AEI delivered a communication to Vice President Raquel Peña requesting support for the approval of the regulations, considered key to strengthening the legal certainty of the market
SANTO DOMINGO– The regulation of real estate brokerage has once again been brought to the forefront. The Association of Real Estate Agents and Companies (AEI) has requested the support of the Executive Branch to promote the approval of the bill that seeks to establish a regulatory framework for real estate brokerage and advertising in the Dominican Republic.
The request was presented through a letter delivered to the Vice President of the Republic, Raquel Peña, during a meeting organized by the Association of Merchants and Industrialists of Santiago (ACIS), in which representatives of the business sector participated.
According to the AEI, the legislative initiative seeks to strengthen the legal security of real estate transactions, reduce informal practices, and offer greater guarantees to buyers, sellers, and investors alike.
A law that has been under discussion for months
The request comes as the National Congress continues its review of the legislation, a proposal that has been subject to consultations with representatives of the real estate sector, public institutions and business organizations, as indicated.
In April of this year, the Senate approved in its first reading a bill aimed at regulating real estate intermediation and misleading advertising, with the purpose of establishing rules for the exercise of the activity, raising transparency standards and strengthening the protection of those who participate in real estate transactions.
Greater confidence for the market
According to the AEI's statement to the Vice President, the approval of the legislation would help strengthen confidence in the real estate market through clearer rules for real estate brokerage and promotion.
The association argued that the regulations would help reduce informal transactions and offer a higher level of protection for domestic and foreign investors, as well as for families purchasing a home.
During the meeting, representatives of the association also exchanged views with the vice president on initiatives aimed at strengthening transparency, professionalization and development in the real estate sector.
A long-standing demand
The regulation of real estate brokerage has been one of the sector's main demands in recent years. The AEI has maintained that the lack of specific legislation hinders the supervision of the activity and leaves room for practices that undermine market confidence.
The proposal currently being analyzed by Congress seeks to establish a legal framework for real estate intermediation, regulate advertising in the sector, and set supervisory mechanisms with the aim of offering greater security to transactions and contributing to the professionalization of the activity.
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