Riviera Maya, Q.R. — The National Association of Corporate Lawyers (Anade) says a high percentage of real estate buyers in Quintana Roo are affected by fraud. Estrella Ríos Pérez who heads the Quintana Roo office, says a majority of their affected clients are from Tulum.
She says rather than making an appointment to close a deal, people are coming in to report real estate fraud. According to Ríos Pérez, seven out of 10 people who approach the Anade Quintana Roo office are victims of fraud in Tulum.
“This is in contrast to the situation three years ago when 100 percent of clients came to close contracts or make sales,” she said. Ríos Pérez says one of the trends detected is the purchase of ejido land by foreigners who believe they will be able to build on that land.
These purchases are usually high risk and, in most cases, construction cannot be carried out due to the legal nature of ejidos. She said another trend is the purchasing of shares.
Instead of purchasing a unit, buyers buy shares but ownership remains with the company, creating confusion and legal risks.
People also arrive at the national office who have fallen victim to pre-sale fraud. Ríos Pérez pointed out that some developers offer pre-sales through social networks without having the necessary permits.
She sayst he real estate bubble that was driving the market in Tulum has begun to collapse. Three years ago, the value per square metre in some areas was high due to speculation.
Today, prices have dropped by 30 percent leaving developers to face huge challenges.
Given the rapid real estate growth in Tulum, which concentrates 40 percent of the 900 development projects planned in Quintana Roo, she says Anade (Asociación Nacional de Abogados de Empresa) is hostig its second Regional Congress of Real Estate Law on November 15.
The real estate event will address topics such as fraud prevention, high-risk operations, and the regulation of real estate growth.
