Rental Law
At the end of August, Alfredo Pacheco, president of the Chamber of Deputies, introduced the bill on real estate rentals and evictions, calling on legislators to understand the importance of the piece, because it will contribute to boosting real estate development in the country.
"So this matter needs to be addressed, legislation needs to be passed, work needs to be done on this issue that will boost real estate development in the Dominican Republic, so I am making this call because this is an important law," said Pacheco, who submitted the bill on August 26.
Pacheco gave credit for the initiative to former deputies Henry Merán and Demóstenes Martínez, who had introduced the project in 2018 under the name "General Law of Real Estate Rentals and Evictions".
“Former congressman Henry Merán, Demóstenes Martínez, and we have been working on this initiative for many years, but Mateo Espaillat has also been interested in and working on this project
He stated that he spoke with the President of the Republic, Luis Abinader, who agreed with the approval of the bill, which is currently being studied by a committee of the lower house.
Study on short-term rentals in the country
Two senior executives from the Airbnb platform visited the country last October to share with real estate sector stakeholders the results of a study conducted on the economic impact of short-term rentals in the Dominican Republic.
“The study reflects the contributions of this platform to the economic development of the environment and services derived from an Airbnb user visitor in our country,” declared Alberto Bogaert, president of AEI, the Association of Real Estate Agents and Companies, the entity that the representatives visited to present the results of the research.
Carlos Muñoz, director of campaigns and public policy for the Caribbean and Central America for Airbnb based in Washington, and Enmanuel Alcántara, were the delegates who were in the country to present the study report to entities linked to the real estate sector.
The research was conducted by Oxford Economics, and although they did not specify the date it would be released to the public, what is clear is that it demonstrates the importance the company places on the Dominican market, whose platform has grown significantly in the last two years.
A real estate cooperative
Decree 464-22 of August 16 of this year authorizes the operation of Coopinmobilia, the first cooperative dedicated to real estate development in the country. Its president, Wanda del Orbe, states that this is an initiative for the entire sector and that they plan to involve various stakeholders, such as builders (ACOPROVI) and hardware store owners (ASODEFE). She added that they have already met with Alberto Bogaert, president of the AEI (Association of Real Estate Developers), to coordinate joint actions.
One of Coopinmobilia's goals is to support real estate agents in making their savings, for which they have created various products, for the different stages of their life project, and according to their needs.
“For me, this is the most important project we have created because we are going to educate the advisors so that they can organize themselves, make a living from this, and leave a legacy for future generations. It's an exercise where today you have money and tomorrow you don't, but if we start sowing seeds now, we are leaving a legacy for all these young people, and they are also becoming organized entrepreneurs,” Del Orbe explained.
