After years of advocacy by associations of estate agents in Mallorca and the Balearics, a new law has been passed to enforce stricter regulation in the real estate sector. This law introduces a compulsory register of estate agencies to enhance professionalism, security, and transparency in real estate transactions.
The COAPI (official association of real estate agents in the Balearics) and ABINI (association of national and international real estate agents) have praised the legislation. José Miguel Artieda, the president of COAPI, expressed gratitude towards the 45 members of parliament who supported the bill, highlighting it as a crucial development during a housing crisis. The broad political consensus on this issue reflects a significant step towards resolving the real estate sector’s regulatory shortcomings.
Historically, the real estate profession in the Balearics has suffered from a lack of serious regulation. A decree from 2000 left the sector liberalised and deregulated, which led to a proliferation of opportunists and a general decline in professional standards. The new law is seen as a corrective measure to these problems, ensuring that all estate agents meet stringent operational standards, such as having the necessary knowledge, signing clear marketing contracts, maintaining a local address, possessing civil liability insurance, and committing to continuous training.
For consumers, the presence of an Official Register of Estate Agents of the Balearic Islands will make it easier to identify and trust registered agents. Estate agents will have six months from the publication of the law in the Official Bulletin to register. Any real estate activities conducted outside these legal frameworks will be deemed illegal and subject to penalties.
A conference to discuss these significant changes will be held on Thursday, April 25, at the Lawyers College in Palma. Here, José Miguel Artieda will further elaborate on the new regulations, outlining how they aim to restore integrity and consumer confidence in the Balearic real estate market. This initiative marks a pivotal advancement in regulating a sector that is vital to the economic and social fabric of the Balearics…Read More
