New real estate laws are in effect for Quintana Roo. Visitors may not be familiar with the name, but the state of Quintana Roo is home to popular tourist destinations such as Cancun, Riviera Maya and Playa del Carmen. It is also one of the fastest growing expat areas in the country.
With real estate being the second largest economic generator for the state, new regulations have been put into place to help protect real estate buyers.
As it stands now, real estate consultants in cities such as Cancun, Puerto Morelos, Playa del Carmen and Tulum can practice buying and selling property as long as they have permission from the State Law on Provision of Real Estate Services.
Now, however, additional regulations have been added that will see all real estate consultants and their transactions tracked during various stages of the real estate selling process.
The new regulations were passed last year on June 6 and recorded in the state’s Official Gazette, but were not actually registered by the Certified Real Estate Consultants until last week, on March 27.
With the passing and official registration, all real estate consultants in the state of Quintana Roo must now possess a proper license and accreditation to be able to legally practice. Real estate consultants caught practicing without the appropriate paperwork can be issued a fine of up to 66,000 peso by the Ministry of Urban Development and Housing of the State of Quintana Roo (Seduvi).
Miguel Angel Lemus Mateos, president of the Mexican Association of Real Estate Professionals (AMPI) says, “Currently, there are only 120 advisers in Cancun that are certified to operate as consultants and they are all affiliated to the Mexican Association of Real Estate Professionals.”
Antonio Hanna Grayeb, national president of AMPI (Asociación Mexicana de Profesionales Inmobiliarios), explains, “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.”
“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,” he added.
Grayeb says that regulating the sector is mandatory since “The Real Estate industry constitutes 5.6 percent of Gross Domestic Product (GDP) and generates more than three million jobs nationwide.”
Statistics from state groups Interés Social and INFONAVIT show that there are approximately 10,000 new homes built each year in the state that generate about $600 million peso. In addition, there are 724 homes sold each month of which 502 are social interest, 131 are middle-class and 91 are residential.
There are more than 1,500 people engaged in the sale of real estate and only 600 are affiliated to AMPI,” Hanna Grayeb concluded.