Published On: Mon, Mar 30th, 2015

New Real Estate Law Approved in the State of Quintana Roo

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The law will allow greater security to the real estate buyer.

To work as a real estate consultant is already regulated in the State of Quintana Roo with the approval of the State Law on Provision of Real Estate Services, which was officially announced on Friday March 27 in this state.

 

This law aims to keep track of the consultants in the state engaged in the sale of real estate, and determines that from now on, these consultants must have accreditation and license to practice.

If caught practicing without license, the individual could be fined up to 66,000 pesos (4,400 USD), by the Ministry of Urban Development and Housing of the State of Quintana Roo (Seduvi), secretariat responsible for regulating the practice.

 

Currently, there are only 120 advisors in Cancun that are certified to operate as consultants and they are all affiliated to the Mexican Association of Real Estate Professionals (AMPI)”, explained its president, Miguel Angel Lemus Mateos. “The enactment of the law allows sector operations to be certified under the same criteria and according to law, in order to ensure the buyer or investor security,” he said.

 

“On a national level, only 14 states, including Quintana Roo, have a real estate law, although there are 10 initiatives that will soon be approved in eight more states”, said Antonio Hanna Grayeb , national president of AMPI (Asociación Mexicana de Profesionales Inmobiliarios).

Hanna Grayeb explained that it is necessary to regulate the practice, since this activity represents the second economic power in the country.

The Real Estate industry constitutes 5.6% of Gross Domestic Product (GDP) and generates more than three million jobs nationwide.

 

This law initiative was totally supported by the AMPI with the objective of having properly trained promoters, that will be able to bring more investment to the state.

Currently, there are only 120 advisors in Cancun that are certified to operate as consultants and they are all affiliated to the Mexican Association of Real Estate Professionals AMPI (Photo: SIPSE)

Currently, there are only 120 advisors in Cancun that are certified to operate as consultants and they are all affiliated to the Mexican Association of Real Estate Professionals AMPI (Photo: SIPSE)

10,000 new homes are built every year in the state of Quintana Roo, generating about $ 600 million pesos.

724 homes are sold every month in the state, of which 91 are residential, 131 middle class and 502 social interest (Interés Social / INFONAVIT).

There are more than 1,500 people engaged in the sale of real estate, and only 600 are affiliatied to AMPI”, Hanna Grayeb concluded.

The law was published on June 6, 2014 in the Official Gazette of the State of Quintana Roo , however, the registration of Certified Real Estate Consultants just began on Friday March 27.

 

Source: http://sipse.com/

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  1. Elizabeth Hudson says:

    All of Mexico needs a professional real-estate organization overseen by the government. An organization that has teeth. Buyers and sellers need to be able to report dishonest agents, their complaints need to be addressed and the agents punished. Right now dishonest agents can just leave the Mexican state they worked in and join or setup new companies and sucker in unsuspecting buyers/sellers. These bad agents give Mexican real-estate a bad name.

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