Last updated on January 14, 2018
Cancun, Q.R. – The state of Quintana Roo is gearing up the enforcement of the new real estate rules set for motion beginning January 2016.
The Law on Provision of Real Estate Services in the State of Quintana Roo, which was introduced in March of this year, means licensing requirements for those who wish to be real estate agents in the state. Those found in non-compliance will be punished by a fine by the Ministry of Urban Development and Housing of Quintana Roo, who have the legal authority to impose a fine.
Miguel Ángel Lemmus Mateos, president of the Cancun chapter of the Mexican Association of Real Estate Professionals (AMPI), explained that, “In the state there are over a thousand brokers to be aligned with the new laws, which will include a license plate that will be registered with Seduvi. Those found not complying can be reported by other agents or purchasers.”
To be licensed, agents need to complete 150 hours of training which includes classroom and online courses in combination with workshops to obtain a Commercial Real Estate certificate.
Real estate is one of main drives in the state due to the constant increase in tourism and investors. Antonio Grayeb Hanna, president of the national association, says this year the country has already seen investments in access of $25 million, of which 8 percent were in Quintana Roo.
So far the state has 40 professionally registered property consultants and are expecting to register another 140 before the end of the year. Only those registered will have the legal authority to offer housing in the state.