SANTO DOMINGO.– Three representatives of the real estate sector praised the agreement signed last week between several entities in the real estate and construction sector, aimed at strengthening the industry and reinforcing legal security for buyers and investors.
“It is an excellent initiative since the market is urgently requiring this type of plan that helps both builders and potential buyers to have a guarantee in the Dominican market when making an investment,” stated Leonel De la Cruz, manager of Hogarium Real Estate.
In his opinion, the market is "very damaged" and is recovering slowly, but with initiatives like those proposed by six trade associations, investor confidence can be restored.
“To this I would like to add integration with the Dominican State, so that through public institutions the status of the projects of the different construction companies is transparent both for us sellers and for those who are going to buy, that would help a lot.”.
He suggested that it would be appropriate to allow access through public entities to verify the status of the works, such as permits, approval level, and data that could guide advisors regarding the construction company and engineers.
For her part, Massiel Martínez Marte, CEO of DomusRD, applauded the initiative taken by several associations, “because it was about time that these organizations spoke out against various situations that have been directly affecting the real estate sector.
“As someone passionate about education, I understand it is more than relevant that we not only defend our potential buyers, but also educate them in a sector that few know about but that makes a great contribution to the Dominican economy and its growth in our nation,” she said.
He added that education is fundamental to learning how to defend and manage the real estate market, given that it is a responsibility of those who buy "but also of those of us who sell.".
Juan Pablo Monsanto, Massiel Martínez Marte and Leonel De la Cruz. (External source).
The lawyer and real estate advisor believes that the focus should not only be on the technical aspects (permits, education, and legality) but that entities should also get involved in addressing excessive price increases, defective deliveries, ensuring compliance with resolutions issued by the Consumer Protection Agency, and providing closer support to advisors who invite and encourage Dominicans or foreigners living abroad to invest in this beautiful island.
“I firmly believe that we are taking giant steps forward in addressing the situations we are facing, and this is part of the same legal security we have when investing in the Dominican Republic. This demonstrates that we will have somewhere to go to present our complaints and concerns within the real estate sector, but, more importantly, that we will find a unanimous and legitimate response that encourages the resolution of any conflicts that may arise,” he stated.
Martínez Marte added that to achieve the Dominican dream of owning a piece of land on this beautiful island, initiatives like this one from organizations created for this purpose are essential. “Our investors are definitely finding the security they seek in the Dominican Republic,” he concluded.
Juan Pablo Monsanto of Murcia Group views the agreement between the entities as excellent and viable.
He pointed out that everyone involved should develop a marketing strategy to know what to say and what not to say, after stressing that the alliance will strengthen ties of unity at the national level and that it is fundamental for the development of the sector.
The agreement
The Dominican Association of Housing Builders and Developers (ACOPROVI) announced last week that it signed an agreement with five of the country's leading construction and real estate entities, with the aim of strengthening the industry and providing greater security for buyers and investors.
The agreement aims to promote best practices in the construction and real estate sector. As part of this objective, it emphasizes the dissemination of information, guidelines, legal mandates, and educational initiatives to prevent real estate scams.
In addition to ACOPROVI, the following joined: the Association of Housing Promoters and Builders of Cibao (APROCOVICI), the Association of Real Estate Agents and Companies (AEI), the Association of Builders and Developers of La Altagracia (ADECLA), the Dominican Association of Short Rents (ADORECO), and the Dominican Chamber of Construction (CADOCON).
