By Ramón Paulino
Special for El Inmobiliario
The real estate sector in the Dominican Republic has experienced exponential growth in recent years, attracting both domestic and international investment. However, despite its dynamism, the market still operates without a regulatory framework that guarantees professionalism, transparency, and security for buyers, sellers, and advisors.
Here are 4 key reasons why a real estate brokerage law is urgently needed in the Dominican Republic :
1. Protection for buyers and investors : Currently, anyone can act as a "real estate advisor" without certifications or regulations. This leaves buyers vulnerable to fraud, scams, and malpractice. A law would ensure that only trained and certified professionals can operate in the sector, protecting clients' investments.
2. Transparency and professionalization of the sector : A legal framework would establish clear standards regarding the ethics and responsibility of real estate brokers. This would foster transparency in transactions and ensure that advisors meet quality standards and undergo continuous training.
3. Regulation of fees and fair contracts : The lack of regulation has led to unfair practices in the negotiation of commissions and contracts. A law would define fair criteria for payment of services, preventing abuses for both clients and brokers themselves.
4. Attracting more foreign investors : Foreign investment in real estate is one of the main sources of economic growth in the country. A regulated and reliable real estate sector would generate greater confidence among international investors, boosting market development.
In conclusion, a real estate brokerage law would not only benefit professionals in the sector but would also strengthen legal certainty and confidence in the market. It is time to take this crucial step to consolidate a safer, more transparent, and more efficient real estate sector in the Dominican Republic.
The author is: Senior Real Estate Broker at Plusval Venta Directa.
