City of Buenos Aires Association of Real Estate Agents Fined

Resolution 58/2026^[1] of the Antitrust Tribunal (TDC) of the Argentine Competition Authority (ANC), issued on October 9, 2026, sanctioned the Association of Real Estate Agents of the City of Buenos Aires (CUCICBA) for abuse of a dominant position, imposing an ARS 290,010,000 fine, and ordering it to cease its anticompetitive practices. The TDC agreed with the analysis and conclusions of the opinion the Secretariat for the Investigation of Anticompetitive Conduct issued on October 5, 2026.

The investigation was initiated following a complaint RE/MAX Argentina SRL (currently RAU SRL) and ten other real estate brokers franchised under its system filed on November 29, 2021. The investigation sought to determine whether CUCICBA had exercised its regulatory, administrative, and disciplinary powers in an abusive and discriminatory manner to hinder market access and the continued operation and development of estate agents working under franchise schemes.

The TDC considered that CUCICBA holds a dominant position in the real estate brokerage market of the City of Buenos Aires, as it is the only body authorized to impose disciplinary sanctions and to grant and revoke the licenses needed to practice the profession. It also noted that CUCICBA’s officials are licensed real estate agents who compete in the same market as the professionals subject to its regulation and concluded that, in this case, this dual role resulted in a selective exercise of its powers.

Conduct under investigation

The investigation analyzed various practices implemented since 2016, including restrictions on the use of trade names, trademarks, and certain forms of advertising; disciplinary proceedings against franchised real estate agents; rejections of registration applications and affidavits; and the imposition of requirements not provided for in the applicable regulations.

Among the factors the TDC considered were the fact that real estate agents affiliated with RE/MAX accounted for less than 2% of those registered in the City, but accounted for approximately 20% of the disciplinary cases initiated since 2016. It also considered restrictions on access to the Fidelitas system and the application of different criteria in comparable situations.

On that basis, the TDC concluded that CUCICBA had exercised its powers in an arbitrary and selective manner, with the intent to hinder the access, continued presence, and development of certain competitors. The conduct was classified as exclusionary abuse of a dominant position, pursuant to the Competition Defense Law 27442, articles 1 and 3(d).

Ordered sanction and measures

The TDC ordered CUCICBA to cease its anticompetitive practices and to apply objective, uniform, and nondiscriminatory criteria in the exercise of its powers, regardless of the business model each broker adopts. It also ordered CUCICBA to guarantee equal access to its services and records and to publish the operative portion of the resolution for 30 calendar days.

Further, it imposed a fine of 200,000 mobile units—equivalent to ARS 290,010,000 —based on the adjustable unit value in effect in 2026. In determining the amount of the fine, it considered, among other factors, the severity, duration, and intentionality of the conduct, as well as CUCICBA’s economic capacity.

Regulatory recommendations

Finally, the TDC issued recommendations to the Ministry of Deregulation and State Transformation, the Executive Branch of the City of Buenos Aires, and the Buenos Aires City Legislature to review various aspects of the regulatory framework governing real estate brokerage.

Among other issues, it recommended revising the requirements for entering the profession; ensuring that the organizational structure of real estate brokers does not, in and of itself, constitute grounds for denying or revoking licenses or imposing sanctions; establishing effective mechanisms for state oversight of the powers delegated to CUCICBA; and incorporating rules designed to prevent conflicts of interest among those who exercise regulatory functions and participate in the regulated market.