Image Source: Nova Lux DR Properties

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Written by Sixteen Ramos

In the changing landscape of luxury real estate investing, boutique villas in the Dominican Republic are experiencing an exciting moment. Once only thought of as vacation homes have now become holistic investments in wellness and generational wealth. Across the Dominican Republic, a new blueprint is taking shape: one that prioritizes personal well-being and smart financial planning.

“People are rethinking what luxury truly means and seeking homes that go beyond aesthetics to support living in a more intentional way. The Dominican Republic is emerging as a destination that embodies all of this, offering natural beauty, cultural richness.” says Kathy Colon, founder of Nova Lux DR Properties.

A Founder’s Vision, Informed by Business and Public Health

Colon holds an MBA and MPH (Masters in Public Health) which fuels her vision. Her journey into real estate began while caring for a loved one and traveling frequently between New York and the Dominican Republic. During her visits, she stayed in a range of villas, quickly falling in love with the island’s natural beauty, but also discovering how difficult and fragmented the process of buying and outfitting a property could be.

With years of executive experience at major global companies like Microsoft, IBM Watson, and Salesforce, Colon brought a high-level operational mindset to the challenge. Drawing on her business expertise and background in public health, she saw an opportunity to reimagine luxury real estate in the DR while offering a wellness-centered, client-first approach that felt both sophisticated and deeply personal.

Image Source: Nova Lux DR Properties

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Focusing on Punta Cana and Las Terrenas

From Punta Cana to Las Terrenas, buyers want homes that support a full spectrum of living, including working remotely, aging gracefully, and raising a family.

Punta Cana is one of the Dominican Republic’s most accessible and well-connected destinations, with direct international flights arriving daily at Punta Cana International Airport (PUJ). Las Terrenas, on the Samaná Peninsula, offers a more serene, nature-driven lifestyle and is best reached by car.

Compelling advantages for buyers:

• No annual property taxes on qualifying new developments through CONFOTUR incentives
• No land transfer tax on eligible purchases under the same program
• A resilient, tourism-driven economy that continues to attract international interest and long-term growth

Image Source: Nova Lux DR Properties

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Investment Strategy Meets Lifestyle

From a financial perspective, the Dominican Republic has emerged as one of the most compelling international markets. Part of this is due to the CONFOTUR tax incentive program, which grants foreign investors up to 15 years of property tax exemption, income tax reductions, and capital gains relief. This is an unusually generous offering compared to the U.S. or Europe.

Rental yields are another key draw. In Q2 2024, average gross yields in the DR reached 6.74%, with some Punta Cana properties topping 7.9%, and 15% in Punta Cana. Tourism continues to break records, over 11 million visitors in 2024 alone, driving strong demand for vacation rentals and short-term stays.

The Rise of Wellness and Sustainability as Infrastructure

As global real estate trends shift toward more conscious living, the Dominican Republic is emerging as a leader in sustainable luxury. At the same time, wellness-focused amenities are embedded, not bolted on: think spa-like bathrooms, open kitchens for whole-food cooking, walking paths, meditation decks, and smart home systems that sync lighting and temperature to the body’s natural rhythms.

Here's what’s fueling the movement:

• Luxury Reimagined Through Wellness and Sustainability - biophilic design at the core: maximizing natural airflow, daylight, green views and walking trails. A focus on minimizing environmental toxins through low-VOC materials


• Design That Works With Nature, Not Against It - Developers are embracing biophilic design and sustainable materials and using solar panels, cross-ventilation, native landscaping, and natural building elements. Including nature-inspired textures and tones to create calm, harmonious and restorative interiors.


• Supportive Government Policies - National incentives for renewable energy use and eco-conscious construction methods are helping make sustainable development more accessible and attractive for both local and international developers.


• Environmental Stewardship as a Value Add - With its stunning coastlines and biodiversity, the Dominican Republic draws buyers who want to preserve the natural beauty they came to enjoy.


• A Magnet for Wellness-Oriented Buyers - From North America to Europe, buyers are gravitating toward properties that offer both tranquility and thoughtful design. Aging-in-place and multi-generational principles are kept in mind, such as step-free entryways, wider hallways, first floor master bedrooms, and flex rooms that can adapt to future caregiving or mobility needs

So, what’s next?

Colon believes the future of boutique hospitality lies in hyper-intentionality. Less mass production. More custom, curated experiences. Boutique villa developments will be smaller in scale but bigger in impact and offer concierge-level services, integrated wellness features, and community connections that extend beyond the physical space.

As global uncertainty drives more people to rethink where and how they live, the Dominican Republic presents a rare mix of value, vision, and vitality.

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While new generations seem to have an insatiable appetite for professional success, only some entrepreneurs can effectively turn their ideas into profitable businesses. Whether we´re talking about tech, real estate or any other industry, it is safe to say that one quality seems to stand out when looking at these new moguls in the making like Toronto based Praveen Chelliah; That quality is work ethic.

