Last year, Banreservas approved financing of more than $575 million for large investment consortiums developing important new projects in the Dominican Republic, of which 30 are hotel projects and 76 are real estate development projects.
MADRID, SPAIN- The portfolio of the real estate division of Banco de Reservas grew by 81% in the last year of management, with a greater concentration in the country's tourist centers, said the general manager of the bank during his presentation at the International Tourism Fair (FITUR 2022).
Samuel Pereyra stated that during 2021, loans to the Tourism and Real Estate Development sector increased by 37%, and that through the real estate division, the entity disbursed RD$6.6 billion for the construction of 76 projects, "which have contributed to boosting housing construction.".
FITUR 2022 also brought new developments for the Dominican Diaspora, and very soon those who have the means to do so will have access to financial facilities to acquire a home in the land where they were born and to properly channel their investments.
Pereyra announced that the institution will soon open a representative office in that city to offer financial advisory services to Dominicans and Spanish investors interested in acquiring real estate in the Dominican Republic.
The government executive specified that this office will also address needs related to sending remittances.
Highlighting the importance of this bank representation in Spain, he said it fills a significant gap, noting that "Spain is the second nation with the largest Dominican immigration, with 187,345 compatriots, representing 16.5% of all immigrants from Latin America.".
Pereyra explained that, in this way, Banreservas is building the direct and necessary bridges so that the Dominican diaspora can count on the support of a reliable and secure institution, such as the banking entity.
“This is an effective way to project ourselves internationally, strengthened by the fact that we have established other representative offices in New York, Miami and Panama,” he stressed during a meeting with journalists held in Madrid, as part of the agenda he is developing at the International Tourism Fair (FITUR 2022).
Remittances grow 74%
The Banreservas official cited Central Bank statistics indicating that for the first time in its history, the Dominican Republic surpassed $10.4 billion in remittances, a factor that has decisively contributed to the country's economic growth, demonstrating that even far away, Dominicans carry their homeland in their hearts, no matter where they are.
“In 2021, Banco de Reservas saw a more than 74% increase in remittances received compared to 2020. The average number of monthly transactions also grew, by approximately 58% compared to the previous year, an unequivocal proof of the dynamic economic activity that this sector represents for the national economy.”.
Real estate tourism
During the tourism forum, Pereyra stated that the institution has approved financing of more than RD$7 billion for the construction of 12,795 homes located in various tourism projects throughout the country, as part of its effort to support this important sector of the economy.
In tourism projects in the eastern and northern regions, Banreservas financed 1,700 housing units, valued at over US$48.4 million. He also mentioned that the institution he represents has over 2,000 units in the financing process for various tourism projects, totaling more than US$45 million.
He said that the real estate division's portfolio has grown by 81% in the last year of management, with a greater concentration in the country's tourist centers, and that during 2021 loans to the Tourism and Real Estate Development sector increased by 37%.
He specified that the bank approved financing last year for more than 575 million dollars destined for large investment consortiums that develop important new projects in the Dominican Republic, of which 30 are hotel-related and 76 are real estate development projects.
Loans for tourism increased last year by RD$6.5 billion, raising the total balance of financing to RD$28.8 billion.
“This increase of RD$6.5 billion, which represented a significant 30% more, was framed within our commitment to contribute to the development of this important sector of our economy,” he emphasized.
He argued that the new properties financed for tourism by Banreservas contribute to the creation of direct and indirect jobs, as well as to the diversification of the country's hotel offer, since they consist of new brands entering the market.
