SANTO DOMINGO.- Its CEO, César Latrilla, defines 2022 as a historic year for Noval Properties and the predictions for the coming year, 2023, are that the company will position itself as the best builder of tourist homes in the Dominican Republic, in terms of product quality and on-time delivery.
An ambitious work plan to deliver 5,700 homes to the country with a projected investment of US$1.2 billion for next year places this firm at the level of some of the state social housing programs that project to reduce the housing deficit in the country; in the case of this company, it is a matter of units for the tourist sector.
“I want to share with you a very important scoop: during the last 12 months we have been transforming the construction company: improving and growing the structure, incorporating 40 international talent and more than 100 national talent, implementing technology and industrializing the work,” explained Latrilla, who complemented his presentation with the exhibition of a video that revealed the revolution in which the company has been immersed during this 2022.
In his keynote address at the “Noval Awards”, the executive reviewed the company's five-year history in the country, as well as the work plan for the coming year, highlighting the expansion to the tourist destinations of Punta Cana, Cap Cana, Las Terrenas and Jarabacoa.
In front of a crowd of real estate agents, Latrilla assured that if the real estate brokers put in the effort and sell the US$1.2 billion they will invest in the housing units, 60 million will remain in the brokers' pockets, in the form of commissions.
“And this is achieved by assigning more agents to a single developer who guarantees inventory across the entire country, who invests in marketing and above all by internationalizing our brands in countries that are recurring investors; ultimately, we must reinvent ourselves every year,” he explained.
The CEO of Noval Properties gave an account of the growth that some real estate companies have had in recent years, during which the company he represents has been in the Dominican market.
He cited the case of Vita Home, which went from 1 broker at its inception to 18 today; Piso Alto, from 1 to 18; Echenique Real Estate, from 5 to 26; Arenal Inmobiliaria, from 10 to 25; Click Home, from 12 to 15; Remax Metropolitana, from 137 to 215; Inmobiliaria Fortuna, from 2 to 15; Premium Real Estate, from 15 to 41; Rivealva Group, from 4 to 12; Tu casa RD, from 8 to 135 agents; Urban Group, from 6 to 130; Dainsa Inversiones, from 20 to 35; Algonovo Real Estate, from 4 to 26; and Plusval, from 26 to 220.
Latrilla said that Noval Properties' 2023 plan is unprecedented in the history of the Dominican economy and will have a significant impact on its revitalization.
He urged the real estate agents, whom he called part of the company team, to continue working hand in hand with the firm because “ so far we have done very well, and together we will continue to do even better. More than just being coworkers, this challenge warrants symbolically signing a PARTNERSHIP agreement (this refers to the relationship that exists between those who develop a common business with the aim of making a profit).”
Noval Properties in retrospect
“Five years ago, in this same hotel, on this same stage, Fabio, Yahaira, Lorena, and I made our first public appearance. Noval was presenting new projects. We were all so nervous on the team; I barely knew you all and I was presenting our new vision,” Latrilla recounted, reviewing Noval’s history in the local market.
He opined that more than a social event, it was the seed that completely transformed the country's real estate sector. "I humbly tell you that this was indeed the case. Since then, Noval has become the largest developer of tourist investment housing in the Dominican Republic, and many of you have become major real estate companies worthy of competing in demanding markets such as Dubai, Miami, New York, Berlin, Paris, or Madrid. Having a deep understanding of the international real estate world, I can tell you that many of your companies are truly remarkable and unique.".
He explained that the journey has not been easy, encountering challenges that made them stronger, more resilient, more astute, and above all, more professional.
“In 2018, we tentatively began to grow. In 2019, we started to consolidate; all the efforts of the past were beginning to bear fruit, and the growth curve was becoming increasingly steep. In 2020, when everything was going better than ever, when the indicators for our sector were positive, the WHO declared the COVID-19 pandemic, and the entire world economy shut down its social and economic activity. Sales plummeted by 300% compared to the previous year. In 2021, the economies of our sector began to recover; the world regained its zest for life; countries began to inject resources into their economies; new habits emerged; people decided to move away from the cities to idyllic locations in order to rediscover what is most important: life itself. The economy began to reactivate, and our sales—your sales—rose by 500%. We overcame COVID-19!” Latrilla recalled.
He added: “2022 marks the beginning of a new year, but in February, war erupts between Ukraine and Russia. Once again, humanity surprises us negatively by using resources to kill, a deplorable and, of course, condemnable act. The shutdown of factories during the COVID-19 pandemic, the collapse of transportation, the consequences of the war, the amount of money in circulation, and the growth in consumption fueled inflation, reaching price increases of up to 10% in the global economy and, in sectors like ours, exceeding 30%. But we overcame it again, making this year the best in our history in terms of sales and revenue. The income of those present here experienced a 300% growth. 2023 with a new challenge: the rise in interest rates by the European Central Bank and the US Federal Reserve. But we will overcome that too.”
