He advocated for the regulation of real estate agents, considering it to be one of the great challenges of Dominican real estate tourism.
SANTO DOMINGO - The regulation of brokers is, according to the president of the Dominican Association of Tourism and Real Estate Companies (ADETI), Jorge A. Subero Medina, one of the great challenges of real estate tourism in the Dominican Republic.
He believes that mismanagement of a real estate sale can ruin the efforts of the tourism and real estate sectors, highlighting in that regard the reports of real estate scams that have emerged in the country in recent weeks.
“We all want to sell real estate in some way, but mismanaging a real estate sale can lead to failure. In recent days we have seen many real estate scams emerge, and the tourism and real estate sectors are committed to ensuring that things are done correctly,” he stated.
The businessman expressed his views yesterday when presenting the conclusions of the real estate tourism forum "Economic and Legal Impact of Real Estate Tourism", organized by that entity.
He stated before a large group of representatives from the sector that brokers should have a minimum of knowledge about legal security, knowing what a property title is, which "will help our country evolve and allow us to have a better Dominican Republic.".
Subero Medina believes that there is no sector that is not currently undergoing a transformation or digitization of its sector and its company, and that real estate developers have to go through at least 11 government institutions to be able to sell an apartment to a beneficiary, so greater digitization of the processes is required "so that over time we can further mature our real estate market.".
Digital signatures were another challenge cited by the president of ADETI. “We have lived through the COVID period; we all know that the digitization process accelerated and that we all had to become tech-savvy. Therefore, all sectors must now integrate digital signatures for the sale of real estate.”.
Another challenge mentioned was the second and third row of beachfront properties, a key focus of current real estate tourism. “We're not just about sun and sand; we can also develop golf courses, equestrian centers, amphitheaters, and more.”.
“The integration of ESG/ESG terms (environmental, social and corporate governance) should be mandatory for all sectors, for permanence in the market over time; we will increasingly have to use them more in our business model,” he said.
Likewise, it understands that sustainability must be integrated into every company that develops any real estate matter in the Dominican Republic.
For the president of ADETI, recognizing the power of digital platforms means keeping up with technology. However, he believes clear rules are essential. “If we can control, organize, or regulate digital platforms, we can know what our tourists are doing, ensuring they enjoy the Dominican Republic experience and aren't dependent on a third party who wants to operate a hotel without any accountability or consequences.”.
"Undoubtedly, the sophistication we've achieved in the financial system," the businessman continued, "must be an integral part. Bankers, financiers, and stockbrokers will have to work together to develop the necessary infrastructure. We can't leave its development to the State; we can do it jointly," he emphasized.
Subero Medina understands that the industry must be vigilant in the face of the storm affecting the international market "because I believe and am convinced that the kindness of the Dominican people can attract new investments to the country.".
He also highlighted the importance of legal certainty "because no country can sustain itself without legal certainty; it is a cross-cutting axis for economic and social development.".
The president of ADETI thanked the attendees, among whom were architects, engineers, lawyers, interior designers, hoteliers, builders, real estate developers, financiers, brokers, bankers, and others.
