By Danielis Fermín
elinmobiliariodo@gmail.com
SANTO DOMINGO – Regulating the real estate market is a necessity in the Dominican Republic, as it is essential to prevent fraud. According to lawyer, author, and real estate agent Vionette Pietri, the lack of strong regulations allows anyone to sell properties, “because they are not being properly supervised.”
One of the biggest problems is the lack of regulation in the real estate industry. “Here, anyone can call themselves an agent. The government should monitor and supervise all construction companies to verify licenses and permits. I’ve seen cases where they promote projects on land that doesn’t belong to them or sell the same property to multiple people,” emphasizes Pietri, who markets properties in Florida, the Dominican Republic, Puerto Rico, and Mexico.
Vionette Pietri. (External source).
The real estate agent suggests that the Dominican government invest in aggressive campaigns to promote legal protections in the real estate sector. "The country invests millions of dollars annually in tourism. Why not invest in an institutionalized agency dedicated solely to real estate?" she asks.
Education
"To avoid becoming a victim of fraud, the first thing a person should do is become informed, but it is also crucial that the government intervene more effectively," the lawyer commented, emphasizing that the Dominican Penal Code requires more restrictive measures, since otherwise, "scammers will continue to act with impunity.".
He asserts that "if the real estate profession were better structured and regulated by the government, along with stricter laws, we could have a safer and more reliable sector. But until then, the key lies in education, prevention, and constant oversight.".
For Pietri, education and caution are key. “People get emotional and buy based on conviction, not knowledge. It’s crucial to hire an agent or lawyer to investigate the property. Visit the site, meet the builder, and verify that everything is in order before representing a client,” he says.
The agent points out that buyers also need to seek proper advice before proceeding with a purchase. She recommends traveling and personally verifying the properties. “Identify who owns the land; that’s something you can verify publicly. It’s important to take the time to investigate and not let yourself be guided solely by emotion.”.
