This is why a technical mission from the International Monetary Fund (IMF) currently visiting the country met with the National Land Registry´s director, Bolívar Martes, and discussed the urgent need for Dominican Republic to carry out a national assessment aimed at determining existing properties with exactitude the, who the owners are, the physical and legal status of properties and their economic value.

Representing the IMF, Ricardo Fenochietto headed the meeting. Marte informed the multilateral organisms´ representatives that Dominican Republic initiated the process of making an inventory of all properties and have prepared a bill which will modify the General National Property Registration Law, to be reviewed by the National Congress.

According to the Land Registry director, this initiative would be carried out through a three phased tender and is backed by international bodies which would initially finance US$ 33 million of the total US$ 125 million needed. However, he pointed out that the “New Land Registry Bill” is self sufficient given that once the second phase is implemented enough resources would be generated to cover its costs by defining new luxury areas.

The IMF representative, on the other hand, believes it inconceivable that a country the size of Dominican Republic does not have a complete registry of properties over the past years. Fenochietto underlined the importance of such a registry as it serves as a guarantee for accessing credit sources.

A count to be conducted over three years

On 23 March 2009 the Land Registry director general assured that within 3 years the Dominican State could know exactly what it possessed, that is to say, what it is worth and what its wealth is in terms of property.

“Our aim is to convert the Land Registry Department into a solid organism”, said Marte at the interview.

Source: El Caribe Newspaper