Mérida is among the Top Five Cities for Real Estate Fraud in 2024
According to the news website Tinta Publica, 3,800 fraud attempts have been detected and blocked so far in 2024, marking a 58.33% increase compared to 2023. Notably, 80% of these frauds involve apartments advertised for rent between 7,000 and 14,000 pesos. Mérida alone accounts for 10% of real estate frauds in the country.
According to Propiedades.com, the largest real estate portal in Mexico, the six cities with the highest detected fraud rates are:
– Mexico City (38%)
– Metropolitan area of the State of Mexico (19%)
– Guadalajara (16%)
– Monterrey (10%)
– Mérida (10%)
– Guanajuato (8%)
The report highlights that 75% of fraud attempts are related to rentals, with 78% involving apartments, mostly between 56 and 90 square meters. Most of these frauds are linked to properties advertised at lower-than-average rental costs for their respective areas.
The neighborhoods most vulnerable to fraud attempts in Mexico City include Narvarte, Roma Norte, Del Valle, Condesa, Centro, Polanco IV Sección, Portales, and Santa María la Ribera.
Fraud Detection Algorithm
Propiedades.com has developed an algorithm to identify fraud using various parameters:
– Comparing the average price per square meter in the area
– Identifying properties with the highest number of leads
– Labeling properties as suspicious
– Verifying email and contact numbers with a double authentication system
– Maintaining a database of suspicious domains and emails to automatically detect and block them
– Implementing a KYC (Know Your Customer) system to verify user identities
Common Fraud Tactics
The study alerts buyers and tenants to the main forms of real estate fraud:
– Non-existent properties
– Pre-sales without proper documentation
– Incomplete works
– Improper payments
– Double sales
– Fraudulent mortgages of land
– Auctions
– Subleases or illegal transfers
– False lawsuits of usucapion
– Identity theft
– False and economically attractive advertisements
– Fraudulent organizations
“Propiedades.com is one of the most reliable platforms in the real estate sector due to its long history of successful operations. We seek to overcome market challenges by building trust in digital platforms that offer secure transactions, which is why we have state-of-the-art security tools,” concluded Juan David Vargas, General Manager of Propiedades.com.
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