Now that is a damn good article. I see it happening in Lago de Atitlan, Guatemala (San Pedro.) Now that the lake is having the Algae bloom problem and tourism has taken a dive. Maybe a little anti-gringo sentiment from the locals. The dream is now a nightmare for foreign property owners. They want out and there is no way out, except by selling for a big loss.
But it is the foreign mentality that I must own the property to feel secure. In actuality it is more secure to rent. If the situation gets bad you just go down the road to the new and greatest and rent.
In a buyers market or real estate crash like the one now in the US, you can rent more house than you can buy. Very good for the ones who saved money, didn't refinance their property holdings and didn't run up credit. Cash is king!
I am pretty much done with the idea of owning a home. If the market was better I would sell my home and go back to renting, but that isn't happening. So what I am going to have to do is just finish paying off the house I own and go from there.
Best to rent in any 3rd world country. Depending on the Dictator/Prime minister dejour. You have little legal protection and have to depend on a bigger fool to get you out of the house payments. You can get some serious bargins renting and live the high life on a beer budget. You just have to move occasionally with little notice.
Used to have a 1 bedroom rooftop 17th floor apartment that had a rooftop pool and garden just steps from my door. Beach less than 100 meters a ocean front view from the apartment to Jomtien beach Thailand. Many restarunts just outside the 1st floor door.
Owner just wanted a American in the apartment while he was gone. I just had the inconvenince of finding a room for the 2 weeks x 2 times a year when the owner visited. Cost : $ 150 a month + electric and water $30 Place cost approx $220,000 fully funished. So much better than owning and the chicks think your rich mak mak.
i'm pretty sure picture no.1 used to be a bank..
have you been to the non-tourist side of Sosua at the other end of the beach for a nose around?
It's the same with so many geographically beautiful locations in the world which attract tourism and the real estate developers and agents which follow such popularity. It makes better sense renting in any foreign country as I've always advised the foreigners coming to the Philippines for at least the first year or two until they get exposed to the more realistic local .cost of real estate ( often distressed, family emergency situations etc. ) A large number of people do get sold and persuaded while "falling in love" with such locations ( and like you said getting laid more than they ever did at "home". ) Some these real estate projects are in the "10" business, collecting deposits from tourists who will change their minds once they ho home and are required to send additional funds every 3 to one year to complete the purchase. of course such deposits are NON-refundable!! THAT said if someone hooks up with a wise local resident considerable profits and appreciation can be made by making the right real estate investments following the "location, location location" 3 rules of real estate in foreign countries. It can be compared to a "time machine" investment wise like buying coast front property in California in the 50s. Back in 84 my wife and I had long discussions over buying a place in California with a mortgage or using what would be a small down payment in the States to buy a prime location for cash without a mortgagewe chose the latter.
The idea of throwing away the mortgage here in Australia and renting in a place as wonderful as the Dominican Republic is something that is really appealing right now!