Senate approves first reading of real estate regulation bill in the Dominican Republic

The proposal, introduced by Senators Rafael Barón Duluc, Félix Ramón Bautista, and Eduard Alexis Espiritusanto, seeks to establish ethical and transparent standards for the promotion, marketing, and execution of real estate transactions. The legislation is intended to protect buyers, tenants, agents, and agencies while supporting orderly development within the industry.

Under the bill, misleading advertising would include any commercial communication that may mislead consumers about property features, availability, pricing, sales conditions, or delivery terms, in line with Law 358-05 on Consumer Protection. The measure excludes private owners selling their own properties directly and legal professionals acting within their advisory roles during property transfers.

The initiative proposes penalties such as operational suspensions, fines of up to 50 minimum wages, and license suspensions for real estate agents who violate the law. Oversight would fall under the Ministry of Housing, Habitat and Buildings, through a specialized department responsible for registration, regulation, and monitoring of real estate intermediation activities.