EXPERTS VALUED GOVERNMENT AND BANKS MEASURES POSITIVE TO ENHANCEMENT OF REAL ESTATE MARKET IN DOMINICAN REPUBLIC
Economic and political conditions are working together for a revitalization of the Dominican Republic real estate market. Competitive interest rates, moderation in prices and recent changes in the legal framework are some of the aspects that contribute to the revival of the real estate sector.
On August 2014, the Constitutional Court (TC) declared unenforceable Article 3 of Decree No. 4807 of 16 May 1959 on Control of Rent and Evictions, prohibiting the expulsion of tenants unless has ordered the cancellation of the contract for non-payment, to use the rented property for a different purpose (whenever detrimental to the owner or contrary to public policy or morality), by sublet all or part of the property, among other reasons. Thus giving homeowners the power to conclude rental agreements to the expiration date, if deemed appropriate.
Another circumstance that has boosted the sector is that investors and builders have decided to venture into economic projects and banks are offering competitive interest rates for the real estate market.