Precious Ugwuzor
For those interested in investing in real estate or own homes abroad, Managing Director of Overland Investment Properties Ltd, Adebiyi Modile, has revealed that investing in the Dominican Republic is attractive because it guarantees higher returns.
He spoke in Lagos at a real estate breakfast meeting on “how to own a residential home and investment properties in the Dominican Republic”.
Overland Properties is in partnership with Punta Cana DineCaribe Realty, a property firm in the Dominion Republic, and Aftermath Solicitors, a Lagos law firm.
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 N250million and the return on investment for a rental is N7million annually. That means you’re making less than $10,000 for an investment of N250million.
“With N250million, 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 there are real estate investment opportunities in the Caribbean country of the Dominican Republic that Nigerians can take advantage of.
He said: “These opportunities offer freehold titles with secure and guaranteed returns of investment. Moreso, because it offers great tourism potential, this offers a huge attraction for investors from across the globe.
“The Caribbean nation also offers good tax incentives not only for real estate investment but for potential corporate bodies who wish to give their business a global flavour..
“The option of a dual citizenship opportunity is a possible advantage open to individuals who meet certain investment criteria as prescribed by the government as incentives to credible investors and investments in the Dominican Republic.”
A representative of Punta Cana DC, Mr Liemier Laba, said Dominican Republic has direct flights from 26 major countries, while the major currencies of the world are accepted there
“If you buy a property in the Dominican Republic, you own it forever. The annual property tax is one per cent. 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 the country offers something different.
He said: “Nigerians traditionally like to invest in US, UK and Dubai. We want to present to them something a little bit different and new.
“The Caribbean offers a lot more than other places. The investment opportunity at the moment is the most attractive in the world. Knowing the number of Nigerians interesting in investing in real estate, we want to present them this opportunity.”
