Enhancing Industry Standards
Work is underway in Guadalajara to draft the regulations for the new law governing real estate services in the state of Jalisco, Mexico. The aim is to expedite the implementation of this law to improve the quality of services within the industry. Over two months ago, the law regulating real estate services in Jalisco was approved, with the primary goal of providing legal certainty for property investments within the state, including Puerto Vallarta. This legislative move seeks to prevent fraud, enhance the professionalism of real estate agents and sellers, and establish a registry of industry professionals.
The law should have been completed within a 180-day period, with all industry workers required to register within 200 days of its enactment. However, since Nayarit lacks a similar law, President Patricia Virgen Alvarado has expressed concerns to state authorities. Puerto Vallarta and Bahía de Banderas are neighboring areas, and they are exploring ways to address this discrepancy.
This law offers added value to real estate associations that hold the Pro-Integrity distinction. This designation signifies that these associations have established a clear policy consisting of self-regulation measures and internal controls aimed at mitigating corruption risks. Jalisco currently ranks third nationally in terms of demand for residential, commercial, industrial properties, and land for sale or rent.
The real estate sector contributes 12.8% to the state's Gross Domestic Product, with an estimated 10,000 independent real estate agents operating in Jalisco without certifications or affiliation with any professional registry.
The development and implementation of this new law represent a significant step toward improving transparency, professionalism, and accountability within the real estate industry in Jalisco, ultimately benefiting both consumers and industry professionals.