The panelists highlighted, however, the country's progress in recent years .
SANTO DOMINGO - Three representatives of the Real Estate Registry agree that updating laws and improving institutional processes are some of the challenges the country must address to meet the current demands of the Dominican Republic's real estate market.
During the “Legal Security in Real Estate Development Panel in the Dominican Republic,” organized by UNAPEC, Jocelyn Vásquez , pointed out that Law 108-05 on Real Estate Registration has marked a turning point in real estate jurisdiction, but that it must be revised to adapt to the current reality. “We believe it is important that this law be reviewed and adapted to the times, because there are even laws, such as the trust law, and other laws being passed that are making it obsolete,” she stated.
The professional noted that the real estate jurisdiction underwent a “huge change” after the enactment of Law 108-05, compared to the period prior to its implementation. However, she pointed out that “it is necessary for the law to be amended, for many of its provisions to be reconsidered to adapt them to the new times, to this real estate development which also speaks volumes about the current climate of confidence in investment.”.
He also emphasized that advances in registration processes have strengthened the confidence of investors, developers, and citizens: “Normally, citizens don't build, they buy, so there really needs to be an atmosphere where investment is possible, where construction is possible, where submitting a project for cadastral surveys and registration... won't take so long, there won't be so many delays. I understand that all of this has contributed, but we need to adapt the laws accordingly.”.
In his remarks, the National Director of Cadastral Surveying, Ridomil Rojas , agreed on the need for regulatory updates and maintained that the State must guarantee clear rules that allow for a swift response to investors. “As a State, we have the obligation to understand the needs of the public and structure a set of rules that meet our standards as a State and respond to the needs of the market to which we are accountable,” he stated.
Rojas warned that slow processes can discourage foreign investment, especially from buyers who decide to purchase a home during their stay in the country. “When a foreigner comes here, spends 15 dreamy days in paradise, and decides to buy a vacation home, by the second week after leaving the country, if that purchase hasn't been finalized, the excitement has faded, but not the rationale, and the deal falls through. We cannot meet the demands that the Dominican real estate market places on it today, not only on the property registry but on all the institutions that allow the registration of property rights,” he stated.
For his part, the Deputy Administrator of Real Estate Registry Technology, Carlos Rondón , highlighted that the pandemic brought challenges, but also significant advances in remote access to registry information. “Today, a person can do it from abroad. I have a relative who told me: 'I'm at ease, because I live abroad, I have real estate investments here in the Dominican Republic, and with services already in place… I'm at ease, because I know that if anything changes with my property, I no longer have to travel to find out that my property is in order.'”
Rondón emphasized that these advances do not mean everything is resolved. “We are making progress all the time; we are not ignoring how the market is evolving, and we know we have significant challenges. Part of our agenda is to be able to respond to those challenges with processes, laws, and technology,” he affirmed.
The panel concluded that modernizing legislation, simplifying processes, and implementing technologies that facilitate remote management will be key to sustaining the sector's growth rate and strengthening the legal certainty that attracts foreign investment to the country.
Diploma
The academic authorities of Unapec announced that the institution plans to open a Diploma in Real Estate and Registry Law in the Dominican Republic on September 16, a specialized program that responds to the growing demands of the country's real estate and legal sector.
The degree will offer rigorous and up-to-date training on the legal framework governing real estate processes and transactions, under a practical and multidisciplinary approach.
They reported that the teaching staff is made up of high-level figures from the judicial, registry and fiscal fields, among whom stand out Mag. Wilson Gómez Ramírez, former president of the Constitutional Court; Licda. Indhira del Rosario Luna, national director of the Registry of Titles; Ridomil Rojas, National director of Cadastral Surveys; Licda. Lilian Báez, director of the Anti-Money Laundering Unit of the DGII; Carlos Rondón, Operations manager of the Real Estate Registry and Mag. Adriano Taveras Marte, Judge of the Land Court.