The young business visionary and established lifestyle guru has seized the moment and successfully positioned himself and his robust portfolio of companies at the forefront of the ever evolving “new normality”.

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“In the real estate realm, (Canada wise), I see housing prices increasing outside of the greater Toronto Area, as the pattern now points to people wanting to get out of major cities like Toronto, or New York City for example in the United States. People are tired of the fast life and crowds and noise. My real estate firm Bloomfield Homes has been seeing significant housing demand increase outside the Greater Toronto Area, in contrast to condo pricing in downtown areas of Toronto dropping.” –Prav explains.

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Chelliah´s companies include The Bloomfield Group – a leader in high quality developments, Pluto Plants (a household name within Canada´s burgeoning legal cannabis industry) and the rapidly expanding ultra premium alcoholic beverage brand Ballers champagne, which has seamlessly ignited a profound revolution at the core of this ultra competitive business vertical which has seen A-list stars like Jay Z and Drake fight for market share.

“The main change I forecast is the shift of the global market to an everything online market place. This thought is further exaggerated during this Covid-19 pandemic we are facing. Many retailers are forced to do business online, and of course what we see is the ones who don’t adapt are slowly going under.” Mr. Chelliah affirms

Dubai rental market sees landlords and tenants seek more flexibility on contracts

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ubai: Are landlords in Dubai telling you to go for a two-year rent lock-in contract on that new home? Even if the rent on offer seems absolutely reasonable, tenants are better off negotiating on a year-by-year basis.

Because right now, residential rents are headed in only one direction – and that’s down. Based on market feedback, new contracts since June have on average 8-15 per cent declines, depending on locations and tenants’ willingness to look at a wider range of communities or high-rises. And there’s no guarantee rents are going into stability mode any time soon.

That being the case, “Why would any tenant want to commit to rent lock-ins of two years if they expect rates to continue to fall,” said John Stevens, Managing Director at Asteco. In fact, what is happening right now is a willingness by landlords to allow short-term lease extensions “while tenants look at their options,” said Stevens.

Flexibility is the theme

In fact, in Dubai’s residential rental space, there is more of a give-and-take attitude on the part of landlords and tenants. This is most evident in the case of early termination of lease contracts as well. “We have seen a many landlords provide rent-free or rent deferrals,” said Prathyusha Gurrapu, Head of Research and Advisory at CORE, the real estate consultancy.

“Landlords are even willing to allow concessions on early termination of leases – but provided tenants can show the necessary documents to show loss of employment or salary reductions.” (In normal course, such early cancellations on a rental comes with a two-month penalty.)

Being tested

Landlords confirm there is no let up in the number of requests they receive from tenants requesting penalty waiver on early lease terminations (or even rent payment delays). Most of them are willing to consider such requests given the unprecedented nature of the situation they - and their tenants – are facing.

“Only two things matter for a landlord these days – that their property remains occupied and they can clear the cheques received from tenants,” said a senior official at a property leasing firm. “If a property remains unoccupied for even two to three months, it could alter the rental demand and values.

“No one can ignore the number of new properties being completed and pushed into the rental market.”

Some relief

Landlords may, however, get some relief in the weeks ahead. Going by the first six months’ data, the pace of handovers of new properties is slowing down, according to Asteco. Between April to end June, there were 4,200 new homes added against 5,750 units in the first three months.

Even if the pace picks up between now and end of the year, it’s unlikely to record major improvements. As it is, “Research reveal that approximately 20 per cent of previously tendered or under construction projects have been put on hold - temporarily or indefinitely,” according to a recent Asteco update. (In the 12 months to end June, Asteco estimates that apartment rents in Dubai are down by 13 per cent, and comparable to the average decline seen on villas.)

It “anticipates this pattern is likely to prevail, or even intensify due to the expected volume of additional supply combined with a potentially sharp drop in demand in the short- to medium-term due to the impact of COVID on employment.”

Split them up

Landlords would do well to keep close watch on the job market – any further volatility there will have repercussions on their future income. To offset tenants’ burden, landlords are committing to multiple cheques, with six- and even 12-month payment options being offered. As long as the cheques keep coming in… and getting cleared, they are fine.

Even landlords are learning to work on a month-by-month basis.

Surrounded by magnificent landscapes in peaceful Scottsdale, AZ this Elite Property approved AirBnB rental is the ultimate social distancing destination.

Few properties attract trendsetters and tastemakers on a consistent basis, but this plush Scottsdale estate is simply to good to pass up.

Whether you plan on chilling by the pool and work on your tan, or you’d rather enjoy the tastefully decorated living spaces, this one of a kind mansion has everything a selective traveler might need.

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About Scottsdale

Scottsdale, Arizona is located in the beautiful Sonoran Desert at the foot of the scenic McDowell Mountains. ... Scottsdale's vibrant Old Town is considered the finest urban center in Arizona. It is home to more than 90 restaurants, 320 retail shops and more than 80 art galleries.

