At the 8th National Housing Roundtable, they are evaluating the legal framework, sustainability, and other challenges aligned with Law 1-12 of the 2030 Strategy
By Yamalie Rosario
Photo: Fidel Pérez
El Inmobiliario
SANTO DOMINGO. The housing deficit facing the Dominican Republic was seen as a great potential to quadruple investments, during the celebration of the 8th National Housing Roundtable: “Vision 2030: Urban Development, Sustainability and Access to Housing for all”, organized by the Dominican Association of Housing Builders and Promoters (Acoprovi).
In March 2022, according to a document released by the Citizen Forum, the housing deficit in the Dominican nation stood at 1.5 million.
The positive approach to this existing problem was presented by Julissa Burgos, 3rd Vice President of Acroprovi and Executive VP of the Burgos Group, and by Santiago Sicard, Executive President of the Dominican Association of Investment Fund Management Companies (Adosafi), during a plenary session on the Rental Law.
In presenting a summary of the interesting panel, Burgos highlighted that there is still great potential in the area of investment because it can be increased four times more.
He recalled that Sicard mentioned in his speech that the production of construction projects must be increased, which represents a great opportunity to impact the housing deficit that worries the sector so much.
Meanwhile, the executive president of the Dominican Association of Investment Fund Management Companies (Adosafi), referring to real estate funds, stated that these "in the Dominican Republic are worth barely 45 billion pesos.".
After making comparisons with other countries such as Costa Rica, Colombia and Ecuador, he said that these are below the Dominican economy but that their investment funds are around 10 percent of the Gross Domestic Product (GDP), which represents four times more than the Dominican reality.
In response to the reflection, Sicard urged, "Multiply that by four and bring in foreign investment.".
He indicated that investment funds allow for "correct" financing, share risks, and provide access to other financing.
He highlighted, among other advantages of investment funds, that they guarantee structure and networks and provide strategic plans, which allows projects to be successful.
He highlighted how investments transform and that the housing supply needs to continue increasing significantly so that rents remain affordable for thousands of people.
Rental Law
During the panel on the Rental Law, in addition to Julissa Burgos, who served as moderator and Sicard, the following participated: Robinson Cuello Shanlatte, principal partner of the firm Cuello Shanlatte & Associates; Guillermo Sención, executive partner of Grupo Sención and Raúl Ovalle, managing partner of Analytica.
The speakers agreed on the importance of guaranteeing legal certainty and that the National Congress should approve the Rental Law to guarantee investments, provide guarantees from the State, guarantee access to housing and prioritize the right to housing as a fundamental right established in the Constitution.
The data
During the event, the exhibitors cited the indicators from the National Survey of Multiple Purpose Households ENHOGAR 2018, which indicated that 52.4 percent of respondents owned their own homes; 39.2 percent lived in rented homes; and 8 percent lived in homes that were given or borrowed.
The forum
The 8th National Housing Roundtable had among its purposes to present and explore innovative solutions that contribute to the implementation of the National Development Strategy 2030.
The forum, which was attended by President Luis Abinader and other government officials, included representatives from the construction sector, business developers, housing builders, suppliers, and international speakers.
