Mexico Timeshare changes to protect consumers

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The National Commission for Regulatory Improvement (Conamer), whose head is José Daniel Jiménez Ibáñez, will issue a final opinion on Official Mexican Standard 29 (NOM29) that may negatively impact future tourism investments.

In the worst year for Mexican tourism in its history, the wording proposed so far would affect the competitiveness of Mexican investors in destinations such as Cancun, Riviera Maya, Los Cabos, and Puerto Vallarta.

According to the Mexican Association of Tourism Developers (Amdetur), chaired by Juan Ignacio Rodríguez, in 2019 alone the timeshares generated sales of 277 thousand weeks, which represented 5.1 billion dollars.

Mexico is the second most important country in the sale of timeshares in the world, with 25% of the total market.

In the United States, timeshares were sold for 10 billion dollars in 2019, and the business in the world exceeded 20 billion dollars.

Despite the fact that 75% of timeshares sold in Mexico are purchased by Americans, the new NOM29 project establishes rules that, if published in the Official Gazette by the Ministry of Economy, would put Mexican developments at a disadvantage relative to those still being built in the US.

One of the most controversial rules is the extension from five to 15 days in the period to rescind a purchase when in the United States the average to do so is 5.3 days.

Ruling issued click here

Source: diarioelindependiente.mx, dineroenimagen.com

Mexico Daily Post