|This is the statistic for Mexico, but a few phone calls show that Dominican Republic is pretty much in the same trend. Dominican Watchdog will prepare a full report about the Dominican real estate situation in the near future.
Everyone knew there had been a steep drop in Mexico second home sales last year. But a new study of the Puerto Vallarta coast line reveals just how far sales fell in new resort developments.
In 2010, developers along the stretch known as Costa Vallarta—including Puerto Vallarta, Punta Mita and the Riviera Nayarit—recorded sales of 315 new units, a 54 percent drop from 2008 and an 80 percent drop from 2007, according to a survey by the Vallarta Lifestyles Publishing Group.
Of the 112 developments surveyed, 43 reported no sales for 2009—zero, nada. Eighteen of the projects had been cancelled or taken off the market.
source: International Property Journal
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