The Dominican Republic is a popular holiday destination for many people, but it’s also a great place to live. This blog article discusses the cost of living in the Dominican Republic and lists some of the costs so you can find out if it’s right for you.
History of the Dominican Republic
The Dominican Republic has a long and rich history, which is evident in many of the country’s iconic monuments. The first inhabitants of the Dominican Republic were Taínos. Taínos were a people who flourished on Caribbean islands before Christopher Columbus arrived in 1492. Columbus claimed the island for Spain and named it Isla Santa Dominica.
Spanish colonists brought African slaves to work on sugar plantations. These slaves worked tirelessly in terrible conditions to produce sugar beets that were then turned into sugarcane juice from slave labor. Over time, Dominicans became skilled in producing rum, tobacco, and coffee.
The Dominican Republic achieved independence from Spain on November 30, 1844. Rafael Leonidas Trujillo ruled as dictator for nearly thirty years until his assassination in 1961. He was succeeded by his son, Joaquín Balaguer, who served as president from 1966 until he died in 1986.
In 1996, Hipólito Mejía was elected president, serving until 2002 when he was overthrown in a military coup led by José Rolón Silva. In 2006, Leonel Fernández was elected president and served until he died in 2012 at the age of 70 after a long battle with cancer.
Benefits of Living in the Dominican Republic
- Low living costs:
The cost of living in the Dominican Republic is relatively low when compared to other countries in Central and South America. Needs like food, housing, and communal services are all affordable. The overall cost of living is one of the lowest in the world.
- High quality of life:
Living in the Dominican Republic offers many advantages when it comes to quality of life. The country’s warm climate makes it perfect for year-round pleasures such as hiking, swimming, sunbathing and surfing. Many attractions around the country make for a pleasant holiday, including La Romana Beach, the Archaeological Site El Caney, and the Jarabacoa Volcano National Park. Furthermore, Dominicans have a reputation for being friendly and welcoming people, which creates a wonderful environment to live in.
- Secure borders and a strong economy:
The Dominican Republic has one of the safest borders in the world contributing to its strong economy. The country’s GDP ranks among the top 10 globally according to Forbes magazine. Furthermore, tourism is one of Dominica’s main sources of income, meaning residents are wealthy, despite any economic fluctuations that may occur elsewhere in the world.
Dominican Republic’s Gross Domestic Product
The Dominican Republic’s gross domestic product was $32.2 billion in 2013. That figure represents a 3.2% growth rate from 2012, making the Dominican Republic one of the fastest-growing economies in Latin America. The country’s per capita GDP is just $4,500, but this low figure masks a huge disparity between the rich and poor sectors of the population.
The GDP of the richest 10% accounts for 81% of total GDP while that of the poorest 10% represents only 1%. Yet despite these inequalities, the Dominican Republic continues to make significant progress economically. The country’s main industries are tourism, agriculture, and manufacturing. Tourism is the sector that has made the most progress in recent years due to the increasing number of visitors from North and South America as well as Europe.
Various costs of living in the Dominican Republic
- Cost of food:
Overall, food costs in the Dominican Republic are higher than in many other countries. This is mainly due to the high cost of imported goods. However, there are some exceptions to this rule. Traditional Dominican cuisine, for example, is very cheap and easy to find. Local fruits and vegetables are also often cheap.
- Housing Costs:
Housing costs in the Dominican Republic vary significantly depending on location. More expensive areas tend to have higher costs for both rental prices and purchases. Rent prices typically start at about $350 a month for a small studio apartment. The most expensive areas can cost more than $2,000 a month for a single-family home overlooking the pool or garden.
- Cost of transport:
Transportation costs in the Dominican Republic are high compared to many other countries. This is mainly due to high fuel costs and vehicle repairs. It’s also hard to find reliable public transport options in most parts of the country. Many people rely on personal vehicles for transportation purposes.
- Healthcare costs
Health care here is not free, even for foreign residents longer than six months on a visa that allows only work or study purposes. You will likely need to buy health insurance or arrange private insurance through your employer or a private company specializing in healthcare abroad beforehand.
- Cost of Entertainment
The cost of entertainment in the Dominican Republic may vary depending on your desired activity. For example, if you want to go out to dinner, the cost of a basic dinner can range from $5-$15 per person. However, if you want to go see a show or attend a concert, the price can be much higher. A show at a nightclub can last anywhere from $60 to $120 per person. In addition, drinks and mezze can be added quickly, so it’s important to budget properly when planning your entertainment options in the Dominican Republic