The Dominican Republic is a popular vacation destination for many, but it’s also a good place to live. This blog article discusses the cost of living in the Dominican Republic and lists out some of the costs so that 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 the country’s many iconic landmarks. The first inhabitants of the Dominican Republic were the Taínos. The Taínos were a people who flourished on the Caribbean islands before Christopher Columbus arrived in 1492. Columbus claimed the island for Spain and named it Isla Santa Dominica.
The Spanish colonists brought over African slaves to work on sugar plantations. These slaves worked tirelessly under horrendous conditions to produce sugar beets that were then turned into sugarcane juice by 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 almost thirty years until his assassination in 1961. He was followed 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 ousted in a military coup led by José Rolón Silva. In 2006, Leonel Fernández was elected president and served until his death 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. Necessities like food, housing, and utilities 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 enjoyment such as hiking, swimming, sunbathing, and surfing. Many attractions around the country make for an enjoyable vacation including La Romana beach, El Caney archaeological site, and Jarabacoa Volcano National Park. Additionally, Dominicans have a reputation for being friendly and hospitable people which makes for a great environment to live in.
- Secured Borders and Strong Economy:
The Dominican Republic has one of the most secure borders in the world which contributes to its strong economy. The country’s GDP ranks among the top 10 globally according to Forbes magazine. Additionally, tourism is one of Dominica’s main sources of income which means that residents are well-off regardless of 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. This figure represents a growth rate of 3.2% from 2012, making the Dominican Republic one of the fastest-growing economies in Latin America. The country’s per capita GDP is only $4,500, but this low figure masks a large disparity between the rich and poor sectors of the population.
The GDP of the richest 10% accounts for 81% of the total GDP while that of the poorest 10% accounts for only 1%. Nevertheless, despite these disparities, the Dominican Republic continues to make significant progress economically. The country’s major industries are tourism, agriculture, and manufacturing. Tourism is the sector that has made the most progress over the past few years due to increased visitor numbers from both North and South America as well as Europe.
Also, Agriculture is an important sector accounting for 16% of the GDP and employing more than half a million people. Manufacturing is another important sector with exports worth $7 billion in 2013. However, not all sectors have seen such positive growth recently: services accounted for 54% of total GDP in 2013 but this has been declining since 2004 when it accounted for 61% of GDP.
Different Costs of Living in the Dominican Republic
Cost of Food:
In general, 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. For example, traditional Dominican cuisine is very inexpensive and easy to find. Local fruits and vegetables are also frequently inexpensive.
Cost of Housing:
Housing costs in the Dominican Republic vary significantly depending on location. The more expensive areas tend to have higher costs for both rental and purchase prices. Rental prices usually start at around $350 per month for a small studio apartment. The most expensive areas can cost upwards of $2,000 per month for a single-family home with a pool or garden view.
Cost of Transportation:
Transportation costs in the Dominican Republic are high compared to many other countries. This is mainly because of the high cost of fuel and vehicle repairs. It’s also difficult to find reliable public transportation options in most parts of the country. Many people rely on personal cars for transportation purposes.
Cost of Healthcare
Healthcare here is not free, even for foreign residents longer than six months with a visa that permits work or study purposes only. You will likely need to purchase health insurance or arrange private insurance through your employer or a private company specializing in healthcare abroad before
Cost of Entertainment
The Cost of Entertainment in the Dominican Republic can vary depending on your desired activity. For example, if you want to go out for 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 tag can be much higher. A show at a nightclub can run anywhere from $60-$120 per person. In addition, drinks and appetizers can add up quickly, so it is important to budget appropriately when planning your entertainment options in the Dominican Republic
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If you’re thinking of moving to the Dominican Republic, it’s important to know what your average cost of living will be. In this article, we’ll take a look at some common expenses and give you an estimate of how much they will cost you monthly. This information should help you better understand the budget that is necessary to live comfortably in this beautiful country.