1. How would you describe the company and the vision that has guided its development over more than two decades as a leader in the Dominican Republic’s tourism real estate sector?
As I mentioned, the company began with a small vision that gradually grew into a much larger one. We have been in the sector for 23 years, and we were pioneers in tourism investment at a time when this market barely existed in the Dominican Republic.
We started in Punta Cana, at Cocotal, which belongs to the Meliá group. That is where the company was born, and since then, we have delivered more than 3,000 homes.
We have also been pioneers in branded residences and in developing large-scale projects, with between 1,000 and 1,200 units in a single development. Today, we have launched what we believe is the largest and most iconic project in the country's history: Coralia. It is a project of a scale and ambition that would not look out of place in Dubai. That is how far we have come.
2. Noval has delivered more than 3,000 units in some of the country's leading destinations. Which milestones best illustrate its trajectory in residential, tourism and mixed-use developments?
The first milestone is the successful delivery of these projects while being pioneers in the market. We were also among the first to introduce major European quality brands, something that had not been done before.
Another important milestone was bringing branded residences to the Dominican Republic and transforming traditional residential developments into hotel-operated tourism properties. We already have two projects operating under this model: Reserva Real, with Archipelago, an Asian hospitality brand originating in Indonesia, and another development with Garden Hotels, a Spanish brand.
We have transformed conventional real estate development into a sustainable tourism model built around hotel operations. This combination of residential ownership and professional hospitality management is proving very successful.
3. Coralia is your flagship project: a US$1.3 billion, seafront vertical city in Santo Domingo Este. What is Coralia, and how does it aspire to make the eastern part of the capital a new investment hub in the Caribbean?
We are not undertaking this alone. We are working alongside the government and other stakeholders who share our vision that Santo Domingo Este is the next area for the city's expansion. Cities are constantly evolving, and Dubai is a good example of this continuous movement. In Santo Domingo, we believe the next major phase of urban development will take place in the eastern part of the capital.
Coralia represents an iconic milestone for the country. It will feature some of the tallest skyscrapers in the Dominican Republic, reaching 50 floors, alongside an internationally branded hotel and the country's largest convention and events centre, with capacity for more than 6,000 people.
The development will include more than 3,000 apartments and represents a scale of ambition that has never previously been envisioned in the country. Its architecture and construction standards would fit perfectly into Brickell in Miami, Singapore or Dubai. That is the level of development we are aiming to bring to the Dominican Republic.
4. Hotel-condominiums are an investment model designed to combine personal use with profitability. How does this formula work for rental income, second homes and retirement, and why is it attractive to domestic and international investors?
It is a hybrid investment model that allows owners to use their apartment or home personally while making it available to the hotel's rental pool when they are not using it.
The property remains a real estate asset that can appreciate over time, while the rental operation generates income. Expected returns are approximately 6%, although actual performance depends on the property and its operating conditions.
Another major advantage is professional property management. Owners do not have to leave their homes unattended or manage everything themselves. The hotel operator takes care of maintenance, cleaning, security and issues such as leaks or other incidents.
The Dominican Republic also offers a more investor-friendly regulatory environment than many European markets, where rental restrictions, taxation and other regulations can be more restrictive. This makes the country particularly attractive to European investors and buyers from other developed markets seeking a second residence with professional management and potential rental income.
5. Noval has partnered with Archipelago International to manage six hotel-condominium developments. What does this alliance bring to your projects in terms of international hospitality standards?
What I particularly value about Archipelago is its commercial capabilities. The company brings the distribution channels and commercial expertise needed to help ensure that the hotel-condominiums we deliver to our customers attract guests and work towards achieving their target occupancy rates within the first two years of operation. That is an important commercial and financial milestone.
Of course, Archipelago also brings its operational expertise, management know-how and commitment to service excellence. This gives tourists confidence that they are staying in a professionally managed property, while owners can trust that their investment is being properly cared for.
6. Noval is diversifying its destinations, from Punta Cana and Cap Cana to the Cibao region. How is the market evolving, and what advantages does a multi-destination strategy spanning beaches, cities and mountains offer?
