Engel & Völkers now brokering property in the Dominican Republic
- First Shop opens in the capital Santo Domingo
- International network in 37 countries spanning five continents
Hamburg/ Santo Domingo, 11 April 2013. The Engel & Völkers Group is expanding its global network further and is now brokering high-end residential property in the Dominican Republic. This marks the 37th country in which the global company, which is specialised in the brokerage of premium residential property, commercial real estate and yachts, is now operational. The first Engel & Völkers Residential Property Shop to open in the Dominican Republic is situated in Piantini, one of the most exclusive neighbourhoods in the capital Santo Domingo. The international network of Engel & Völkers will make it possible for the Shop to offer its portfolio properties in more than 500 locations worldwide, and to enjoy access to an international pool of prospective buyers.
“I am very pleased to be representing the service quality and international network of Engel & Völkers in the Dominican Republic. The need for qualified consultancy is very high, as both the domestic and international clients here have very sophisticated standards. Engel & Völkers will be making a significant contribution to the professionalisation of the real estate industry here and the provision of excellent services,” said Joan Arbusa, Managing Partner at Engel & Völkers in Santo Domingo.
The Dominican Republic is located between the Atlantic and the Caribbean in the eastern part of the island of Hispaniola. Haiti occupies the island’s western part. Idyllic beaches, a pleasant climate all year round, picturesque villages and a hospitable local population make this island state a very popular holiday destination. Due to numerous investments in the infrastructure, particularly over the last decade, the country has evolved from a purely tourist destination into a much sought-after location for second homes. Good flight connections mean that the Dominican Republic can be conveniently reached from many cities worldwide.
Attractive investment conditions for foreign buyers
Political stability, sustained economic growth and favourable legislation all make for very attractive investment conditions. Flourishing sectors such as tourism, mining, construction, insurance and the energy industry are attracting increasing numbers of foreign investors, which gives an additional boost to the Dominican property market. Enquiries for prestigious second homes are received from around the world, and are particularly popular amongst buyers from the United States, Canada and Europe. Yet more interested parties originate from Asia. Besides native Dominicans, the investor demographic on the market tends to be dominated by US Americans, Canadians, Spaniards, Russians and Venezuelans.
The most desirable locations for second homes include Punta Cana, Samaná, La Romana, Juan Dolio and Puerto Plata. Villa properties directly by the ocean are in particularly high demand here. Many clients regard a spacious living interior with large rooms and high ceilings as an important purchase criterion. Resorts are also very popular, offering high-class real estate as well as an excellent all-round service and first-class golf courses. Exclusive estates in premium locations can reach top prices in the Dominican Republic up to 17 million US Dollars (approx. 13.0 million euros).
“We have seen a tremendous growth in the Engel & Völkers brand over the whole world and this benefits Engel & Völkers Southern Africa a great deal. With expansion over the world our referral systems grows and offers more opportunities for us to introduce new international buyers to our shores. This has been evident in the amount of international interest we have received over the last year, especially in the coastal areas of South Africa.
We believe that more shops overseas will increase our network strength and offers us a unique marketing opportunity for our clients”, Engel & Völkers Southern Africa`s CEO, Craig Hutchison concluded.