How do you find out the value of a property in the Dominican Republic?
I wanted to know because I read an article that said "There is a universal rent control in Dominican Republic with maximum monthly rent fixed at 1% of the value of the rental property. The tenant can request the Rent Control Authority to reduce the rent if it exceeds the allowed maximum."
http://www.globalpropertyguide.com/Caribbean/Dominican-Republic/Landlord-and-Tenant
You may want to check who wrote that article. Some lawyer by the name of Guzman Ariza.. Sound familiar?
Hmm, I wouldn't believe it to be enforced, but who pays more than 1% of the value of a property in monthly rent?!!! Meaning to pay the whole worth of the property in 8 years. A 4,000,000 apartment with a maximum rent of 40,000 pesos per month doesn't sound unrealistic, most likely rent for a 4,000,000 pesos apartment would be 20,000 pesos.Of course.
Do you think that Fabio or one of his lawyers would actually advise a client that "There is a universal rent control in Dominican Republic with maximum monthly rent fixed at 1% of the value of the rental property. The tenant can request the Rent Control Authority to reduce the rent if it exceeds the allowed maximum." ??
I find it difficult to believe.
Hmm, I wouldn't believe it to be enforced, but who pays more than 1% of the value of a property in monthly rent?!!! Meaning to pay the whole worth of the property in 8 years. A 4,000,000 apartment with a maximum rent of 40,000 pesos per month doesn't sound unrealistic, most likely rent for a 4,000,000 pesos apartment would be 20,000 pesos.
You seem to miss the significance of telling someone that there exists some sort of watch-dog agency in the Dominican Republic government that would proactively protect someone from overpaying on their rent and that there is some type of rental “cap” based upon tax value of the property as opposed to the market demand.
No I don't miss that. I am saying that the mechanism actually exists, is probably not enforced but in practice would never need to pay involved because nobody ever pays more than 1% of the value of a property.
They have rules and regulations for everything here, just not being enforced. Who knew for example that the central bank has a register where you can register yourself if you are an agent or distributor for a foreign company , so they can't displace you without indemnity?
How do you find out the value of a property in the Dominican Republic?