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Thread: Property Value

  1. #1
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    Question Property Value

    How do you find out the value of a property in the Dominican Republic?

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    Quote Originally Posted by Andrea Duguay View Post
    How do you find out the value of a property in the Dominican Republic?
    That depends on what the purpose is. If it is for calculation of property taxes visit dgii.gov.do, howver if it is for the purpose of comparables there is no structure here save for whatever someone is willing to pay and or sell a property for. There is no Zillow type data base with average price per square meter listed in various cities and sectors of the country.

    If I am wrong I look forward to seeing another post dispute me. As far as I know there is no official site to learn who owns a particular property either.

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    If it is for paying property tax, the government office may ask for documentation such as the contract of sale . many people use a lawyer to argue the valuation of the property, but ,in my case, they accepted the value that was the sale price on the contract.

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    You know for sure when you sell it. Otherwise it is pure speculation. No such thing as mls or comps here. I would not trust real estate agents, appraisers or blood sucking lawyers to set the value but then I am not a trusting kind of person.

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    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/C...ord-and-Tenant

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    Quote Originally Posted by Andrea Duguay View Post
    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/C...ord-and-Tenant

    "Rent Control Authority" !! That is funny! No Andrea, pay no attention to that article as it is a complete fantasy of someone. Do a search for more details, but in general, investigating the rents offered in your area of interest (by signs and calling, internet websites of RE agents, talking to neighbors, etc.) is the best way to get somewhat of an idea of the going rate. Sorry about that article, but it is the worst kind of misinformation.

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    Quote Originally Posted by JDJones View Post
    You may want to check who wrote that article. Some lawyer by the name of Guzman Ariza.. Sound familiar?
    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.

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    Quote Originally Posted by Bigocean View Post
    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.

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    Quote Originally Posted by Mauricio View Post
    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.

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    Quote Originally Posted by Bigocean View Post
    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?

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