I just got back from a few days in LT and I was surprised by a) how many building projects there are, all building tourist-friendly apartments b) how many realtors there are who have swanky offices and c) how empty all the existing tourist apartments and hotels seem to be. It's December, nearly Christmas, surely there are some takers from Europe or Canada who want to rent an apartment beside the beach?
The guy I rented from said that he was just wondering who is going to rent these apartments when they have all been built. The usual model is that someone buys, and then thinks they can rent out the unit to tourists when they aren't using it themselves. But it seems that there is already too little demand for the supply of apartments, and it's just going to get worse and worse.
I know there are a lot of apartments being built in the capital, but I think it's different because there are already 4 million people living in SD, and there will always be a strong demand for housing. But LT is pretty much only a tourist destination, 6 hours drive from Punta Cana where most of the tourist flights land.
The guy I rented from said that he was just wondering who is going to rent these apartments when they have all been built. The usual model is that someone buys, and then thinks they can rent out the unit to tourists when they aren't using it themselves. But it seems that there is already too little demand for the supply of apartments, and it's just going to get worse and worse.
I know there are a lot of apartments being built in the capital, but I think it's different because there are already 4 million people living in SD, and there will always be a strong demand for housing. But LT is pretty much only a tourist destination, 6 hours drive from Punta Cana where most of the tourist flights land.