We serve three different segments because there are customers for each of them. Not everyone wants to be in Punta Cana, and not everyone wants to invest in the mountains or an urban destination.
Our strategy is to diversify our portfolio without competing against ourselves. We have also been pioneers in opening up new areas for development. I believe Noval played an important role in the evolution and economic development of the Punta Cana region. We were among the companies willing to take risks, introduce ambitious projects and establish new standards, and competitors subsequently followed.
This has helped raise the overall quality of the real estate and construction sectors. Our vision has always been to discover new destinations and arrive first. Being an early mover creates opportunities, and that pioneering spirit remains central to our strategy.
7. Certainty is essential for international buyers. How do equal rights for foreign investors and CONFOTUR incentives make Dominican real estate attractive to international capital?
First, the Dominican Republic has a well-defined legal framework that provides protections for investors, tenants and property users. These three pillars are important to maintaining a balanced and functional investment environment.
CONFOTUR, the country's tourism development incentive framework, benefits the Dominican Republic by attracting foreign investment and generating additional capital inflows. It also benefits qualifying property buyers through tax exemptions, including exemptions on the property transfer tax and the annual real estate property tax, commonly known as IPI, for up to 15 years, subject to the applicable conditions.
Developers also benefit from the framework because qualifying projects can receive tax exemptions that improve their financial viability. These incentives help make tourism real estate more competitive and can contribute to better investment economics for projects and buyers alike.
8. In a competitive market, what role do design excellence, process innovation and memorable experiences play in differentiating Noval from other developers?
Noval approaches real estate development differently, particularly when it comes to project quality and architectural design. Our developments reflect a distinctive vision, and we are committed to maintaining high standards throughout the process.
Our properties can be somewhat more expensive than competing offerings, but that reflects the quality and ambition we bring to our projects. The fact that other developers seek to emulate our approach and follow our lead is encouraging. We believe our pioneering work has helped the Dominican real estate and construction sectors evolve and raise their standards.
9. This publication will be distributed in conjunction with the World Government Summit in Dubai. Why should Gulf investors view Dominican tourism real estate, hotel-condominiums and large-scale mixed-use projects such as Coralia as attractive opportunities for investment and second-home ownership in the Caribbean?
Real estate has become an increasingly important part of the financial world. Although property originally served primarily as a family home, it is now also widely regarded as an investment asset.
Diversification is essential in a globalised world where transport is faster and safer and geopolitical circumstances can change. Holding assets in different countries and regions can help investors spread their exposure and reduce their dependence on a single market.
Whether investors hold bonds, S&P 500 investments or real estate abroad, geographical diversification can contribute to a more balanced portfolio. The Dominican Republic offers an opportunity to combine that financial perspective with a property investment in an established and growing tourism destination.
10. Finally, what message would you like to convey to Gulf News readers about why the Dominican Republic's tourism real estate market, and a developer such as Noval, offer an attractive opportunity in the Caribbean?
We are not Dubai, although I live in Dubai and know the Gulf region very well. The Dominican Republic is a different destination, but it is experiencing a new awakening. It can impress visitors with its landscapes, its people and its gastronomy.
It is not only about investment, although investment is certainly an important part of the opportunity. People should also discover the wonderful country we have. The Dominican Republic is growing strongly as a tourism destination, with annual growth that can reach 5%, 6% or even 8%, depending on the year and the measure being considered.
Our ambition is to continue developing the country and strengthening its international appeal. We want the Dominican Republic to achieve the kind of tourism success that has made Dubai such a recognised global destination, with the ambition of reaching 20 million visitors within the next five to eight years.
For investors, this combination of tourism growth, attractive destinations and ambitious real estate development makes the Dominican Republic a market worth exploring.
11. Is there anything else you would like to add for our readers?
I would simply encourage readers to look beyond the investment itself and discover the Dominican Republic. It is a country with enormous potential, a distinctive identity and a bright future. We believe Noval can play an important role in that future by continuing to innovate, open new destinations and deliver projects that raise the standards of the industry.
