” and Pete Dye’s designer golf courses such as “Teeth of the Dog” are only a couple to mention.

There are many things to do in the Dominican Republic such as hiking and exploring, visiting beutanical gardens, birdwatching, horseback riding and visiting neighbouring towns to find each uniqueness.

If you interested in reading about buying a home in the Dominican Republic for investment pourposes, see these posts: Investing in Rental Property or Investing in Dominican Real Estate for Resale.

A good rule to follow is the location. Location is usually the most desirable factor but the property may not retain the same status forever.

1.  What areas are in demand and how long have they been in demand?

2.  Are other areas in that town increasing the status of hot areas?

3.  Does the town growth seem to moving towards a certain area? Are there ample services such as shopping, supermarkets and other essential supply stores?

4.  Are their noticable residential areas being zoned as commercial properties?  That could possibly be favorable for eventual value but a negative if you plan on living there.

Who are the buyers of the area?

1.   What is the main group of buyers in that area? If the majority are senior citizens you may need to focus on a one level house or apartment/condo with an elevator.  Rule of thumb here is more the age, less amount of steps.

2.  Are the buyers young families with children?  Think about looking for a home with a large fenced in yard that is not close to a busy street and has several bedrooms and baths to accommodate their needs.

Out with the old in with the new.

1.  It is sometimes wise to avoid property that is outdated such as a one bath home for they generally sell much less than property with 2 baths and usually take longer to sell.

2.  Shower and Bathtubs in old outdated shades may eliminate potential buyers and are hard to change out without a complete reconstruction makeover.

3.  Is the plumbing installed for hot water in all bathrooms and wash areas.  Many Dominican homes don’t have hot water and for foreign buyers hot water is a must.

3.  The flooring, if in tile can kill a sale by screaming antiquated.  The paterns of the 70’s just does not go well with todays modern furnishings and many times shun a potential sale.

4.  If the features are outdated and your able to negotiate an under market price, there may be hope to make updates and still make profit.  Figure out the costs to know how much more of and investment will be needed for improvemets.

What most buyers search for in a Dominican home.

1.  A favourable desire with most buyers is a home with lots of natural light and bright atmosphere.

2.  Storage areas such as large closet space such as a walk-in and many other storage places.

3.  Homes with split bedrooms where the rooms are located on each end of the home are more and more increasingly popular.

4.  An incredible view, whether its an ocean view, beach front or mountain view will difinately help with the sale.

Always punch the numbers and consider the resale value before you finalize on a property.  Remember, making funds on a well planed resale will help you in moving up the dollar / peso scale for your next Dominican Republic real estate investment for resale.

1. Repossessions, ugly homes, and distress homes are useful for buying property. Lease purchases can be extremely useful which  can help you to leverage investment money and reach a positive cash flow from renting. Buying fixer upper homes or repossessions can help to reduce investment money and improve your cash flow and appreciation.
2. One can’t count on a large cash flow from property with one tenant. In this scenario , the goal is to cover the mortgage and current expenses.
3. Research on a potential rental home should include significant financial planning for years ahead, like expenses of property management, repairing, vacancy, emergency etc.
4. The apartment and the 2-4 unit homes are the main classes of the multi-unit residential property investments.
5. With apartment investments the main profit comes from the rental cash flow. A lease to purchase option and leveraging investment money is quite useful in this case. The most significant factors in this case are the financial evaluation and property management. With a steady cash flow from a number of tenants, it is possible to hire a manager for the property management. It helps to increase the cash flow and the value of the apartment building. Underestimation may damage the investment and lead to loss.
6. Commercial properties investments include office buildings, retail shopping centres, industrial properties and the like. The market value of these properties is decided on the cash flow (net rental income). The main objective of rental in these cases is to generate enough cash to exceed the cost of mortgage, insurance, maintenance, future improvements. This is not an easy task to handle. It requires analysis of many things. But if done properly it could prove to be lucrative. Changes in the economic conditions usually have a serious impact on these types of real estate investments than on residential property investments. And as office buildings and industrial properties are more susceptible to these changes, it is wise to keep extra capital to support those investments if something does not go as expected. In this case, a money-leveraging approach (lease to purchase option) is very useful.
7. A vacation home can be used in two ways. It can be a property home or an investment property. This category includes resort properties, mountain homes, or beach homes. With vacation rentals, the main profit comes from the appreciation. Cash flow generated from renting is usually used for current expenses like property management, mortgage and insurance. These are short-term rentals and require intensive maintenance. On these properties know the tourist high season window and be prepared for it months in advance. The tourist high season for the Dominican Republic is generally between November to April.

Before beginning the search for buying Real Estate in the Dominican Republic, it is best to do your homework and follow the simple rules below.

First, know your reason for purchasing the Real Estate. Is your reason to live in as a primary or secondary home, an investment to resale or rent or is it for a business to generate an income? By having a clear reason for purchasing Dominican real estate one can adherently focus on the second step, finding the right location.

Below is a short list of some buying reasons:

• Buying Real Estate for Investment

1. Renting
2. Resale

• Buying Real Estate to live in

1. Primary Home
2. Secondary Home

• Buying Real Estate for Business use

1. Restaurant, Bar, etc.
2. Store Front Merchandising
3. Agricultural

Location location location. Location is the single most important factor that will determine the value of the real estate.  While that statement is true in most situations especially when it’s your primary home, it’s not always the case for real estate investing.

How to choose an investment location?

• Stay on top of real estate news of that area
• Visit the location and spend some time there
• Have inside information by knowing someone who lives in the area
• Research economic investment reports for that area to know the facts
• Make sure you understand the local market
• Understand the commitment and take time choosing the right investment