Is there anything worse than real estate agents? And then — bam!— the real estate agent forces you to fork over two-months’ commission for the privilege of paying rent for 24 months, which is the usual length of a rental contract. A court in the City of Buenos Aires nullified a resolution from the College of Real Estate Brokers of the City of Buenos Aires (Cuciba), the government agency that regulates real estate in the capital, that allowed agencies to charge up to two months’ commission on rental contracts. According to a survey carried out by Reporte Inmobiliario, a sector consultancy, rental contracts for one bedroom apartments increased by 32 percent compared to last year, while prices for two bedrooms soared 37.5 percent. The judge ordered the measure because even though Cuciba is theoretically an entity tasked with controlling real estate companies, its board is comprised by, you guessed it, members of the city’s largest agencies.

Source: The Bubble September 01, 2016 21:11 UTC