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Explore this Elite Property approved getaway

The real-estate agency is by nature a business model oriented around a local ecosystem.

That’s why most standout real-estate firms are considered as powerful local institutions, yet quickly lose all relevance the minute you venture outside their territory.

However, one force in luxury real-estate has eschewed being pidgeon-holed to just one region and has created an international gold standard that people can trust for the best luxury properties on the world scale.

This brand is none other than One Sothebys - who through the innovative, big picture strategy of President Daniel De La Vega- has made the brand name synonymous with the top of the real-estate pyramid in every region it is found.

How Did De La Vega Do It?

Rather than taking the same approach as competitors and competing with them in One Sotheby's local market of Miami, De La Vega set out to find the best specialists across all of the various markets his luxury clientele traveled between.

That meant taking frequent, trips to Brazil, Latin America, and Western Europe. As he traveled, De La Vega began to bridge the best localized specialists to something greater- which was the emerging banner/umbrella brand name of One Sotheby’s- which he conveyed would instantly elevate the perceived value of the international specialists' respective local properties.

In a business like real-estate, where perceived value is everything, De La Vega turned this open-architecture system of hiring and connecting the best independent real-estate specialists into a vehicle that would create the first consistent, comprehensive gold standard.

Once connected to One Sotheby's organized system, De La Vega was also able to institute and maintain a consistent level of customer service, marketing, packaging, and growth across all divisions of the company by fostering a corporate cultural that would promote open, honest feedback and cross-sector collaboration.

When asked personally how he was able to build and manage a sprawling real-estate enterprise when it never had been done before, De La Vega expounded: “It boils down to two factors. Seeking out and empowering experts who are smarter than you in various capacities or markets and creating a transparent company culture where honest feedback and interactive collaboration flourish, across all company levels.”

Thus, for the ambitious and entrepreneur seeking to build out a successful business model on a broad scale, De La Vega's cornerstone attributes- a strategy of open architecture and open, cross-company feedback- will be vital to implement.

Some people have an instinct for real estate and they know it right away.

This was true for wunderkind Baskal Korkis. While still a teenager, he began saving so one day he could make a down payment on a property. Finally he saw something he liked. While his competitors were thinking over whether or not to make an offer, Baskal bought the building right out from under them. He was only 19 years old. By the time he was 23 he owned ten properties.

“I barely slept,” says Baskal, “but I was doing everything I wanted to do.” Today, at 34 years old, Baskal has built an empire. Having conquered real estate investments, he has branched out into other endeavors, including accounting, insurance, and finance—each one specializing in real estate investing.

And, after 20 years in the business, Baskal has identified a new path: mentoring via social media. He could see that when it came to personal finance and real estate investments, most of his clients were floundering. “Everyone should educate themselves regarding their personal finances,” says Baskal. “Unfortunately, our current education system doesn’t offer this type of education. No one is going to help them but themselves and my goal is to teach people via social media for free.”

Baskal now strives to share his knowledge others, now posting daily tips via Instagram and how-to videos on real estate construction on YouTube. Baskal intends to give his audience the chance to learn for themselves, for free. He’s sharing all his trade secrets, and his Instagram following is exploding. His reward, says Baskal, is the knowledge that thousands of his followers are beginning to take charge of their own destiny.

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Una publicación compartida por Baskal Korkis (@baskalkorkis) el 21 de Ene de 2020 a las 10:28 PST

After an eye-opening conversation that motivated him to pursue a career in real estate investing, Florida-based Baskal Korkis is now on a mission to share his knowledge with the world via Instagram. By discovering the business model of buying properties to rent out for an even greater profit, at 14 years old, Baskal realized his life would forever be changed.

At such a young age, he redirected all his efforts to school, work and real estate with the goal of buying a property as soon as he could. The lucrative business opportunity drove Baskal to buy his first property at just 19 years old. By 23, he owned 10 buildings in the Clearwater area.

“I barely slept, but I was doing everything I wanted to do,” Baskal says.

Today, at 34 years old, Baskal’s entrepreneurial spirit has earned him not only a successful real estate business, but additionally, businesses in accounting, insurance, financial services—all specializing in real estate investing.

Despite having gone to school, much of Baskal’s success stems from his will to learn by experience. After 20+ years, his desire is no longer to only build successful businesses, but to also share his knowledge with the general public so others may benefit for themselves.

The self-made entrepreneur now posts daily videos and messages for his 93,000 followers on Instagram to glean from. The posts include tips on how to maximize finances and how-to videos on real estate construction. After years of navigating his way through the business, Baskal witnessed firsthand how few people knew how to manage even their own personal finances.

With an ever-growing Instagram following, Baskal now looks forward to sharing everything he’s learned over his 20-year journey, inspiring his followers to make wise financial decisions and maybe even adopt an entrepreneurial spirit.

“Everyone should educate themselves regarding their personal finances,” Baskal says. “Unfortunately, our current education system doesn’t offer this type of education. No one is going to help them but themselves and my goal is to teach people via social media for free.”