SANTO DOMINGO– As real estate development in the country gains momentum, efforts to highlight its growth and scope are increasing in the Dominican Republic. Consequently, 2023 saw a significant movement among industry leaders and stakeholders to bring their initiatives and progress to the public eye.
El Inmobiliario shares 5 of the main meetings held this year by the construction and real estate sectors:
1- Sharing knowledge, experiences and best practices in the field of earthquake-resistant construction and unifying criteria to jointly address challenges and problems of earthquakes and other natural phenomena that affect the region, was the common objective of 15 countries that met in the country from July 26 to 28, 2023, where the Dominican Republic served as host.
This was the sixth session of the Seismic Model Code, held at the Barceló Hotel (Lina) with a focus on seismic safety in Latin America and the Caribbean. In addition to Peru, participants included Bolivia, Chile, Costa Rica, Cuba, Ecuador, El Salvador, Spain, Mexico, Nicaragua, Panama, Peru, Puerto Rico, Turkey, and Venezuela.
2- On August 3, more than 700 real estate agents experienced firsthand the opportunities that the Dominican Republic has as a destination, the latest technological trends in the world, effective communication, sales techniques and a varied menu of high-end content, which were the axes that marked the "4th International Real Estate Leadership Congress", carried out by the Association of Real Estate Agents and Companies (AEI).
Francisco Montalvo, a Dominican social communicator and expert in nonverbal language; Pepe Gutiérrez, from Spain; Jorge Carbonell, from Mexico; Ana Seydi López, from Costa Rica; and Margarita Pasos, from Colombia, were the presenters.
“The real estate sector has changed, it has evolved; our companies and agents are increasingly prepared and up-to-date, offering top-notch results and services. Part of our commitment as an association is to offer constant, high-level training,” explained Alberto Boagert, president of the AEI.
3- From August 10 to 13, with the Dominican Republic as the guest country, the 17th edition of the Gran Salón Inmobiliario was held in Bogotá, Colombia, with the presence of 42 companies linked to the construction, real estate and tourism industry.
42 companies represented the country, with more than 400 locals traveling to the South American country to present their various proposals in the field of real estate.
158 companies attended the exhibition: 95 from the host country, 10 from the United States, 9 from Panama, one from the United Arab Emirates, and one from Mexico, in addition to those from the Dominican Republic. A total of 20,308 visitors were recorded during the event.
“Of the 500 largest global companies in the world, 352 have a presence in the Dominican Republic. During 2022, foreign direct investment exceeded US$4 billion, placing it in a prestigious position compared to other Latin American economies,” stated Félix Aracena, Ambassador of the Dominican Republic to Colombia, at the opening ceremony.
He emphasized that the Dominican Republic boasts an enviable macroeconomic stability. “Based on data from the International Monetary Fund, our country will experience the highest growth rate in Latin America and will become the third most prosperous economy in the region by 2028.”.
4- On October 12, the Association of Housing Builders and Promoters (Acoprovi) brought together the main actors of the country's construction sector at the 8th National Housing Roundtable, an event attended by President Luis Abinader.
The meeting addressed concerns about best practices and the need for the Dominican Republic to become involved in sustainable construction. Additionally, the country's first Sustainable Construction Guide was presented. This document, developed with the participation of Acoprovi and the Ministry of Environment and Natural Resources (MIMARENA), aims to promote a standard for infrastructure construction that reduces environmental impact.
Annerys Meléndez, president of the trade association, said that 88% of the country's construction projects are residential. "This puts us in a prime position to contribute lasting solutions that benefit the community, businesses, and local natural resources. This forum allows us to find common ground for the challenges we face as companies and representatives of the various productive sectors," she stated.
5- “Economic and Legal Impact of Real Estate Tourism”, was the first forum held on October 24 by the Dominican Association of Real Estate Tourism Companies (ADETI) to highlight the impact of real estate tourism in the country.
Economist Roberto Despradel, a consultant for the firm DASA, stated that investments in the tourism and real estate sector have exceeded US$1.4 billion annually from 2019 to 2022.
In presenting the keynote address “Impact of Real Estate Tourism on the Economy of the Dominican Republic”, the expert in economic studies stated that in the period 2010 to 2014 Foreign Direct Investment (FDI) in the tourism sector averaged US$201 million annually, and from 2015 to 2018 it increased to US$755 million, while between 2019 and 2022 it averaged US$984 million.
He also noted that non-hotel accommodations have been the main driver of post-pandemic growth in the country, highlighting that between 2017 and 2022, the increase in stays in non-hotel facilities rose by 1.2 million tourists.
