Yucatán real estate crisis: Fraud and foreign demand fuel reform push

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Yucatán's chaotic real estate boom sparks calls for stricter oversight

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Investment lots are the cancer that the real estate industry in Yucatan is suffering from and "it has already metastasized," says the president of the Mexican Association of Real Estate Professionals (AMPI), Enrique Trava Griffin.

He explained that the new state development plan considers seven regional capitals, which, "all have already metastasized, including the metropolitan area of Mérida."

Valladolid, Izamal, Hunucmá and the entire coast are the areas most damaged by the "disease" of the sale of investment lots, he shared.

Regulation of the sector

"Today there are no barriers to entry, there are people who get up every day and call themselves, as if they had a magic wand, real estate advisors."

He stressed that it is important that advisors are well prepared so that they provide better information to the families who will acquire their assets.

Additionally, as an association, they will promote a marketing campaign so that families identify who is safest to seek advice from.

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"At AMPI we have a regulation, a code of ethics, where we put users above all, and we have a manual of good practices. We even have an Honor and Justice committee."

The AMPI seeks, through an initiative project, the regulation of real estate intermediaries.

With the State Law on the provision of real estate intermediation services, they seek the creation of a state registry of real estate advisors.

This law proposes obtaining a license that endorses the professional, meeting the requirements of being granted by the Treasury and certifying that the person has the knowledge and tools to be able to advise families.

The 19-page document outlines different certifications to obtain the license. The president of the corporation shared that this document was prepared together with lawyers.

"If we make it illegal to dedicate yourself to this profession, which requires a lot of preparation, without having that real estate license (...) we will deal a serious blow to the real estate mafia."

In addition, he said that they have presented the project to different groups in society, as well as to Congress, the government of Yucatán and professionals involved in the industry, and everyone has celebrated the idea.

"It is even considered part of the real estate package, what happens is that now there is an initiative within Congress that modifies seven real estate laws, and a brief mention is made there, our intention is that our initiative enters the second package"

He pointed out that the vast majority of intermediaries are informal.

Source: Yucatan a la mano