Dominican Republic real estate expert profiled for show

West Indies Real Estate was publicised in the following way by the show organisers.

Established in 1985, West Indies Real Estate has remained at the forefront of real estate brokerages in the Dominican Republic. A Company that prides itself on giving a full service facility and on going support to its clients, it has earned its excellent reputation over a 25 year period.

The Company has three partners Jose Loinaz (Land acquisition),  Paul Hogg (Projects Management and Financial analysis) and Judith Fox-Hogg (Sales & Marketing).

Isla Elisabeth - Featured property

Isla Elisabeth Village is comprised of 2, 3 and 4 bedroom villas, townhouses and apartments set in carefully landscaped grounds offering walkways, parkland and hillside scenery to delight the senses.

VILLAS: Show special turnkey furnishings package - 40% Off! • 3 Bed/2Bath • private landscaped garden • utility and storage rooms • covered terrace overlooking swimming pool (shared) • parking plus visitor parking •  large master with ensuite • 24 hour security • rental management available.•  Regular Price: $168,000. Save $20,000!

SHOW SPECIAL: $ 148,000.

TOWNHOUSES:  Show special turnkey furnishings package - 40% Off! • 3 Bed/3Bath • private landscaped garden • utility and storage rooms • covered terrace overlooking swimming pool (shared) • open terrace on second floor • parking plus visitor parking • large master • 24 hour security • local woodcraft and hand laid stone throughout to create a rustic feeling. Regular Price: $ 168,000. Save $20,000!

SHOW SPECIAL: $ 148,000

CONDOS: Show special turnkey furnishings package - 40% Off • 2 bedrooms/2 bathrooms • Full ownership and Title • Ground floor apartment with covered terrace 106m2 • Second floor apartment with open terrace 96m2 • Landscaped communal gardens and pool • Fully fitted kitchen with dishwasher, microwave, fridge and cooker • Large living area with oversized terrace • Storage room • Only two apartments per building, overlooking the swimming pool • Parking space for each apartment •  Regular Price: $ 115,000. Save $20,000!

SHOW SPECIAL: $ 95,000

 

Two apartments priced at not much more than the value of the land....excellent deal

Great two storey property divided into two apartments located on beachfront lot, with sufficient space to build a principal property closer to the water.  This property is now competitively priced at just US$299,000.  With the land being worth in the region of US$275.000, you cannot go wrong in buying this property - with the option of living in the whole property, living in one apartment and renting the other, building a more luxurious villa closer to the water with its own guesthouse or rental units.....or simply keep the property and watch it increase in value.

Contact us for further details.

West Indies Real Estate enters 2010 with renewed optimism for  Dominican Republic real estate market

Jose Loinaz, Founder and Co-owner of West Indies Real Estate, discussing business at the annual Christmas Party

2009 was a difficult year in so many ways, although the Dominican Republic was affected less by the global crisis than many other countries.  However, the West Indies Real Estate Team largely forgot business for a few hours and enjoyed a wonderful Christmas celebration at Casa Veintiuno, an excellent restaurant and small hotel on the outskirts of Sosua.

Below are some photos of the celebrations, but before looking back, we would like to look ahead to a much more positive real estate market in 2010, with early signs of a recovery already being evident here on the North Coast of the Dominican Republic.  West Indies Real Estate team is ready and waiting to serve both buyers and sellers and is already embarking on exciting new marketing plans for the coming year, including it's forthcoming television broadcast in the United States.

With recent flu outbreaks in Mexico, Caribbean destinations--including the Dominican Republic--are on the rise for summer vacationers. Both Thomas Cook and European TUI Group report an increase in bookings to the Dominican Republic. Good timing for the real estate industry, which typically benefits from increased tourism through exposure to investment properties. International travel to the Dominican Republic has increased tourism through exposure to investment properties - click here to see statistics.

The Dominican Republic is host to the Americas Real Estate Expo, being held this year from 1st - 4th July in Santo Domingo.  West Indies Real Estate will be exhibiting at the show.  Click here for details.

AREExpo will showcase developments, properties, mortgage companies, banks, retirement service plans and life insurance companies from throughout the Americas. The Expo targets developers, buyers, brokers, investors, financial institutions and other services and support organizations for real estate investments. CIPS and TRC courses will be offered.

Details provided by the REALTOR organisation.

Real estate market bouncing back
 

Real estate sales within the tourism sector have experienced a revival during the last two months, according to Juan Bancalari, president of the Dominican Association of Tourism Real Estate Companies (ADETI). "There have been increases in sales and investments over the last few months. It's not the same as the beginning of 2008, but sales are moving and it's a very positive thing," said Bancalari.

