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Property firm woos investors with Dominican Republic residency

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A Nigerian real estate consultancy firm, Overland Properties Limited, has announced plans to provide real estate investment and residency for Nigerians interested in moving to the Dominican Republic.

Managing Director, Overland Properties, Adebiyi Modile, who spoke at a meeting with stakeholders in Lagos, said the firm has entered into partnership with a Dominican-based firm, Punta Cana DineCaribe Realty (Punta Cana DC) to assist Nigerians settle in that country.

On the benefits of investing in the Caribean country, Modile said: “If you buy a four-bedroom duplex in Lekki for instance, it will cost you about N250 million and the return on investment for a rental is N7 million annually. That means you’re making less than $10,000 for an investment of N250 million.

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“With N250 million, you can buy almost five properties in Punta Cana, and the return on each property there is $10,000 annually after tax. Where would you rather invest in?

Principal Partner of Aftermath Solicitors, Mr. Tunde Koya, said: “These opportunities offer freehold titles with secure and guaranteed returns of investment. Moreso, because it offers great tourism potentials, this offers a huge attraction for investors from across the globe.

“The Caribbean nation offers good tax incentives not only as a real estate investment portfolio but also for potential corporate bodies, who wish to give their business a global flavour. The Dominican Republic is a great place to build credible wealth.

A representative of Punta Cana DC, Mr. Liemier Laba, highlighted the benefits of investing in the country.

“The country offers quality medical facilities, great nightlife, maximum security, beautiful beaches, sunny weather and lower interest rates.

“If you buy a property in the Dominican Republic, you own it forever. The annual property tax is one per cent.

“If you buy a property, in 15 to 20 days you will have a title of ownership of the property,” Laba said. A property developer in the Dominican Republic, Mr. Isaac Funis, said his firm is currently involved in about 80 projects in the country.

He said: “Nigerians traditionally like to invest in U.S., UK and Dubai. We want to present to them something a little bit different and new.

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“The Caribbean offers a lot more than other places. The investment opportunity at the moment is the most attractive in the world. That’s the way I see it.

“Dominican Republic is the fastest-growing economy in Latin America at the moment. The growth rate is over seven per cent yearly.

“Knowing the number of Nigerians interesting in investing in real estate, we want to present them with this opportunity.”

On his part, Dominican realtor and tour guide, Liemier Laba, said that the Dominican government was welcoming Nigerians and other foreigners with open arms. According to him, the country has lots of incentives that will appeal to Nigerians.

“The government also provides a 15-year tax-free rebate for certain investments and ranks well on ease of doing business. This is in addition to mortgages provided by banks at low rates for foreigners, repayable within 10-20 years,” he said.

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