To view the great property listed above, a good example of a viable commercial enterprise in a thriving tourist area, click here.

New strategy to aid Dominican Republic Real Estate valuations

The National Cadastre Agency (DGCN) is negotiating with two companies, a Spanish and another Israeli, to conduct the first mapping of the entire country’s real estate divisions.

DGCN director Bolivar Marte said the companies would be paid 25 million dollars for the project, that would have to be approved by Congress.

He said the mapping is of great importance, since the country’s real estate includes areas for farming, tourism, commercial and water sources, and in the course of two years all citizens will be able to know “how much the Dominican Republic is worth in each of its areas.”

The Cadastre director said the mapping would help solve the serious problem of land titling, in the sense that each property, regardless its size, will be in a cartographic system in which anyone will be able to see, thanks to satellite communications where a house, a building or a piece of land are located.

Marte said the companies that would conduct the mapping assure that it would be concluded in two years, with minimum errors, and includes an ad campaign in all the media to inform the population about the project.

The new Property Registry Law (Law #108-05) that has been in effect since April 4, 2007, and its enabling regulations.  One essential element of this modernization has been the requirement of a "deslinde" for all real estate transactions: purchases, sales, mortgages, condominium formation, etc.

A "deslinde" ("segregation" in English) is the legal procedure by which a portion of land within a parcel is segregated from all the other portions within the same parcel. In other words, the deslinde procedure converts a provisional title that guarantees the property right of ownership for a portion of land within a bigger parcel into a definite title that guarantees the ownership of an individual parcel. The result of the procedure is that the segregated portion will become its own parcel with its individual cadastral designation, guaranteed by a definite title. The majority of jurisdictions around the world only recognize and register segregated portions of land and do not allow any transactions of portions of land that are not segregated. The purpose of the new Property Registry Law is to reach exactly the same level of sophistication and security as these modern jurisdictions have had for a long time: no recorded property rights without a deslinde.

The deslinde requirement introduces such a profound change to the Dominican land registry system that the law establishes a transitional period – from April 4, 2007 until April 4, 2009– during which real estate transactions of properties without a "deslinde" are still possible, although severely restricted. Beginning April 4, 2009, however, real estate transactions without a deslinde will be prohibited. This means that from that date forward, the Registrar of Titles will not record any real estate transaction of a property without a "deslinde".

West Indies Real Estate will take new regulations into account when working with buyers and sellers.  If you have any concerns regarding this please contact us or see www.westindies-realestate.com/buyers-lawyers.cfm for a list of lawyers who can help with the process if you are selling property.

The director of Department of Taxes (DGII), Juan Hernandez, has suspended, for the time being anyway, the raise in assessment values on real estate and in its table of reference for calculating the Tax on Property (IPI). He said he did so in response to a request from President Fernandez. The Dominican leader asked the official to wait until the end of debates at the National Unity Summit.

Despite knowing that the values attached to real estate classified as luxurious or as unused urban lots or buildings have not been revised since 2005, Fernandez said that "we need to wait until the process of the working group dealing with the economy and competitiveness is finished."

The DGII director confirmed the request from the President, saying that it was in line with the spirit of the Unity Summit that is seeking a consensus on all major issues.

For more information on Property Tax issues click here.

New company formation law

On 15 December President Leonel Fernandez signed Law 479-08 - the Ley General de las Sociedades Comerciales y Empresas Individuales de Responsabilidad Limitada - into law, establishing new simplified criteria for the formation of companies in the Dominican Republic. Just two, down from seven shareholders, are needed to form a company of limited responsibility. The new law also establishes new grounds for subsidiaries, branches and agencies of foreign companies in the DR.
See www.suprema.gov.do/pdf/leyes/2008/Ley_479-08.pdf

More Safeguards for Owners Renting their Properties

The Supreme Court of Justice has ruled that property owners can set a time limit on rental contracts. The court said that the ruling that prohibits property owners from setting a limit to the rental contract violates the Constitution. The explanation is that the ruling dates back to the 1950s when owners right to limit the term of rentals was restricted because there was a state of emergency. The Supreme Court establishes that the years old decision considerably reduced the number of units on the rental market.

The Supreme Court now establishes that the rental contract will end as established in the written contract, without the need to begin the eviction procedure. 

If you purchase a property via West Indies Real Estate we will give you an indefinite free listing to manage your own rentals on our website.  The potential renters will contact you directly and you will have full control of the whole process.  No commission is charged.  The lovely property shown above is available at a very attractive price - click here for details.

Change of West Indies stand location to accommodate new participants

As the number of companies and organisations taking part in the OPP Live 2008 Show grows, West Indies Real Estate is moving its stand location to accommodate new meeting points for those interested in the markets in Spain, Brazil and Belize and also a large international meeting point.  

This will bring tremendous extra value to both visitors and exhibitors and will increase the visitor numbers, which will be of benefit to the real estate market in the Dominican Republic.

West Indies Real Estate can now be found on Stand 192 on 25th and 26th November at ExCel in London, England.

The Overseas Property Professionals Show attracts Exhibitors and Visitors from around the world -

West Indies Real Estate will be promoting the Dominican Republic there

The Dominican Republic is becoming the number one choice for investors and the public to invest their money in vacation homes and developments.
 
The Dominican Ministry of Tourism estimates that vacation property sales reached US$800 million this year, more than double the amount reported for the five-year period of 2002-2007, which totaled US$351.2 million. By 2012, according to estimates, US$7.1 billion will have been invested by foreigners buying second homes in the Dominican Republic.

In order to take advantage of this growth in an otherwise challenging market, this year West Indies Real Estate is Exhibiting at the OPP (ExCel) Exhibition held in London on 25th and 26th November on Stand 63.

We offer both Co-Broking and Referral opportunities to professional Agencies and we would welcome an opportunity to meet and discuss collaboration between companies to take advantage of the real estate market of the Dominican Republic.

This is a show purely for those working in Real Estate and associated fields.  We also take part in exhibitions open to the public.  West Indies Real Estate has already taken part in exhibitions in England and Canada earlier this year.

For details of the show click here.
 
 

New Level of Golfing for North Coast - La Colonia

Project:  La Colonia Golf and Residences

The best listings don't stay around forever

Whilst some listings may be gathering dust, the most attractive buys ARE selling.  What is it that makes some properties sell and others attract little interest or rejection?

This beautiful listing, described in an earlier blog, is a property which was sure to sell sooner rather than later.  The villa is extremely well cared for and represents good value for money...and now a discerning buyer has recognised its worth and has decided to purchase. 

Neglected or overpriced properties simply do not sell, along with those in the "wrong" location - it is a fact of life. At West Indies Real Estate we pride ourselves on trying to find the right home for prospective buyers and in taking our time to ensure that they are 100% happy with their final choice. 

We also believe it is our duty to be honest with our sellers about their properties.... although this may not always be popular.  

As much of our business comes by word of mouth and recommendation, it is important to us that our buyers and sellers alike are more than satisfied with our service.  Unlike the larger franchise companies such as Remax, Century 21 and Coldwell Banker, which are household names, we really do have to rely on our local reputation.  Whilst the larger companies are well known, the service provided may vary dramatically from franchise to franchise.  We, at West Indies Real Estate, are dependent on our clients recommending us and this is how we obtain much of our business.

If you would like us to help you choose the property which is right for you, or to list your property, please get in touch at info@westindies-realestate.com

Property outlook is great and real estate tourism is booming in the Dominican Republic, says the forecast from the Dominican Association of Real Estate Tourism Companies (ADETI).

After many years of living and working in the Dominican Republic, the Management of West Indies Real Estate would like to offer the following views on Gated Communities - Click Here

West Indies Real Estate recently exhibited at the A Place in the Sun property show in London, England, with other exhibitors from all parts of the world.  A Place in the Sun is a most popular TV show, magazine and website which has built on the insatiable desire of the British to own first or second properties abroad.  Judith Fox-Hogg and Paul Hogg, two of the owners of West Indies Real Estate, are British and are keen to continue with their strong links in this market.  We work with a number of reputable Real Estate companies there, as well as in other countries.

This is part of our ongoing investment in marketing and is just one of many  strategies to attract buyers from all countries, thereby offering a level of service to sellers and buyers alike which is, we believe, unequalled in the Dominican Republic.

In the past, West Indies Real Estate has exhibited in Britain, Canada and Russia and we intend to continue this tradition and to begin exhibiting in the United States.  We believe that the Dominican Republic  represents one of the best buys in the Caribbean and aim to make it more widely known in all markets.

At the election on 16th May, President Leonel Fernandez was granted four more years to serve the Dominican Republic. Fernandez is credited with restoring macroeconomic stability and a favourable business climate. Being ahead in the polls, his PLD party secured a victory with 53% of the vote. This represents the first re-election in Dominican politics since Joaquin Balaguer was re-elected in 1990.

This continuity will reinforce the recent view that the Dominican Republic is one of the top five places to buy in the Caribbean and will attract new investments on a small and grand scale, such as that recently made by Donald Trump, who is pouring more than $1 billion into resort and residence development on the island.  Click Here to read article.

 Judith Fox-Hogg, one of the Owners of West Indies Real Estate, met with the President during his last term of office to promote business and investment in the Dominican Republic.